Norwalk, Conn. (June 22, 2004) — The Financial Accounting Standards Board will host a pair of public roundtables comprised of investors, financial statement preparers, auditors and valuation experts to debate its recent exposure draft on stock option expensing.
The sessions, scheduled for June 24 in Palo Alto, Calif., and June 29 in Norwalk, will feature morning and afternoon roundtables and will each be followed by a press conference with FASB chairman Robert Herz and board member Michael Crooch.
FASB’s proposal, released March 31, has drawn opposition from lawmakers, including Rep. Richard Baker, R-La., who has drawn up the Stock Option Accounting Reform Act, a diluted version of FASB’s proposal that exempts small businesses from expensing options and offers a three-year delay before new public companies must expense options. It also requires companies to expense only the options of their top five executives.
Baker’s measure recently sailed through the House Financial Services Committee by a 45-13 margin and awaits a full vote of the house.
The comment period for the FASB ED ends June 30.
The Securities and Exchange Commission would have to approve the final standard.
— WebCPA staff
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