Concepts for Analysis 25 Instructions (a) Identify the two committes of the AICPA that established accounting principles prior to the establishment of the FASB tb) Speculate as to why these two organizations failed. In your answer, identify steps the FASB has taken to avoid failure. (c) What is the present role of the AICPA in the rule-making environment? CA1-9 (FASB Role in Rule-Making) Apress release announcing the appointment of the trustees of the new Financial Account- ing Foundation stated that the Financial Accounting Standards Board (to be appointed by the trustees)"... will become the established authority for setting accounting principles under which corporations report to the shareholders and others'" (AICPA news release July 20, 1972) Instructions a) Identify the sponsoring organization of the FASB and the process by which the FASB arrives at a decision and issues an accounting standard. b) Indicate the major types of pronouncements isued by the FASB and the purposes of each of these pronouncements