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To: Lizzie Tudor who wrote (178363)	6/23/2004 4:36:45 PM
From: willcousa	Read Replies (2) \| Respond to of 186894

There have been plenty of big accounting changes in the past. Each one leads to large added fees for the public accountants. They control FASB. That is why industry has to run to Congress. It is their only hope vs. FASB. It has rarely, if ever, worked in the long run. Will

To: Lizzie Tudor who wrote (178363)	6/23/2004 6:32:49 PM
From: rkral	Read Replies (2) \| Respond to of 186894

OT .. Lizzie, re "[ed: ESPPs] are managed with the use of options apparently" Not AFAIK. For the ESPPs I've participated in, employees selected the investment amount and payroll deductions to the ESPP were made for a fixed period -- 6 months IIRC. If the stock price at the end of the period was higher than at the beginning, stock was purchased for employee accounts at 85% of the price at the beginning of the period. If the price was not higher, employees could opt out and take their cash. If they didn't opt out, they could roll over the accumulated funds into a new 6-month period and modify their deductions. Then after another 6-months, the process repeated. So I'll venture a couple of WAGs. First, since employees are putting forth monies from the outset .. and since the term is a short 6 months, I think there is no connection with options. Second, I believe the discount (the 15% above) is already being expensed. Ron