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Coalition formed in US to support FASB stock option proposal

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21 May 2004

A broad coalition of 30 pension funds, consumer/investor groups, and labour unions is urging the United States Congress to stay out of the Financial Accounting Standards Board's process for considering a proposed standard that would require companies to expense all stock options and other share-based payment.

FASB's proposed standard is similar to IFRS 2. The coalition – known as the Financial Accounting Coalition for Truthful Statements (FACTS) said that "H.R. 3574/S. 1890, 'The Stock Option Accounting Reform Act,' would establish the dangerous precedent of Congress intervening to substitute special interest provisions in place of standards that are set independently and objectively to achieve accurate and transparent financial reporting." Click to download the Coalition's Public Statement and list of members (PDF 30k).

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