In a speech Friday, Securities and Exchange Commission Chairman Mary Jo White stressed the need for international cooperation on a host of issues. Among them: setting accounting rules. She said U.S. regulators are "active participants" in establishing accounting standards used globally, and U.S. rule makers are working closely with international counterparts on bringing U.S. and international accounting rules closer together.
What she didn't mention: that after long delays, the SEC still hasn't decided if U.S. companies should do a complete switch from U.S. rules to the global ones. It still is unknown when or if the SEC will make a decision on that front. But Mrs. White did highlight a stumbling block.
"The promise of global accounting standards fades if there is not consistency in their application, implementation and enforcement." Also left unsaid: It is questionable whether that will happen any time soon.