The head of the International Accounting Standards Board Sir David Tweedie has said the body is on schedule to deliver its response to the financial crisis by the end of the year.

Speaking at a meeting for European Union finance ministers in Luxembourg he conceded that 'we have to do a better job of keeping you abreast of our response to the crisis.'

Changes to the classification and measurement of financial instruments would be ready for use by the end of the year. But proposals on making provisions for financial assets and hedge accounting would not be delivered until next year.

Tweedie's speech outlined his view that the crisis work was making good progress but said he would work harder to keep EU finance ministers informed of progress.