At the close of 2012 we noted in this newsletter that the year would likely end in significant change for the IASB in the global arena of accounting and reporting. Shortly after the December edition went to print, the IASB published the results of a major public consultation, which confirmed our prediction; highlighted below, these results further emphasise that dramatic change:

We are at a historical turning point for international accounting, which will define the third stage of the development of the IASB. Half way through its life so far, the IASB and FASB signed an agreement aimed at bringing the US GAAPs and IAS/IFRSs together – the Memorandum of Understanding was signed in 2006 and determined the IASB’s convergence agenda ever since.

This edition of RSM Reporting features articles written by two members of the RSM IFRS Leadership Group in addition to Joelle Moughanni, who regularly authors the Hot Topics in Accounting section.

The new IFRS 10 and IFRS 11 on joint ventures and consolidation are certainly among some of the most discussed, both for the change they bring and for the change they do not bring to the reporting practice.