Create a new file that would have 800x600px and 72 dpi.

Represent now a circle, using this tool . Its color must be 121ECA and the parameters form below.

Blending Options-Bevel and Emboss

With next instrument's help , picture a small star with the color FFF600

Apply the previous instrument to picture one more small star with the same color – FFF600

Take the same instrument to represent another small star with the color 845A1E, like it is demonstrated below.

Make use of the same instrument to picture another star. This time it must have next color – 7F7F37

Take the previous instrument and picture another small star with the indicated color – A4914F.

The same instrument and one more star with the color – F5F32E.

Represent next a figure with the already known tool , but the parameters must be the same form the next picture.

Blending Options-Gradient Overlay

Gradient's parameters.

One more figure must be pictured by the same instrument. The sizes are those form the image below.

Blending Options-Gradient Overlay

Gradient's parameters.

Take the same instrument and make another figure with the color 594E30.

Take the next tool again and represent a picture like the next one.

Take a brush now and paint out with the next color 010A8D on a new layer. Your picture must look as the next one.

Take a brush with blurred edges and black color to represent the ball's shadow, like in the image below.

For your convenience, merge next all the layers that contain the ball and the small stars on it with the band, shadow and the ring in a group.

Copy now the created group and place it the way it is demonstrated next step, by changing also the parameters into the corresponding ones.

Open the copied group. Choose the ball's copied layer and open the effects' list.

Hide Bevel and Emboss options. Choose the next tool to paint in FF0000, but show again the previous hidden options: Bevel and Emboss.

Choose next the copied band's layer and change its gradient's parameters.

The last step includes choosing the copied layer where the ring was painted with the brush. Paint it now in 9C0F0F, like the next picture shows it.

As a result we'll have: