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<nobr>Aug 19, 2004</nobr> SEC's Donaldson Warns Congress on FASB and Option Expensing
Securities and Exchange Commission (SEC) Chairman William Donaldson warned that Congress should stay out of the debate over expensing stock options and leave the decisions to the Financial Accounting Standards Board (FASB). In a letter to congressional leaders, Donaldson criticized a House bill (H.R. 3547) that would block a FASB proposal to mandate stock option expensing and would instead require companies to expense options granted to the CEO and the next four highest-paid officers. The bill passed the House last month by a vote of 312-111. |