In 2006, the FASB (Financial Accounting Standards Board) established the "Private Company Financial Reporting Improvement Committee" (PCFRC).

In 2008, FAF (Financial Reporting Foundation) conducted a series of inspections and reflections on the existing standard-setting process and established the "standard-setting process oversight committee" (standard-setting process oversight committee).

In 2009, the FAF Board of Trustees embarked on a nationwide "listening tour" to hear and understand the views of various groups on the independent standard-setting process and key issues affecting financial reporting.

In December 2009, the FAF Board of Trustees, the AICPA, and the National Association of State Boards of Accountancy (NASBA) jointly established the "Blue Ribbon Committee" for the development of private company standards,

2011 On October 4, 2020, FAF released a plan and invited public comment, proposing the establishment of a new committee with the authority to determine U.S. private accounting standards improvement projects and voting committees - the "Private Company Standards Improvement Council" (Private Company Standards Improvement Council) , PCSIC), listen to opinions widely.

On May 23, 2012, after collecting and considering public opinions, FAF announced a final report on promoting and optimizing financial reporting of private companies and established a new "Private Company Committee" (private company committee). company council (PCC) to replace the existing PCFRC responsibilities.