In thinking about this, I think about the fungibility of funds.
By having a common account, cash flow issues that might be an issue at various points of the year can be dealt with more easily. For example if funds are earmarked for meeting fees, but collections have not come in time for the year's first meeting, it is simpler to deal with when the funds come from a common account.
On the other hand, transparency requires the ability to inspect the accounts that are pertinent to the IETF, its budget vs it projected expenditure vs its actual expenditures. This can, I believe, be adequately handled by so-called 'divisional accounting'.
a.
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