[20051115]RS21392_股票期权：会计问题及其后果.pdf

Congressional Research Service The Library of CongressCRS Report for CongressReceived through the CRS WebOrder Code RS21392Updated November 15, 2005Stock Options: The Accounting Issue and Its Consequences Bob LykeSpecialist in Social LegislationDomestic Social Policy DivisionGary ShorterSpecialist in Business and Government RelationsGovernment and Finance DivisionSummaryThe Financial Accounting Standards Board (FASB) has issued a long-anticipatedrule that stock options must be recognized as an expense on corporation incomestatements. The previous accounting rule permitted but did not require recognition;corporations that elected to omit the cost of options, as most did, have been able toreport higher earnings. Supporters of the old rule argue it encouraged companies toissue options, helping to ensure that executives served the shareholders interests.Options can be especially useful to cash-constrained start-up companies that cannot paycompetitive salaries. Supporters also maintain that options cannot be valued accuratelyenough to be included on the income statement and that investors otherwise havesufficient information to make informed judgments about company value. Critics of the