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.
Please see full publication below for more information.