SAN FRANCISCO — Semiconductor Industry Association (SIA) President George Scalise on Tuesday (March 29) called on the U.S. Securities and Exchange Commission to order a moratorium on the implementation of a new accounting standards regarding the expensing of stock options.
Scalise warned in a statement that implementation of a Financial Accounting Standards Board (FASB) accounting rule, combined with the requirements imposed on public companies by Sarbanes-Oxley financial dislosure legislation, could "have a chilling effect on stock option programs" which he said have played an important role in helping U.S. chip makers compete.
Scalise's statement came in response to the publication of an SEC staff accounting bulletin that provided guidance on how to interpret the FASB rule. The SIA said that despite its efforts, the SEC cannot make the accounting rule work.
The FASB standard, known as Statement 123R, requires that employee stock option grants be recorded as expenses and deducted from profits. This standard is set to go into effect on June 15.
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