Washington (July 2, 2004) -- Comptroller General David M. Walker this week weighed in on the ongoing fight between the Financial Accounting Standards Board and Congress over stock option expensing, and urged congressional leaders to stay out of accounting standards-setting.
"We recognize that this is a complex and controversial issue on which reasonable people can and do disagree. In light of the above, there has been a renewed interest for the Congress to legislate accounting rules for stock options," Walker wrote in a June 28 letter to the leaders of the Senate Committee on Banking, Housing and Urban Affairs. "Notwithstanding our and others’ views on the merits of various accounting methods for stock options, we believe that the principle of independence, both in fact and in appearance, is essential to the credibility of and confidence in any authoritative standard-setting processes."
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