Sir David Tweedie has defended the role of the International Accounting Standards Board (IASB) of which he is chairman.
Addressing the Council of the European Union, he claimed that the body has "acted urgently" in addressing the issues caused by the recent economic meltdown.
He also defended the amount of time it has taken to revise international standards, pointing out that all stakeholders should be allowed to provide feedback on any changes if they are to work properly.
Sir David did acknowledge that the IASB could improve in some areas and specifically addressed issues raised by European finance ministers.
"We take these concerns very seriously. In particular, we recognise that we have to do a better job of keeping you abreast of our response to the crisis and how we are dealing with issues of concern to the council," he said.
Last month, Charlie McCreevy, the European Union's internal market commissioner, warned that the IASB is seen as "out of touch" by some politicians.
