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March 24, 2009

News Briefs

PCAOB chief auditor steps down

IASB amends fair value disclosures

ACCA reports 7% membership growth

PEOPLE PCAOB chief auditor steps down

Thomas Ray has stepped down as the US Public Company Accounting Oversight Board (PCAOB) chief auditor and director of professional standards.

Ray joined the PCAOB six years ago and helped design auditing standards in line with Section 404 requirements of the Sarbanes-Oxley Act. He also helped develop seven new standards related to audit risk.

Prior to joining the PCAOB, Ray worked for Grant Thornton and KPMG. He is now returning to the private sector.

Deputy director Jennifer Rand will take on Ray’s role until a permanent appointment is made.

FAIR VALUE IASB amends fair value disclosures

IFRS 7 Financial Instruments has been amended to improve fair value measurement disclosures. The changes also reinforce existing principles for disclosures regarding liquidity risk associated with financial instruments.

The amendments form part of the International Accounting Standards Board’s response to the financial crisis and address G20 suggestions for improving transparency and enhancing accounting guidance.

The changes also bring IFRS disclosure requirements more closely in line with US standards.

A three-level hierarchy for fair value measurement disclosures has been introduced and entities are now required to provide additional disclosures about the relative reliability of fair value measurements. These disclosures are intended to help to improve comparability between entities about the effects of fair value measurements.

The amendments also clarify and enhance existing requirements for the disclosure of liquidity risk. They apply for annual periods beginning on

MEMBERSHIP ACCA reports 7% membership growth

The Association of Chartered Certified Accountants’ (ACCA) membership grew 7 percent to 131,500 in 2008. The ACCA said this was the highest growth in five years.

The association also increased its student numbers by 12 percent to 362,000.

The Middle East, Central and South Asia experienced the highest combined member and student growth, more than 25 percent, while the Americas and Caribbean experienced the slowest growth at less than 5 percent.

The ACCA now has a presence in 170 countries.

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