In December 2024, the Financial Accounting Foundation (FAF) released its 2023-2024 Review of the Private Company Council (PCC). The purpose of this report is to review the effectiveness of the PCC. The FAF gathered both internal feedback from PCC members & FASB members, and external feedback by conducting virtual meetings with representatives from firms, banking industry lenders, and other stakeholder groups, as well as issuing a Request for Public Comment. The report is divided into 5 key categories, including the PCC’s mission, communication, meeting operations, size/composition/recruitment of PCC members, and a conclusion section. Overall, the 2023-2024 PCC review highlighted positive stakeholder feedback on the PCC’s effectiveness while identifying areas for improvement.