Senate Passes Accounting Reform Bill; Options Not Affected

The Senate passed an accounting reform bill that makes major changes in accounting procedures but leaves stock options accounting rules untouched. Efforts by Senators McCain and Levin to require expensing options or, alternatively, to require an SEC study of the matter, were denied votes on procedural moves. Neither proposal, had the needed votes to prevail, but a vote was avoided as this was not an issue where every member wanted to go on record opposing options accounting reform. Levin and McCain have vowed to keep up the fight, introducing their amendments to other legislation.