He recalled that as chairman he had begun a process intended to eventually require United States companies to switch to international accounting rules.
“But that was several years ago, and a great deal has changed since then. Today, I come to bury I.F.R.S., not to praise them.”
As it happens, that speech came at a time when the current S.E.C. chairwoman, Mary Jo White, has raised hopes among I.F.R.S. supporters that she might be more open to wider use of international rules than was her predecessor, Mary L. Schapiro.
I.F.R.S. is not dead in the United States, although there is little or no chance of a complete conversion to international rules, something Mr. Cox envisioned when he led the commission. It seems possible that some United States companies will be allowed to convert to international rules if they wish to do so