Develop a term paper that aims to meet the following objectives:

1. To have a detailed discussion of the historical perspective in standard setting process

2. To have a detailed description of the standard setting bodies and their mandate

N/b: The term paper should include rigorous empirical review in the areas and be organized in the titles: introduction, literature review, findings and conclusions

The document should be formatted in times new roman, font size 12 and 1.5 spacing