FASB has spent a considerable amount of time in recent years on the topics of public and private business entities. a. How has FASB defined business entities, public business entities, and private companies? 1) For each definition, provide an example of an entity that meets the definition and another example of an entity that does not meet the definition and explain why each entities meets/fails to meet the respective definition. 2) Discuss the practical implications of meeting/not meeting the requirements of each definition (e.g., How would accounting be different for an entity that was/was not a business entity or a public business entity?). b. Why has FASB become interested in defining and distinguishing among these types of entities? c. Analyze the agreement between these definitions and the conceptual framework of accounting. Do these definitions provide more useful accounting information to stakeholders? d. What structural changes has FASB made to deal with private company issues? e. How does the issue of preferability relate to this topic? Fully explain and support all conclusions.