The case against mandatory expensing of options

James Glassman does an excellent job at making the case against the madatory expensing of stock options in this congressional testimony.

Part of the case is the important point that GAAP earnings aren't the end-all be-all when it comes to important financial data with which to value a company. This gets at one key reason why the Sarbanes Oxley law was so flawed--as discussed by Peter Wallison in the Wall Street Journal and in this AEI paper.