Several not-for-profit organizations use television campaigns to obtain pledges tocontribute cash. some people think that not-for-profit entities should recognizepledges as revenues when the cash is actually received. others would recognizerevenues when the pledges are made, subject to a provision for amounts not likelyto be collected. based on that scenario, discuss (a) the need for an accountingstandards-setting body, (b) the qualifications that members of that body shouldpossess, and (c) the procedures that body should adopt in establishing accountingstandards.