Europe's Internal Markets commissioner Charlie McCreevy has made a call for greater accountability of the international standard setter.

Speaking from Brussels, McCreevy said the International Accounting Standards Committee should be more accountable to governmental financial authorities and market regulators.

'As IFRS are becoming the global standard the time is ripe to address the issue of the governance and the accountability of the International Accounting Standards Board,' he said, Forbes reported.

McCreevy's comments follow recent discussions and a paper from the European Parliament's Committee on Economic and Monetary Affairs criticising the IASB for being outside democratic controls.

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