I can issue this command:
ffmpeg -i input.mp3 -acodec alac -ab 128k -ar 48000 -ac 2 -y output.m4a
to create a m4a file.
But when I issue this command
ffmpeg -i input.mp3 -acodec alac -ab 128k -ar 48000 -ac 2 -y output.aac
ffmpeg is throwing an error saying
Could not write header for output file #0 (incorrect codec parameters ?).
Also, the size of the m4a file is really almost 5.8 times larger than the original file, which is absolutely not what I wanted and why I wanted to convert to AAC.