Matters Related to Auditing Fair Value Measurements of Financial Instruments and the Use of Specialists, a recent Staff Audit Practice Alert on the audit of fair value measurements in financial statements issued from the Public Company Accounting Oversight Board (PCAOB), addresses the “challenges presented by the subprime credit situation and its effects on the markets and fair value measurements, and certain issues that might arise in the transition to Statement of Financial Accounting Standards No. 157,” according to Marty Baumann, Director of the PCAOB Office of Research and Analysis. While the alert does not create any new auditing requirements, it does outline auditing and related accounting standards that are particularly relevant at this moment.

BV experts looking for hands-on insights should know that leaders from the PCAOB, the Federal Accounting Standards Board, and the Securities and Exchange Commission will deliver the opening address at our 2nd Annual Summit on Fair Value for Financial Reporting on February 2-3 in New York City—the only event to offer a joint appearance of leaders from the three financial reporting agencies. It is not too late to register for this informative and much-anticipated event.