New York (CNN/Money) - Intel Corp. said Thursday it will not account for stock options as an expense, and also said that its CEO and CFO have attested to the accuracy of the chip maker's financial filings as required by the Securities and Exchange Commission.

In commenting on why the company decided not to treat options as expenses, Andy Bryant, the Intel (INTC: Research, Estimates) chief financial and enterprise services officer, said: "There is no good valuation model to determine the fair value of unexercised employee stock options. Including an unreliable estimate of the fair value of options in the income statement would distort earnings."

The news release from Intel said the CEO has vouched for the accuracy of Intel's 2001 Form 10-K and subsequent SEC filings. The agency had ordered chief officers of large, publicly-traded companies to do so by August 14.