In remarks to the American Institute of Certified Public Accountants, Cox expressed support for a single global accounting standard, data-tagging technology, and easier access to non-U.S. investments by U.S. investors. But he stressed that some changes, such as an end to U.S. accounting rules, aren't imminent.

"I don't see this happening for many, many years," Cox said in response to questions from the audience. He told reporters that a mutual recognition plan permitting U.S. investors direct access to non-U.S. markets and investment products, and possibly brokers, also is a "multi-year undertaking."

The SEC chief hailed efforts to replace multiple accounting standards with a single rule book. More than 100 countries already have moved toward international financial reporting standards, or IFRS, and U.S. regulators gave the green light last year to limited use, allowing it in reports filed in the U.S. by non-U.S. companies. To avoid a tower of accounting Babel, U.S. regulators only will accept international accounting that follows rules as set by the London-based International Accounting Standards Board, rejecting any national variations.

U.S. regulators are considering whether to allow U.S. companies to use international rather than U.S. accounting. Cox said he's looking forward to hearing what the SEC staff recommends on that, but declined to say what the SEC may do, or when.

One issue is that international accounting is overseen by the IASB while U.S. rules are made by the Connecticut-based Financial Accounting Standards Board. Congress gave the SEC authority to designate accounting standard setters, a designation Cox said it is unlikely to give to the IASB until it is independently funded. He told reporters that he expects the FASB will remain as the U.S. accounting standard-setter for "the indefinite future."