The prospect of US companies following a single global accounting standard seems to be moving closer with Financial Accounting Standards Board chairman Robert Herz he expects the time is coming when US companies will be made to follow one set of rules. It will definitely be more efficient as the International Financial Reporting Standards (IFRS) are much more streamlined than the US Generally Accepted Accounting Principles (GAAP).

"I don't believe in a two-GAAP system," Herz said, as reported by CFO.com.

Whether that happens remains to be seen. The dream of a common language will probably remain elusive with reports of European companies wanting a system where companies can pick and choose which accounting standards they follow.

The problem with that, however, is that the Babel of financial statements can drive investors, let alone accountants, crazy.

At the same time, it can be a very political issue because the US has developed some hard-wrought and excruciatingly detailed standards which some still argue are the best in the world, though the corporate sector tends to wish they were a little looser, a little less burdensome.

Accounting standards grew up on a country-by-country basis, pretty much like languages. Everybody had their own accent or approach. When financial statements tend to look alike, it can be dangerous. When you hear a different language, you know it's different. With financial statements, it's not always clear when they're prepared on a different basis.

All of which suggests that the debate has some way to go, despite the comments from Herz.