Accounting standard setters must consider the costs and benefits of new accounting standards, including unanticipated adverse social impacts. They must also consider the political influence of different stakeholder groups and ensure that new accounting standards follow a due process and reflect broad public interests. Required: a. Discuss why standard setters and regulators must be aware of undue political influences of different stakeholder groups, especially those with significant financial resources and lobbying power. Provide real life examples to illustrate your discussion. b. Explain how the Financial Accounting Standard Board (FASB) in the US manages the influence of different stakeholder groups in its standard setting process. Specifically, at which stage of its standard setting process can different stakeholders present their views and perspectives?