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.
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By GlobalDataPrior 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.
