how to create barcode in vb.net 2010 THREE The Accounting Story in Software

Generate DataMatrix in Software THREE The Accounting Story

CHAPTER THREE The Accounting Story
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share prices, companies needed to take decisive action to improve investor confidence. Enter Coca-Cola. In July 2002 the soft drink company suddenly announced it would deduct stock options from its earnings. Until that time, aircraft manufacturer Boeing and retailer Winn-Dixie Stores were the only major corporations that expensed options. Every other firm merely made note of the amount of stock options granted in financial footnotes, as allowed under the existing accounting rules. Soon after Coca-Cola made its announcement, Bank One, The Washington Post Company, and Amazon.com said they too would begin expensing options. By the end of 2002 more than 100 companies had committed to expensing options. As billionaire investor and option expensing watchdog Warren Buffett observed, the time has come for the reform of stock options. As one would expect the FASB was quick to praise the corporations that volunteered to expense. The FASB applauds those companies because recognizing compensation expense relating to the fair value of employee stock options granted is the preferable approach under current U.S. accounting standards. . . . It is also the treatment advocated by an increasing number of investors and other users of financial statements, the FASB said in a statement issued July 31, 2002. Until now, only a handful of companies elected to follow the preferable method. The decision to expense options is more than just lip service on the part of companies. The action will impact earnings. In the case of Coca-Cola, the Financial Times reported that if the company had expensed options in 2001, it would have reduced net income from $3.97 billion to $3.77 billion and its earnings per share from $1.60 to $1.51. A Bear Stearns study, as shown in Figure 3-1, found that the average company in the S&P 500 would have seen its earnings shrink by 8 percent in 2000 and by 20 percent in 2001 if options were factored in. At technology companies the expensing reduction would have been even greater due to larger grants to executives and broad-based plans that granted options to most employees. Executives at technology companies typically receive option grants that are 100 percent to 200 percent greater than grants given to their counterparts in nontech companies.
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PART ONE The Stock Option Problem
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FIGURE
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Bear Stearns Employee Stock Option Expense Report July 2002*
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Option Expense as a Percentage of Earnings Expense as a percentage of earnings 1999 260% 221% 49% 42% 35% 30% 28% 25% 24% 20% 17% 17% 15% 14% 12% N/M N/M N/M N/M N/M N/M N/M Expense as a Expense as a percentage of percentage of earnings 2000 earnings 2001 12% 71% 17% 11% 18% 16% 20% 12% 16% 11% 219% 10% 12% 16% 11% 27% N/M 1887% 58% 53% 14% 150% 11% 55% 10% 21% 26% 11% 12% 10% 29% 10% N/M 11% 10% 29% 33% 15% 44% 664% 25% 27% 14% 31%
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Industry Advertising Application Software Computer Hardware Semiconductor Hardware Health Care Distributors & Services Health Care Supplies Biotechnology Employment Services Diversified Commercial Services Aluminum Environmental Services Health Care Equipment Specialty Store Oil & Gas Equipment & Services Construction & Engineering Electronic Equipment & Instruments Gold Internet Software & Services Movies and Entertainment Networking Equipment Semiconductors Telecommunications Equipment
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N/M Percentage decline is not meaningful since the group has reported a loss. Bear Stearns Accounting Issues, Employees Stock Option Expense, Is the Time Right for a Change , July 2002. Used by permission.
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According to Fortune Magazine, the effect of expensing options would result in a 59 percent reduction in Dell Computer s earnings, a 79 percent reduction for Intel, and a 171 percent reduction for Cisco Systems Inc. for the year 2001.12
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CHAPTER THREE The Accounting Story
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Little wonder, then, that technology firms have been so outspoken in their opposition to option expensing. The American Electronics Association (AeA), which claims some 3500 membercompanies in the high-tech industry, praised the defeat of a senate amendment sponsored by Republican Senator John McCain of Arizona requiring the expensing of stock options. In a statement, the AeA said, The high-tech industry would be disproportionately affected by changes to accounting rules regarding the expensing of stock options. Of course they would be disproportionately affected. Technology firms have used options in far greater quantities than other firms. This is still no reason to maintain bad accounting. Despite continued opposition by technology firms, option expensing is nearly a fait accompli. Throughout 2003 the FASB has been seeking commentary on its proposed rules, which will likely take effect the following year. The centerpiece of the new accounting rules will be the terms and conditions of option expensing and the method of valuing options. The FASB and its London-based counterpart, the International Accounting Standards Board (IASB), have indicated that their rules will reflect the fair value of options as of the grant date. But what does this mean
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