How would this work?
Ok, so the decision is announced and there are three big regulators on the government list, "Toughy Inc.", "FASB" and "Wimpy Co." Here's how your scenario would play out with the big tech companies:
Microsoft announces that they've chosen Wimpy to preserves their ability to innovate.
IBM announces they've chosen Wimpy so that they can continue to be responsive to their customers.
Google implies they wanted to choose Toughy but were forced to choose Wimpy by the competitive environment.
HP chooses Wimpy and mentions something about being founded in a garage in California.
Apple chooses the iconoclastic boutique regulator WimpyTwo. (WimpyTwo prints their standards on much nicer paper.)
Every other tech company chooses Wimpy since it's obvious the market has spoken.
Toughy Inc. lays off most of their staff.
Five years later it's revealed that upper management at Microsoft were including their giant egos as depreciable assets. The executives of Microsoft and Wimpy Co. are hauled before Congress and claim that nobody could have forseen what would happen, besides everybody was doing it, it was legal at the time, and it was the work of a few bad apples. A few mid-level executives get fired. WimpyTwo grows considerably and some former employees of Wimpy Co start Softie, LLC. Toughy Inc is never seriously considered since it's a niche player.
Five years later it's revealed that upper management at Microsoft were including their giant egos as depreciable assets. The executives of Microsoft and Wimpy Co. are hauled before Congress and claim that nobody could have forseen what would happen, besides everybody was doing it, it was legal at the time, and it was the work of a few bad apples. A few mid-level executives get fired. WimpyTwo grows considerably and some former employees of Wimpy Co start Softie, LLC. Toughy Inc is never seriously considered since it's a niche player.