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International Federation of Accountants (IFAC)

Who is the IFAC?

The IFAC is the global organization for the accountancy profession. It was founded in 1977. They have about 179 members and representatives. It consists of 130 countries and jurisdictions. They represent more than 2.5 million accountants employed in various industries. These industries include public, idustry and commerce and academe. The organization establishes international standards on ethics, auditing and assurance, accounting education, and public sector accounting. They do this through their independent standard setting boards. It also issues guidance to encourage high quality performance by professional accountants.

An international Public Interest Oversight Board (PIOB) was established in February 2005. Their job is to ensure that the activities of IFAC and the independent standard setting bodies supported by IFAC are responsive to public interests.

The World Congress of Accountants is also among the key initiatives of the IFAC.

What is IFAC’s mission?

IFAC’s mission is to serve the public interest by:

  1. Contributing to the development of high-quality standards and guidance;
  2. Facilitating the adoption and implementation of high-quality standards and guidance;
  3. Contributing to the development of strong professional accountancy organizations and accounting firms and to high-quality practices by professional accountants, and
  4. Promoting the value of professional accountants worldwide; and speaking out on public interest issues.

IFAC boards and commitees:

Board/Committee. Date of establishment.
International Auditing and Assurance Standards Board. October 1977.
International Accounting Education Standards Board. October 1977.
International Ethics Standards Board for Accountants. October 1977.
Professional Accountants in Business Committee October 1977.
International Public Sector Accounting Standards Board. May 1987.
Transnational Auditors Committee. May 2000.
Compliance Advisory Panel. November 2003.
Professional Accountancy Organization Development Committee. November 2005.
Small and Medium Practices Committee. November 2005.