FASB is in the news again. CFO.com reports that the Financial Services Committee of the House of Representatives has voted to restrict an option-expensing standard recently proposed by the FASB.

H.R. 3574, the Stock Option Accounting Reform Act — which was approved last month in subcommittee — would demand an economic impact study before FASB is permitted to implement its proposed rule. In addition, the bill would require companies to expense only stock options granted to the top five officers. Small businesses would be entirely exempt from FASB's rule; newly public companies could forgo expensing for three years.