E1-2 (Accounting standards-setting bodies) Three accountants started talking about hospitals. One said he was treated at a not-for-profit hospital, another said she was treated at a county hospital, and the third said he had just returned from the hospital run by the U.S. Veterans Administration. They wondered why three different bodies established accounting standards for hospitals. Give reasons for and against the existence of three accounting standards-setting bodies. Several not-for-profit organizations use television campaigns to obtain pledges to contribute cash. Some people think that not-for-profit entities should recognize pledges as revenues when the cash is actually received. Others would recognize revenues when the pledges are made, subject to a provision for amounts not likely to be collected. Based on that scenario, discuss (a) the need for an accounting standards-setting body, (b) the qualifications that members of that body should possess, and (c) the procedures that body should adopt in establishing accounting standards