The creation of a truly global set of accounting standards is a long-held dream for many. And the U.S. is inching closer to joining in that effort. Yet before signing on, regulators should consider potential flaws in the underpinnings of such a system. Namely that it will likely prove impossible to consistently enforce such rules across national borders. And even if it was, differing national views of the purpose of financial markets would still lead to varied interpretations of rules. In light of this, a global accounting language is likely to end up with some distinctly different national dialects. If so, the cost and effort associated with a U.S. switch to international standards may not be worth it.

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