The search for a successor to Sir David Tweedie, chairman of the International Accounting Standards Board, which sets accounting rules for most of the world outside the US, has hit difficulty in the face of opposition in Europe to how the process has been conducted.

Sir David has presided over deteriorating relations since the financial crisis, with some senior European officials raising concerns about the transparency of his decision-making amid criticism that he has prioritised an effort to get the US to adopt international rules at the expense of European interests.

His successor was to be announced this summer, ahead of Sir David's retirement in June 2011. Some senior accountants had expected an announcement in July at a meeting of the IASB trustees following a recruitment drive led by headhunters Spencer Stuart. A successor is expected to be announced by October.