We will probably look back at 2012 as a transitional year for the International Accounting Standards Board (IASB). The first decade, with its push to get ready for European adoption, converge with the US and deal with the financial crisis, is over, even if insurance is still with us.

The next phase is likely to be one of global consolidation and promotion of consistent application of International Financial Reporting Standards (IFRS). European commissioner Michel Barnier has already given his verdict: ‘2011 and 2012 have been a missed opportunity. 2013 will be the year of truth’.