The chairman of the International Accounting Standards Board, Sir David Tweedie, is set to be grilled in Europe today by finance ministers and senior EU commissioners, amid growing political pressure on the board as a result of the financial crisis. Tweedie is expected to tell the council of European ministers for economic and financial affairs in Luxembourg, that the IASB will issue a final standard available for use this year, which addresses impairment and fair value. The new International Financial Reporting Standards may be used in 2009 financial statements. The IASB has come under pressure to work with regulators and policy makers toward a solution to fair value, following political calls at the G-20 summit earlier this year. European ministers have raised concerns about the 'pace and substance' of the IASB in dealing with the issues raised by the European Commission. 'We take these concerns very seriously,' Tweedie is expected to say. '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.' On the urgent action required by the EU on impairment and fair value, Tweedie will inform the council that there is to be a comprehensive revision of IAS 39: Financial Instruments: Recognition and Measurement, as 'this has always been a priority' to the IASB.