Answer
a.
i. Committee on Accounting Procedure
ii. Accounting Principles Board
b.
The two committees flopped due to the flawed framework of operation that subverted their sovereignty. FASB has sought to enhance its operations by working autonomously. FASB remains disconnected from professional organizations and other institutions. It only reports to the Financial Accounting Foundation. Moreover, FASB has increased representation such that being a CPA is not a prerequisite for membership at FASB.
c.
The standards administered by AICPA before forming FASB are no longer binding for public entities. Nonetheless, AICPA has a committee (Financial Reporting Executive Committee) that informs the public on matters dealing with weighty financial reporting matters, such as the essence of new regulations. Such updates touch on matters that FASB has not covered. Moreover, AICPA is responsible for administering and grading the CPA examination.
Work Step by Step
a.The committees partook in the composition of accounting principles and conventions.
b. FASB's framework has allowed it to flourish and work better than the other two committees.
c. AICPA’s involvement in the process of designing accounting standards has dwindled extensively.
