Foes of Expensing Welcome FASB Delay

"Sen. Shelby's overriding concern is that we don't interfere in the decisions of FASB," said his spokesman, Andrew Gray. "We still have some steps to go through, but we intend to remain vigilant."

And despite the letters, Shelby's sentiments have wide support in the Senate, said Lucier. "They don't want to be in the business of legislating accounting," he said.

If those opposed to expensing aren't able to pass a bill in the Senate this year, they will have to start back at square one next year when a new Congress convenes. That could be good or bad news for opponents, depending on how the election turns out.

"If the Democrats win [the Senate], it'll die," predicts Turner, who acknowledges that the outcome of the debate is still in doubt. "The fat lady hasn't sung here," he said.

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