We have written so many times about options since 1996 that we've lost count, but we do know that we have regularly criticized the existing rules with the hope that the Financial Accounting Standards Board would produce something better when it re-examined the issues.

For those who haven't heard, FASB published a revised standard in December that requires options to be expensed. Unfortunately, the bad news is that the board just tinkered with its 10-year-old recommended method, and did nothing to address its readily apparent flaws, which deprive financial statement users of useful information. It's our view, and increasingly the opinion of others, that the users are not much better off than they were under the old APB opinion.

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