The May 2012 issue of Accounting Roundup includes feature articles on: (1) the formation of a new body, the Private Company Council, to improve the accounting standard-setting process for private companies, (2) the FASB’s and IASB’s deliberations of classification and measurement of financial instruments, impairment of financial assets, revenue recognition, and investment company accounting, and (3) the JOBS Act: the SEC’s release of new FAQs and information about the confidential review process.