This led to my serving on the Financial Accounting Standard Board’s Emerging Issues Task Force and the Committee on Corporate Reporting of the Financial Executives Institute. I have continued to pursue this interest in my role as a Federal Reserve Board member and as chair of the Board’s Committee on Supervisory and Regulatory Affairs.
I would like, now, to turn to some of the recent accounting issues surrounding complex instruments and the role of financial disclosure in promoting risk management. For starters, I am pleased to see movement in recognizing employee stock options grants as a business expense.