This session is separated into two parts. The first will be about the Financial Accounting Foundation’s new Private Company Council. A FAF trustee will explain the details about the new PCC and how it will function in its mission to improve GAAP for private companies. The second part of the session will cover the AICPA’s development of a financial reporting framework for small- and medium-sized entities. This Framework would be an other comprehensive basis of accounting and an AICPA representative will talk about its specific features.