US House committee would restrict FASB stock option standard
16 Jun 2004
By vote of 45-13, the Financial Services Committee of the US House of Representatives approved draft legislation that would restrict a FASB standard on expensing stock options to options granted to the top five officers of a company.
The committee is chaired by Rep. Michael G. Oxley, principal author of the Sarbanes-Oxley Act. The bill (known as H.R. 3574, the Stock Option Accounting Reform Act) would also delay implementing any standard for a year, until completion of a study. Approval by the committee means that the bill is now sent to the full House for consideration. The Senate must also pass the same legislation before the bill becomes law. Click for Press Release (PDF 103k).