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

Make Data Matrix ECC200 in Software THREE The Accounting Story

CHAPTER THREE The Accounting Story
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Leisenring: Or it forces you to make a bad choice. If I was running a big company and granting stock options, I would want the grant of options to be more focused. I would want performance incentives that would hopefully cause you to do your job better, specific to your primary responsibility. Delves: But under the current ( old ) accounting rules, FAS 123, you can t do that without variable accounting. Leisenring: Exactly. Delves: Do you think that the FASB is going to be able to enact new accounting rules this time, which will require option expensing Leisenring: Yes. For one thing, there is too much pressure. Too much international pressure from the IASB and pressure domestically. We keep saying that we have the superior accounting standards in the United States, so it will be harder for the FASB not to adopt it, if the IASB goes ahead. Also, more and more companies have been deciding to expense options. General Motors and a hundred others. It s not unanimous opposition any more. Delves: When option expensing is mandated, at some companies the pay of the top five or ten people is going to be so huge it s going to be a line item on the income statement. Leisenring: Yes. I think it s an issue of scrutiny. Too many compensation committees work off the basis of, what percentage of our shares are out there in options, and how many options does our CEO have versus somebody else s CEO. As if that was relevant! Delves: Now that it appears that the FASB and the IASB will be requiring option expensing, let s take a look back in history to see how we got to the place we are today. Leisenring: In the mid-1980s the FASB started working on stock options. But they couldn t resolve stock option accounting without first thinking more about what is a liability versus what is an equity instrument. They concluded that a stock option shouldn t be a liability but an equity instrument. That allowed them to resolve the measurement date issue as we don t typically re-measure equity instruments as we do liabilities. Delves: And that measurement date was going to be either the grant date or would it be some other date
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PART ONE The Stock Option Problem
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Leisenring: I argued vociferously that the option didn t exist until the vesting date. I argued that an option by definition gave someone a right, and they didn t have that right until they got through the vesting process. I wanted vesting date, as did some others. But the majority of the board was in favor of grant date. Since the definition between liability and equity has been changed somewhat at least in application since that debate, I can t legitimately argue that the contract, which grants the options, isn t, in itself, an equity instrument. It doesn t result in options yet, but promises to grant them. Most people concede that . . . And it is at vesting date that the option exists. But the contract to grant the options seems, in and of itself, to meet the definition of an equity instrument. Of course there are many more measurement problems at the grant date: are they or aren t they going to vest They are not transferable. They are not exercisable through the vesting period. All of these issues must be considered and vesting date would be easier. Delves: Once FASB decided to go with the grant date, that s when the debate really heated up. Leisenring: After we got through the measurement date issue, that s when all the lobbying began. They argued, by and large, that you can t do this. You can t require expensing. It s too damaging. It will hurt the wrong people. I remember at the hearings one of the senators asked, How do you respond to the people who will say there will be companies that will be deprived of capital or charged more for capital as a result of expensing I said, What would you have accounting do Not differentiate between companies What you re saying is that we should make the company that grants no options look like the company that grants a million options. I don t think we should do that, any more than we should make the company that doesn t have a pension plan look like one that does have a pension plan. If people believe in market places, then they should advocate information that is neutral and evenhanded, and allow the capital markets to make their decisions based on that information. Delves: In the end, of course, the FASB backed down from requiring option expensing. Instead FAS 123 was a compromise allowing companies to basically list options in a footnote. There was just too much opposition to the FASB plans to require expensing.
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