International Federation of Accountants (IFAC’s Functions Explained)

International Federation of Accountants (IFAC's Functions Explained)International Federation of Accountants (IFAC) is an independent global organization of accountancy profession for establishing international standards on ethics, auditing and assurance, accounting education, and public sector accounting.

What is International Federation of Accountants (IFAC)

International Federation of Accountants (IFAC) is the global organization for the accountancy profession.

Founded in 1977, IFAC has 179 members and associates in 130 countries and jurisdictions, representing more than 2.5 million accountants employed in public practice, industry and commerce, government, and academe.

The organization, through its independent standard-setting boards, establishes the globally accepted and implemented standards of ethics, auditing, accounting education.

It also issues guidance to encourage high-quality performance by professional accountants in business.

To ensure the activities of IFAC, and the independent standard-setting bodies supported by IFAC are responsive to the public interest, an international Public Interest Oversight Board (PIOB) was established in February 2005.

Functions of International Federation of Accountants (IFAC)

As a global body of accountancy profession; the International Federation of Accountants (IFAC) performs;

  • Set Global Standards for Accounting and Auditing Practice.
  • Monitor the public sector accounting.
  • Standardize the Accounting education.
  • Serve public interest in account profession.

Mission of International Federation of Accountants

IFAC’s mission is to serve the public interest by contributing to the development of high-quality standards and guidance.

International Federation of Accountants facilitates the adoption and implementation of high-quality standards and guidance.

By contributing to the development of strong professional accountancy organizations and accounting firms and high-quality practices by professional accountants, and promoting the value of professional accountants worldwide; and speaking out on public interest issues.

The vision of International Federation of Accountants is that the global accountancy profession is recognized as a valued- leader in the development of strong and sustainable organizations, financial markets, and economies.

Structure & Governance of International Federation of Accountants

IFAC’s structure and governance are designed to promote transparency, to facilitate collaboration with members and consultation with stakeholders, and to ensure the efficient operations of the organization.

Founded in 1977, IFAC is a Swiss-registered association whose members are professional accountancy organizations.

Council of International Federation of Accountants

Ultimate governance of IFAC rests with the IFAC Council, which comprises one representative from each member.

The Council meets once a year and is responsible for deciding constitutional and strategic matters and electing the Board.

Operations of International Federation of Accountants

Overall direction and administration are provided by the IFAC Secretariat headquartered in New York IFAC are staffed by accounting professionals from around the world.

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