Question: (Accounting standards-setting procedures) Several not-for-profit organizations use television campaigns to obtain pledges to contribute cash. Some people think that not-for-profit entities should recognize pledges as revenues when the cash is actually received. Others would recognize revenues when the pledges are made, subject to a provision for amounts not likely to be collected. Based on that scenario, discuss

(a) the need for an accounting standards-setting body,

(b) the qualifications that members of that body should possess, and

(c) the procedures that body should adopt in establishing accounting standards.