A press release announcing the appointment of the trustees of the new IFRS Foundation stated that the International Accounting Standards Board (to be appointed by the trustees) "... will become the established authority for setting accounting Standards." Requirements a. Identify the sponsoring organization of the IASB and the process by which the IASB arrives at a decision and issues an accounting standard. b. Indicate the major types of pronouncements issued by the IASB and the purposes of each of these pronouncements