PCAOB Issues Staff Audit Practice Alert on Fair Value Determinations and OTTI

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On April 21, 2009, the Public Company Accounting Oversight Board (“PCAOB”) issued a Staff Audit Practice Alert (the “Alert”)[1] to inform auditors about the potential implications of three recently issued Financial Accounting Standards Board Staff Positions (the “FSPs”):

*FSP FAS 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”);

*FSP FAS 115-2 and FAS 124-2, Recognition and Presentation of Other-Than-Temporary Impairments (“FSP FAS 115-2”); and

*FSP FAS 107-1 and APB 28-1, Interim Disclosures about Fair

Value of Financial Instruments (“FSP FAS 107-1”).

Please see full update for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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