Preparing consolidated financial statements has been a common practice for groups of companies around the world for a relatively long time, going back one century in the USA and tens of years in different European countries. A highly actual issue regarding consolidation accounting is the treatment of interests in joint ventures. At international level, the primary determinant of accounting for joint ventures is the form of the arrangement. Also two methods of accounting for jointly controlled entities are applied: the proportionate consolidation and the equity method, which may impair comparability. We focus in our article on the changes proposed by the IASB (and reactions to them) regarding accounting for joint ventures, which have to be placed within the context of the short term IFRS – US GAAP convergence project. Thus we planed for our research to study the appropriate technical literature, the relevant legislation in the field of consolidations, the IASB’s recently published Exposure Draft on Joint Arrangements and to conduct a quantitative and qualitative analysis of the reactions to the ED, based on the comment letters received by the Board. The objective of our study is to highlight the implications of the proposed changes to accounting for joint ventures on the consolidated financial reporting from the viewpoint of different categories of organizations.