The European Union must remain committed to accounting standards if global convergence is to happen, chairman of the IASB Sir David Tweedie has said. His comments to the Economic and Monetary Affairs Committee of the European Parliament come on the back of the G-20 summit in Pittsburgh last week, which urged the need for a single set of global accounting standards. 'It is crucial for the achievement of global standards and the effective functioning and prosperity of the European economy, and indeed the global economy, that the EU remains committed to global standards,' Tweedie told the committee. The chairman of the accounting standards-setter also told the committee that the IASB has responded 'appropriately to the crisis'. He said the board had acted 'urgently' on dealing with contentious issues surrounding fair value in illiquid markets, accounting for off balance-sheet items, and disclosures related to risk. Tweedie said he aimed to have draft proposals on impairment issues, IAS 39, completed and ready for implementation by the year-end. 'We are on track to meet that commitment,' he said. 'We have received letters from more than 200 individuals and organisations,' he added, noting the response to the proposals. Suggestions that the standard-setter take more time to develop the proposals and temporarily adopt US standards, were rejected. 'We at the IASB do not want to be necessarily bound to US standards, when we believe that there is a better way to secure the confidence of international capital markets and investors,' he said. 'This would neither create a level playing field, nor put an end to the level playing field question.'