The NASPP Blog

In my first blog on FASB’s Codification project (“FAS 123(R) Superseded“), I said that the whole thing felt sort of like when my grocery store rearranges the shelves: all the same stuff is there, it just takes me a lot longer to find it. And, based on conversations I’ve had with some of my colleagues, I don’t think I’m the only one having trouble finding where parts of old FAS 123(R) ended up in new ASC 718.

At least at the grocery store, there’s a helpful clerk I can ask for assistance. As far as I can tell, there’s not even a surly, much less helpful, FASB staffer to explain where things are in the new Codification system (well, maybe there’s a help staff if you can afford to pay $850 for the “professional view”–I wouldn’t know.) (BTW–does that mean that those of us that don’t pay the $850 are “amateurs”?)

But, it turns out, there is a cross-reference tool. And it’s even available in the free version.

Using the Codification Cross-Reference Tool
Accessing the cross-reference tool is so easy, I can’t believe it took me this long to find it. Simply click on the tab labeled “Cross Reference” at the top of the main page. Then you enter the pre-Codification standard you are looking for, click the “Generate Report” number, and then the report tells you where to find the standard under Codification. And here’s the best part–the report is broken down by paragraph number!

For example, recently I needed to find the new cite in ASC 718 for paragraph 35 of FAS 123(R). To do this, I simply click the “Cross Reference” tab, select “FAS” in the Standard Type field, select “123(R)” in the Standard Number field, then click the “Generate Report” button. A complete report listing all the paragraphs in FAS 123(R) (including appendices A and E and even a few paragraphs of Appendix B) is generated. The report indicates, paragraph-by-paragraph, where old FAS 123(R) is now located in ASC 718.

I find old paragraph 35 in the report and I see that in ASC 718, it is Topic 718, subtopic 10, section 25, paragraphs 25-16 through 25-19. I looked it up in ASC 718 and, yep, that’s right where it is.

All FASB Standards Included

You can use the cross-reference tool not only for Statements of Financial Accounting Standards (FAS) but also for FASB Staff Positions (FSP), FASB Interpretations (FIN), EITFs, Staff Technical Bulletins (FTB), and a whole host of other standard types that I’m not familiar with. The tool includes a list of what all the standards are and their abbreviations.

For example, using the cross-reference tool, I learn that FSP FAS 123(R)-1 is now split between ASC 718-10-65 and ASC 718-10-35. Who knows how long it would have taken me to find that on my own.

The Annoying Part

With FASB, it always seems like there’s an annoying part. Here, it’s that the cross-reference tool is hard to read online, especially for a long report like you get for 123(R). When you scroll down to read the whole report, you can’t see the column headings anymore and its hard to follow each row of the report across the screen. It would be a lot easier if you could print the report or even just highlight a row using your cursor, but you only get that functionality if you pay for the professional view.

409A Documentation Corrections Program
Last Tuesday, the IRS released Notice 2010-06, which establishes a corrections program for documentation errors under 409A. I am working on an alert and hope to blog about the notice just as soon as I can figure out how it applies to stock compensation.

NASPP “To Do” List
We have so much going on here at the NASPP that it can be hard to keep track of it all, so I keep an ongoing “to do” list for you here in my blog. 

• Complete the Compliance-O-Meter quiz on Preparing for Year-End.
• Purchase the NASPP Conference audio. 
• Renew your NASPP membership for 2010 (if you aren’t an NASPP member, join today). 
• Attend your local NASPP chapter meetings in Connecticut, Los Angeles, and San Francisco.  I’ll be at the San Francisco meeting; I hope to see you there!

-Barbara