Sir David Tweedie, the first chairman of the International Accounting Standards Board (IASB), has been inducted into the Accounting Hall of Fame at Ohio State University in recognition of his work on the development of standards in the UK and worldwide.

He joins 90 other accountants whose work has been honoured in this way since the award was first set up in 1950 by the university's Fisher College of Business.

Sir David, who was IASB chairman between 2001 and 2011, is also a former chairman of the Financial Accounting Standard Board. The award nomination described him as a 'champion of integrity in international financial reporting'.

Hans Hoogervorst, chairman of the IASB said: 'This award recognises the immense contribution David has made to the quality of financial reporting worldwide, including in the US.'