Definition
International Federation of Accountants (IFAC)
The International Federation of Accountants (IFAC) is a global organization comprising 180 member and associate bodies in 135 countries and jurisdictions, with a mission to strengthen the worldwide accountancy profession and contribute to the development of strong international economies. It is established to serve the public interest by promoting adherence to high-quality professional standards, furthering the growth of international economics, and supporting the development of worldwide financial markets.
Examples
- Development of International Standards: IFAC works with regulators, global funding and development agencies, and other stakeholders to develop and promote high-quality international standards for auditing and assurance, accounting education, ethics for professional accountants, and public sector accounting standards.
- Support and Resources: Provides extensive guidance and resources to its member organizations, enabling them to help their members enhance their professional skills and competencies, ensuring they are capable of meeting the high demands of the profession and public expectation.
- Advocacy for Accountancy Profession: Represents the accountancy profession to stakeholders, advocating for the importance of accountants in creating transparent, accountable, and sustainable global economy.
Frequently Asked Questions (FAQs)
What does IFAC stand for?
IFAC stands for the International Federation of Accountants.
When was IFAC founded?
IFAC was founded on October 7, 1977.
What is the mission of IFAC?
The mission of IFAC is to support the development, adoption, and implementation of high-quality international standards, contribute to the development of strong international economies, and support its member organizations in achieving and sustaining quality performance by professional accountants.
Who can become a member of IFAC?
Membership in IFAC is open to professional accountancy organizations that represent accountants and auditors at the national and international levels and that share IFAC’s vision and commitment to the public interest.
What are some key areas of focus for IFAC?
Key areas of focus for IFAC include the development and promotion of international standards, support for professional accountancy development, advocacy for its members, and promoting the value of professional accountants globally.
Related Terms with Definitions
International Standards on Auditing (ISA)
A set of professionals’ global standards for auditing financial statements, which guides the work of auditors globally.
International Financial Reporting Standards (IFRS)
A common accounting language that ensures business accounts are understandable and comparable across international boundaries.
International Public Sector Accounting Standards (IPSAS)
A set of accrual-based accounting standards for public sector entities, other than Government Business Enterprises.
Code of Ethics for Professional Accountants
A document that establishes ethical requirements for professional accountants globally, detailing principles of integrity, objectivity, confidentiality, and professional behavior.
References to Online Resources
- International Federation of Accountants (IFAC) Official Website
- IFAC Knowledge Gateway
- International Standards on Auditing (ISA)
Suggested Books for Further Studies
- “International Federation of Accountants Handbooks” - Regular handbooks published by IFAC containing guidelines and standards.
- “International Accounting” by Timothy S. Doupnik and Hector Perera – A comprehensive text on international accounting standards and practices.
- “Ethics and the Professional Accounting Firm” by Lisa Thorne - Discusses ethics in accounting, tailored to those under IFAC’s standards.
