From CFO.com: Could Codification Weaken Internal Controls?

 

Bruce Pounder wrote a great article on codification and the possibility that it might weaken internal controls (excerpts below).  We have a complete listing of codification mappings available for viewing via this link:  Vibato's Codification Listing.

  

"Could Codification Weaken Internal Controls?  Maybe.  And here's what you can do to mitigate the effect on your accounting policies, disclosures, and error detection.

On July 1, 2009, the Financial Accounting Standards Board formally adopted its Accounting Standards Codification^TM (ASC) as the source of authoritative generally accepted accounting principles for nongovernmental entities in the United States. The codification profoundly changed the way U.S. GAAP is documented, updated, referenced, and accessed."

He also gives the following list (with explainations in the article):

Five Areas to Focus On:

• Accounting policies;
• Accounting policy disclosures;
• Accounting principle changes;
• Error detection and correction; and
• Competencies.

 

Click here for the complete article

 

Codification Tools: FAS 123(R) ASC 718 Compensation Information

 

We have just posted a significant amount of FAS 123(R) ASC 718 Compensation - Stock Compensation codification cross reference information to our Codification Tools page. 

View the FAS 123R / ASC Topic 718 Codification Information page by clicking here

 

 

Codification Tools: More Codification Cross Reference Information

 

This is for all of those KPMG, PwC, IRS, and Federal Reserve people who look at our Codification cross reference tools everyday (including Saturdays....poor things...). 

I've moved it all to one page so you can search by terms, etc and I am going to be adding to it shortly.  Here is where it is now located:

http://www.vibato.com/resources/codification-tools/

GO CRAZY!

 

 

Compliance Tools: Even More Codification Cheat Sheet Information

 

Here is even more codification information from the FASB Accounting Standards.  Please verify the accuracy of this information prior to relying on it. 

We hope this information is helpful! 

We have a 30+ page listing of Codification cross reference information available for download via this link.

DERIVATIVES	Accounting Standards	FASB Codification
Definition	FAS 133, par. 6, 9 FSPEITF 00-19-2	ASC 815-10-15 ASC 825-20
Scope exceptions	FAS 133, par. 10 FAS 133, par. 11a EITF 07-5 EITF 00-19 DIG A6 DIG A10 DIG A12 DIG C12	ASC 815-10-15 ASC 815-10-15-74 ASC 815-40-15 ASC 815-40 ASC 815-10-55 ASC 815-10-15 ASC 815-10-55-99 thru 110 ASC 815-10-15-39
Embedded Derivatives	FAS 133, par. 12, 13, 61 DIG B16   DIG B38 DIG B39 EITF D-109	ASC 815-15-25 ASC 815-15-25-42 thru 43, and 815-15-55-13 ASC 815-10-15-107 thru 109 ASC 815-15-25-37 thru 39, and 815-15-55-25 ASC 815-10-S99-3
HEDGING	Accounting Standard	FASB Codification
Eligibility/ Designation	DIG G2 DIG G13 FAS 133, par. 20c, 28c FAS 133, par. 29 FAS 133, par. 32 FAS 133, par. 40a	ASC 815-20-55-111 Example 8 ASC 815-20-55-88 Example 4 ASC 815-20-25-94 ASC 815-20-25-15 ASC 815-30-40-1 thru 3 ASC 815-20-25-61
Hedge effectiveness and ineffectiveness	FAS 133, par. 68 DIG G20 FAS 133, par. 120c FAS 138 FV Example DIG G7 Method 1 DIG G7 Method 2 DIG G7 Method 3 DIG H8 DIG E7	ASC 815-20-25-102 thru 117 ASC 815-20-25-126, 55-209, and 35-33 ASC 815-25-55-53 Example 9 ASC 815-25-55-72 Example 11 ASC 815-30-35-16 ASC 815-30-35-25 ASC 815-30-35-31 ASC 815-35-35 ASC 815-20-35
OTHER BROAD TRANSACTIONS	Accounting Standard	FASB Codification
Transfers	FAS 140/FAS 166***   FAS 156	ASC 860, ***Not yet codified ASC 860-50-35 and 860-50-50-5
Consolidations	FIN 46R/FAS 167***   ARB 51 FAS 160 EITF 96-16 EITF 04-5 EITF 85-12	ASC 810, ***Not yet codified ASC 810-10 ASC 810-10-65-1 ASC 810-10-25-1 thru 14 ASC 810-20-25-1 thru 20, and 810-20-55-1 thru 16 ASC 810-10-25-15
Leasing	FAS 13 FAS 98 EITF 97-10 EITF 01-8 EITF 00-13	ASC 840 ASC 840-40 ASC 840-40-55 ASC 840-10-15/55 ASC 360-20-15/55
Foreign Currency Matters	FAS 52 EITF D-55	ASC 830 ASC 830-10-45-12 and 830-10-55-2

 

Compliance Tools: More Codification Cheat Sheet Information

 

Here is more codification information from the FASB Accounting Standards.  Please verify the accuracy of this information prior to relying on it. 

We hope this information is helpful! 

We have a 30+ page listing of Codification cross reference information available for download via this link.

LOANS	Accounting Standards	FASB Codification
Classification	FAS 65 SAB 109 (Topic 5: DD)	ASC 948-310 ASC 815-10-S99-1
Recognition	FAS 91 SOP 01-6 SOP 03-3 FAS 157 FAS 159	ASC 310-20 ASC 310-10, 835-30 ASC 310-30 ASC 820 ASC 825-10-25
Impairment / Other Events	FAS 5 FAS 114 SAB 102 (Topic 6:L) FAS 15 EITF 01-07	ASC 450 ASC 310-40 ASC 310-10-S99-4 ASC 310-40 ASC 310-20-35-11
Securities/Other Investments	Accounting Standard	FASB Codification
Classification	FAS 115/FAS 124 FAS 155 APB 18 EITF 04-5 EITF 02-14 EITF 03-16	ASC 320 ASC 815-15-25 ASC 323-10-35 ASC 810-25 and 55 ASC 323-10-55 ASC 323-30-15 and 35
Recognition	FAS 91 EITF 96-15 FAS 157 FAS 159	ASC 310-20 ASC 320-10-35, 830-20-35 ASC 820 ASC 825-10-25
Impairment / Other Events	FSPFAS 115-1/124-1 FSPFAS 115-2/124-2 SOP 03-3 EITF 99-20 FAS 141R	ASC 320-10-35 ASC 320-10-65 ASC 310-30 ASC 325-40-15, 35, and 55 ASC 805
Distinguishing Liabilities vs. Equity	Accounting Standard	FASB Codification
Classification	FAS 150 ASR 268 FAS 133 EITF D-98 FSP APB 14-1	ASC 480 ASC 480-10-S99-3A ASC 815 ASC 480-10-S30 and S55 ASC 470-20
Recognition	APB 14 EITF 98-5 EITF 00-27	ASC 470-20 ASC 470-20 ASC 470-20
Liabilities	Accounting Standard	FASB Codification
Classification	FAS 5 FAS 6 FAS 78 FIN 45 FTB 79-3 ARB 43 EITF 86-30	ASC 450 ASC 470-10 ASC 470-10 ASC 460 ASC 470-10-45-2 and 50-3 ASC 440-10, 450-20, 470-10, 505-20 ASC 470-10-45-1 and 55-3 thru 6
Recognition	FAS 84 APB 26 AIN-APB 26 APB 21	ASC 470-20 ASC 470-50 ASC 470-20-40-4 and 470-50-15-3 and 40-5 ASC 835-30
Impairment / Other Events	FAS 15 EITF 02-04 EITF 96-19 EITF 06-6 EITF 98-14	ASC 470-60 ASC 470-60-55 ASC 470-50-40/55 ASC 470-50-40-12, 40-15 thru 16 ASC 470-50-40, 45, and 55

 

Compliance Tools: Codification Cross Reference Guide & Cheat Sheets

 

We have complimentary codification cross reference cheat sheets to help with compliance with the new financial reporting requirements available for download via this link. 

Please note - we uploaded this because we were hoping it would be a useful point of reference.  Any cross-reference tables we provide should be verified for accuracy. 

These sheets offer clear one-to-one guidance and do not really show well in HTML but here is some information that could be useful. 

Standard	FASB Codification Topic
FAS 5	ASC 450 Contingencies
FAS 13	ASC 840 Leases
FAS 52	ASC 830 Foreign Currency Matters
FAS 57	ASC 850 Related Party Disclosures
FAS 87; 88, and 106	ASC 715 Compensation-Retirement Benefits
FAS 95	ASC 230 Statement of Cash Flows
FAS 109 / FIN 48	ASC 740 Income Taxes
Standard	FASB Codification Topic
FAS 115	ASC 320 Investments-Debt and Equity Securities
FAS 123(R)	ASC 718 Compensation-Stock Compensation
FAS 128	ASC 260 Earnings Per Share
FAS 130	ASC 220 Comprehensive Income
FAS 131	ASC 280 Segment Reporting
FAS 133	ASC 815 Derivatives and Hedging
FAS 140 / FAS 166	ASC 860 Transfers and Servicing
Standard	FASB Codification Topic
FAS 141(R)	ASC 805 Business Combinations
FAS 142	ASC 350 Intangibles-Goodwill and Other
FAS 143	ASC 410 Asset Retirement and Environmental Obligations
FAS 144	ASC 360 Property, Plant, and Equipment
FAS 146	ASC 420 Exit or Disposal Cost Obligations
FAS 150	ASC 480 Distinguishing Liabilities from Equity
FAS 157	ASC 820 Fair Value Measurements and Disclosures
Standard	FASB Codification Topic
FAS 165	ASC 855 Subsequent Events
FAS 168	ASC 105 Generally Accepted Accounting Principles
ARB 51 / FIN 46(R) / FAS 160 / FAS 167	ASC 810 Consolidation
APB 18	ASC 323 Investments-Equity Method and Joint Ventures
APB 28	ASC 270 Interim Reporting
APB 29	ASC 845 Non Monetary Transfers
FIN 45	ASC 460 Guarantees

 

Compliance Tools: Codification (TM) Cheat Sheet - The ASC Topic Listing

 

Here you go gang, more codification information. I hope this is useful and please review it for accuracy before relying on it.  This is a link to a nice article about Codification: http://asc.fasb.org/imageRoot/63/6537863.pdf

Format

ASC XXX-YY-ZZ-PP

• XXX = Topic
• YY = Subtopic
• ZZ = Section
• PP = Paragraph

100 General Principles

105 Generally Accepted Accounting Principles

200 Presentation

205 Presentation of Financial Statements

210 Balance Sheet

215 Statement of Shareholder Equity

220 Comprehensive Income

225 Income Statement

230 Statement of Cash Flows

235 Notes to Financial Statements

250 Accounting Changes and Error Corrections

255 Changing Prices

260 Earnings Per Share

270 Interim Reporting

272 Limited Liability Entities

274 Personal Financial Statements

275 Risks and Uncertainties

280 Segment Reporting

300 Assets

305 Cash and Cash Equivalents

310 Receivables

320 Investments-Debt and Equity Securities

323 Investments-Equity Method and Joint Ventures

325 Investments-Other

330 Inventory

340 Other Assets and Deferred Costs

350 Intangibles-Goodwill and Other

360 Property, Plant, and Equipment

400 Liabilities

405 Liabilities

410 Asset Retirement and Environmental Obligations

420 Exit or Disposal Cost Obligations

430 Deferred Revenue

440 Commitments

450 Contingencies

460 Guarantees

470 Debt

480 Distinguishing Liabilities from Equity

500 Equity

505 Equity

600 Revenue

605 Revenue Recognition

700 Expenses

705 Cost of Sales and Services

710 Compensation-General

712 Compensation-Nonretirement Postemployment Benefits

715 Compensation-Retirement Benefits

718 Compensation-Stock Compensation

720 Other Expenses

730 Research and Development

740 Income Taxes

800 Broad Transactions

805 Business Combinations

808 Collaborative Arrangements

810 Consolidation

815 Derivatives and Hedging

820 Fair Value Measurements and Disclosures

825 Financial Instruments

830 Foreign Currency Matters

835 Interest

840 Leases

845 Nonmonetary Transactions

850 Related Party Disclosures

852 Reorganizations

855 Subsequent Events

860 Transfers and Servicing

900 Industry

905 Agriculture

908 Airlines

910 Contractors-Construction

912 Contractors-Federal Government

915 Development Stage Entities

920 Entertainment-Broadcasters

922 Entertainment-Cable Television

924 Entertainment-Casinos

926 Entertainment-Films

928 Entertainment-Music

930 Extractive Activities-Mining

932 Extractive Activities-Oil and Gas

940 Financial Services-Broker and Dealers

942 Financial Services-Depository and Lending

944 Financial Services-Insurance

946 Financial Services-Investment Companies

948 Financial Services-Mortgage Banking

950 Financial Services-Title Plant

952 Franchisors

954 Health Care Entities

958 Not-for-Profit Entities

960 Plan Accounting-Defined Benefit Pension Plans

962 Plan Accounting-Defined Contribution Pension Plans

965 Plan Accounting-Health and Welfare Benefit Plans

970 Real Estate-General

972 Real Estate-Common Interest Realty Associations

974 Real Estate-Real Estate Investment Trusts

976 Real Estate-Retail Land

978 Real Estate-Time-Sharing Activities

980 Regulated Operations

985 Software

995 U.S. Steamship Entities

ASC Section List

05 Overview and Background

10 Objectives

15 Scope and Scope Exceptions

20 Glossary

25 Recognition

30 Initial Measurement

35 Subsequent Measurement

40 Derecognition

45 Other Presentation Matters

50 Disclosure

55 Implementation Guidance and Illustrations

60 Relationships

65 Transition and Open Effective Date Information

70 Grandfathered Guidance

75 XBRL Definitions

S99 SEC Materials

 

More codification cross reference cheat sheet information!

 

We have some codification(tm) cross reference cheat sheets information available to help with compliance with the new financial reporting requirements available for download via this link. 

This information is intended to be useful but you should verify its accuracy prior to relying on it.

These sheets offer clear one-to-one guidance including and do not really show well in HTML but here is some information that could be useful:

Accounting Standard	Accounting Standards Codification
FIN 45 Guarantor's Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of Others-an interpretation of FASB Statements No. 5, 57, and 107 and rescission of FASB Interpretation No. 34	ASC 460 Guarantees
FIN 46(R) Consolidation of Variable Interest Entities (revised December 2003)-an interpretation of ARB No. 51	ASC 810‐10 Consolidation
SFAS 5 Accounting for Contingencies	ASC 450 Contingencies
SFAS 34 Capitalization of Interest Cost	ASC 835‐20 Interest ‐ Capitalization of Interest
SFAS 35 Accounting and Reporting by Defined Benefit Pension Plans	ASC 960 Plan Accounting ‐ Defined Benefit Pension Plans
SFAS 66 Accounting for Sales of Real Estate	ASC 360‐20 and ASC 976 Property, Plant, and Equipment ‐ Real Estate Sales; and Real Estate ‐ Retail Land
SFAS 67 Accounting for Costs and Initial Rental Operations of Real Estate Projects	ASC 970 Real Estate ‐ General
SFAS 91 Accounting for Nonrefundable Fees and Costs Associated with Originating or Acquiring Loans and Initial Direct Costs of Leases-an amendment of FASB Statements No. 13, 60, and 65 and a rescission of FASB Statement No. 17	ASC 310‐20 Receivables ‐ Nonrefundable Fees and Other Costs
SFAS 95 Statement of Cash Flows	ASC 230 Statement of Cash Flows
SFAS 133 Accounting for Derivative Instruments and Hedging Activities	ASC 815 Derivatives and Hedging
SFAS 140 Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities‐a replacement of FASB Statement No. 125	ASC 860 Transfers and Servicing
SFAS 141R Business Combinations	ASC 805 Business Combinations
SFAS 144 Accounting for the Impairment or Disposal of Long‐Lived Assets	ASC 360‐10 Property, Plant, and Equipment ‐ "Impairment or Disposal of Long Lived Assets" subsections
SFAS 157 Fair Value Measurements	ASC 820 Fair Value Measurements and Disclosures
SFAS 160 Noncontrolling Interests in Consolidated Financial Statements-an amendment of ARB No. 51	ASC 810‐10‐45 and 65 Consolidation ‐ Other Presentation Matters; and Transition and Open Effective Date Information

 

Codification Cross Reference Cheat-Sheets Available

 

We have codification cross reference cheat-sheets available for those of you who need them.  Contact me at tbockwoldt@vibato.com and I will send them to you!