A consortium of small business owners warned the Financial Accounting Standards Board that several of the standard-setter’s proposals -- including the expensing of stock options -- could do more harm to their sector than good.
Sen. Mike Enzi, R-Wyo., the only accountant in the Senate, told FASB chairman Robert Herz during a Senate hearing last week, "I'm hoping small businesses don't have to wage an 11th-hour campaign to get FASB to listen. It seems you spend five times as much time speaking as you do listening. The listening is the part small businesses need more of."
However, Herz denied that his group ignores the concerns of the national small business owners and told attendees that FASB regularly meets with constituents of all sizes.
Enzi urged Herz to grant wider access FASB’s board meetings, claiming that small businesses cannot afford to travel to FASB’s Connecticut headquarters or pay 75 cents per minute to be granted access to a conference call.
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