International Federation of Accountants
The International Federation of Accountants (IFAC) is the global organization for the accountancy profession. Founded in 1977, IFAC has more than 175 members and associates in more than 130 countries and jurisdictions, representing more than 3 million accountants employed in public practice, industry and commerce, government, and academe. The organization supports the development, adoption and implementation of international standards for accounting education, ethics, and the public sector as well as audit and assurance. It supports four independent standard-setting boards, which establish international standards on ethics, auditing and assurance, accounting education, and public sector accounting. It also issues guidance to encourage high quality performance by professional accountants in business and small and medium accounting practices.
|Formation||October 7, 1976|
|Legal status||Association established under Swiss Civil Code|
|Purpose||Strengthening the worldwide accountancy profession|
|Headquarters||New York City, United States|
|130 countries and jurisdictions worldwide|
|Kevin Dancey (from January 2019)|
|In-Ki Joo (from November 2018)|
To ensure the activities of IFAC and the independent standard setting bodies supported by IFAC are responsive to public interest, an international Public Interest Oversight Board (PIOB) was established in February 2005 by the Monitoring Group, which was formed when it became apparent that governance reform of the International Federation of Accountants (IFAC) was needed.
Among the key initiatives of IFAC is the organizing of the World Congress of Accountants.
International Auditing and Assurance Standards Board
The International Auditing and Assurance Standards Board or IAASB is an independent standard-setting board that develops the International Standards on Auditing. IAASB issues International Standards on Auditing covering various services offered by professional accountants worldwide like auditing, review, other assurance, quality control and related services.
The IAASB's objective, scope of activities and membership are set out in its Terms of Reference. The Public Interest Oversight Board oversees the work of the IAASB.
International Ethics Standards Board for Accountants
The International Ethics Standards Board for Accountants develops a Code of Ethics for Professional Accountants to be followed by professional accountants throughout the world.
International Public Sector Accounting Standards Board
The International Public Sector Accounting Standards Board or IPSASB develops the International Public Sector Accounting Standards (IPSAS). These standards are based on the International Financial Reporting Standards (IFRSs) issued by the IASB with suitable modifications relevant for public sector accounting.
International Accounting Education Standards Board
The International Accounting Education Standards Board or IAESB develops uniform guidelines for education, training, and continuing professional development. National professional accounting organizations are required to consider these educational standards while formulating their educational systems.