Following up on Ben's observation, given SVDs $A=U\Sigma V'$ and $B = R\Lambda S'$ we have
$$\begin{aligned}
\|AB'\|_F^2 &= \|U\Sigma V'S\Lambda'R'\|_F^2 = \|\Sigma V'S\Lambda'\|_F^2 \\
\|B'A\|_F^2 &= \|S\Lambda'R'U\Sigma V'\|_F^2 = \|\Lambda'R'U\Sigma \|_F^2 \\
\end{aligned}$$
from this, if both $V'S$ and $R'U$ are diagonal, both norms are the same. This happens for instance when $S=V$ and $R=U$, i.e. precisely when $A$ and $B$ are simultaneously SVD-decomposable.
Recall that two square matrices are simultaneously diagonalizable if and only if they commute. It appears there is a similar condition for the existence of a simultaneous SVD decomposition:
Prove that if $A^TB$ and $AB^T$ are symmetric, then there exist orthogonal $U,V$ such that $UAV^T$ and $UBV^T$ are diagonal
However, the cited paper states that:
Either one (but in general, not both) of the diagonal matrices may be further restricted to have no negative elements
So it is not quite a simultaneous SVD, but close enough for our purposes here.