During the standard setting process, there was much debate….
During the standard setting process, there was much debate. For example, reacting to opposition to FASB’s “Share-Based Payment” Exposure Draft, Senator Carl Levin stated, “Stock options are the 800-pound gorilla that has yet to be caged by corporate reform.” In reference to a bill that would thwart the FASB’s position, Senator John McCain said, “This legislation blocking stock option expensing not only undermines FASB’s independence, but undermines the effort to restore confidence in our financial markets as well.” Discuss what these two senators meant by their statements regarding the debate in how to account for stock options for executives.
Read Details