In light of current public opinion that favors employee stock option (ESO) expensing and its
possible influence on legislation and accounting rules, the GSA Board of Directors has requested
that GSA help its members understand the negative impact of ESO expensing on the fabless segment.
GSA is working with several other organizations such as AEA, SIA, SEMI and TechNet to lend our
support to their efforts with Congress, IASB and FASB.
Furthermore, we have prepared an educational packet, marketing and public relations plan,
seminars, as well as direct efforts with government officials, regulatory bodies and the press.
This issue takes on additional importance, as our members have overwhelmingly asked us to become
more active in this arena and represent their interests.
The Security Side of Sarbanes-Oxley
eWeek.com, October 3, 2005
The Sarbanes-Oxley Act of 2002 is a set of rules passed by Congress in order to force American public corporations to document every sale and financial exchange that could have a material effect on the business.
Sarbanes-Oxley: In Search of Payback
eWeek.com, August 8, 2005
Case Study: As large companies conclude the first year of Sarbanes-Oxley compliance, many seek in vain a return on investment on larger-than-expected outlays.
SarbOx: The Next Generation
eWeek.com, August 5, 2005
By now, most large companies have had to comply with Section 404 of the Sarbanes-Oxley Act, which mandates that chief executives certify that their companies have controls in place to ensure the accuracy of financial reporting.
What Will SarbOx Mean to Outsourcers?
eWeek.com, April 5, 2005
Opinion: As attorneys begin to prosecute companies for noncompliance, we'll learn a lot more about just how this landmark law will impact outsourcing relationships.
Making Sense of Sarbanes-Oxley Compliance Requirements
eWeek.com, March 31, 2005
The message was clear during Ziff Davis Media's Sarbanes-Oxley compliance eSeminar held Wednesday: Don't wait to get your (IT) house in order for compliance, lest your company executives wind up in jail.
FASB issued a proposal (Exposure Draft)on new accounting
standards, including stock option expensing. If any of our
members would like to comment on the Exposure Draft, the
deadline is June 30, 2004. FASB is also apparently going
to have an open roundtable in Silicon Valley, and a date/time
will follow in a FASB "Action Alert."
Sarbanes-Oxley: Road to Compliance
eWeek.com, February 6, 2004
As the initial June deadline for complying with the Sarbanes-Oxley Act nears, publicly traded companies across the United States are scurrying to deploy software packages that will put them in compliance.
The Sarbanes-Oxley
Act of 2002(PDF 211 KB) presents an extraordinary expansion of US securities law
regulation of corporate governance, disclosure, reporting
and accounting requirements and penalties, which should
be fully understood by all publicly traded and reporting
companies. Click on Mayer,
Brown, Rowe & Maw LLP for comment and analysis of
the Act's provisions. Also included at this web site are
links to laws, rules, and other related articles and materials.
Complying with new corporate governance rules can be costly.
Total costs of first-year compliance with Section 404 of
the Sarbanes-Oxley Act could top $4.6 million for each of
the largest U.S. companies, according to a survey conducted
by Financial Executives International (FEI). Much of the
money is being spent on consultants, lawyers, auditors and
new software. While many of these costs decrease after the
first year; others are expected to remain steady, such as
paying an outside auditor to assess the controls annually.
According to the FEI survey, companies with more than $5
billion in revenue expect those fees to reach $1.5 million
annually. The results
of the survey are based on the responses from 321 companies.
Broad-Based
Stock Option Plan Transparency Act of 2003 (Senate)
(PDF 34 KB)
On April 29, Senators John Ensign (R-NV) and Barbara Boxer
(D-CA) announced companion legislation entitled The Broad-Based
Stock Option Plan Transparency Act of 2003 to direct the
SEC to require increased and improved disclosure on financial
statements of company employee stock-option plans.
GSA sent its position paper, fabless stock option
survey results and related articles opposing mandatory stock
option expensing and given its support to Reps. David Dreier
(CA) and Anna Eshoo (CA), as well as to Senators Barbara
Boxer (D-CA) and John Ensign (R-NV).
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