Could be the power supply, although the surefire way of testing that is to pull the PSU out of your rig and build another computer out of spare parts using that unit. If the spare system powers up fine, then its something else and things just got a hell of alot more expensive.
What it could also be (and pray it isnt because if it is then you'll be needing a new CPU and ram) is that the asrock board may have blown a VRM phase, which almost always causes damage to the CPU (and in extreme cases sets the computer on fire.).
There are a number of ways of checking this, among which are to pull the VRM heatsinks off and visually (and smell) inspect for damage. Burned circuits will have noticeable charring on them, ranging from a small deformed spot on the VRM circuit package to visible damage to the board and neighboring VRM phases, with the latter often accompanied by a loud pop and/or smoke. By smelling for damage, i mean literally sticking your nose next to the VRMs and sniff for the tell tale acrid scent of burned electronics. If you have ever fried a piece of electronic equipment before you'll be intimate with the smell.
If you dont see any physical problems, get a different PSU out of your spares (if you have any suitable units) and follow the VRM guide here, specifically the part labeled "What to do if you suspect your VRMs have failed"
. Yes it is tailored towards AMD cpus but the basics are universal. This will basically be the hit or miss on what is shot. If it passes the checklist using a known good PSU and the current desired PSU then the asrock board is fine, but your CPU is shot. If it fails the checklist, the asrock board is shot and likely so is the CPU, at which point you have to replace everything anyways.
If you want me to help you just snap some decent quality pics of the top and bottom of the asrock board and i'll do the visual checking myself.