Chris Cox, who as chairman of the Securities and Exchange Commission tried to bring international accounting rules to the United States, has now done an about-face.
“The first thing we should give up is the counterproductive fiction that the United States is going to replace Generally Accepted Accounting Principles with International Financial Reporting Standards,” he said in a speech at a conference in Pasadena, Calif., last week.
“The prospect of full-scale I.F.R.S. in our lifetimes has ceased to be. It is bereft of life. It rests in peace.”