International Federation Of Accountants (IFAC)

What Is the International Federation Of Accountants (IFAC)?

The International Federation of Accountants (IFAC) is a global organization addressing the accounting calling. IFAC lays out and advances international standards, and represents the calling on public policy issues. As indicated by the IFAC website, the group serves the public interest through advocacy, development, and support for our member organizations and the multiple million accountants who are vital to our global economy.

Grasping International Federation Of Accountants (IFAC)

The IFAC comprises of in excess of 175 member organizations and partners, addressing in excess of 130 countries and areas. These organizations address around 3 million professional accountants worldwide. Members incorporate organizations, for example, the American Institute of Certified Public Accountants and the Institute of Management Accountants.

IFAC's boards set international standards in a number of areas, including auditing, quality control, education, public sector accounting and ethics for professional accountants. IFAC was established in 1977 in Munich, Germany. Today, it is situated in New York City.

History and Mission of IFAC

Starting with 63 establishing members from 51 countries in 1977, IFAC's membership has developed to now remember north of 175 members and associates for in excess of 135 countries and wards worldwide.

IFAC was established on October 7, 1977, in Munich, Germany, at the 11th World Congress of Accountants to fortify the global accountancy calling in the public interest by:

• Growing top notch international standards in auditing and assurance, public sector accounting, ethics, and education for professional accountants and supporting their adoption and use;
• Facilitating joint effort and cooperation among its member bodies;
• Working together and helping out other international organizations; and
• Filling in as the international representative for the accountancy calling.

At the primary meeting of the IFAC Assembly and Council in October 1977, a 12-point work program was developed to direct IFAC boards and staff through the initial five years of activities. Numerous components of this work program are as yet pertinent today.

1. Foster statements which act as rules for international and auditing rules
2. Lay out the fundamental principles which ought to be remembered for the code of ethics of any member collection of IFAC and to refine or expand on such principles as considered suitable
3. Decide the requirements and foster programs or the professional education and training of bookkeeper
4. Collect, examine, research, and scattered data on the management of public accounting practices to help professionals in more successfully conducting their practices
5. Assess, create, and report on financial management and other management methods and strategies
6. Embrace different studies of value to accountants, like a potential study on the legal liabilities of evaluators
7. Foster nearer relationships with users of financial statements including preparers, trade unions, financial institutions, industry, legislatures, and others
8. Keep up with great relations with regional organizations and investigate the potential for laying out other regional organizations, as well as aiding their organizations and development
9. Lay out ordinary communications among the members of IFAC and other interested organizations, chiefly through an IFAC Newsletter
10. Coordinate and advance the exchange of technical data, educational materials and professional publications, and other writing radiating from member bodies
11. Coordinate and conduct an international congress of accountants around like clockwork
12. Try to grow the membership of IFAC

Features

• IFAC supports the development, adoption, and implementation of excellent international standards.
• Member organizations of IFAC incorporate the American Institute of Certified Public Accountants and the Institute of Management Accountants.
• The International Federation of Accountants (IFAC) is an international association for the accountancy calling.
• IFAC contains in excess of 175 member and associate organizations in 130 countries and wards, addressing almost 3 million professional accountants.