International Federation Of Accountants (IFAC)
Contents
- Unveiling the International Federation of Accountants (IFAC)
- Exploring IFAC: An Overview
- Understanding IFAC
- History and Mission
- Key Facts About IFAC
- Membership Growth: From its founding with 63 members in 1977, IFAC has expanded to over 175 members and associates across more than 135 countries and jurisdictions.
- Standard Setting Authority: IFAC's authority extends to setting international standards in auditing, assurance, public sector accounting, ethics, and education for professional accountants.
- Global Advocacy: IFAC serves as a prominent advocate for the accountancy profession, collaborating with international organizations and representing the profession on public policy issues.
Unveiling the International Federation of Accountants (IFAC)
Exploring IFAC: An Overview
Introduction: The International Federation of Accountants (IFAC) stands as a global entity representing the accounting profession. This article delves into its mission, history, and significant role in setting international standards and advocating for the profession.
Understanding IFAC
Global Representation: With over 175 member organizations spanning 130 countries and regions, IFAC represents approximately 3 million professional accountants worldwide. Notable members include the American Institute of Certified Public Accountants and the Institute of Management Accountants.
Standard Setting: IFAC's boards play a pivotal role in establishing international standards in auditing, quality control, education, public sector accounting, and ethics for professional accountants.
History and Mission
Founding Principles: Established on October 7, 1977, in Munich, Germany, IFAC was born out of a mission to strengthen the global accountancy profession. Its objectives include developing high-quality international standards, fostering collaboration among member bodies, and serving as the international voice for the profession.
Work Program: At its inception, IFAC outlined a comprehensive 12-point work program to guide its activities. This program encompassed initiatives ranging from setting auditing guidelines to fostering closer relationships with stakeholders.
Key Facts About IFAC
Membership Growth: From its founding with 63 members in 1977, IFAC has expanded to over 175 members and associates across more than 135 countries and jurisdictions.
Standard Setting Authority: IFAC's authority extends to setting international standards in auditing, assurance, public sector accounting, ethics, and education for professional accountants.
Global Advocacy: IFAC serves as a prominent advocate for the accountancy profession, collaborating with international organizations and representing the profession on public policy issues.