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International Federation of Accountants

 

International Federation of Accountants

International Federation of Accountants (IFAC)
IFAC Logo
Formation October 7, 1977 (1977-10-07)
Type INGO
Legal status Association established under Swiss Civil Code
Purpose Strengthening the worldwide accountancy profession
Headquarters New York,  United States
Location
Region served 130 countries and jurisdictions worldwide
Membership 179
Official language English
CEO Fayezul Choudhury (from February 2013) [1]
President Warren Allen (from November 2012) [2]
Main organ Council
Website http://www.ifac.org

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.[3] The organization, through its independent standard-setting boards, establishes 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.

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.

Among the key initiatives of IFAC is the organizing of the World Congress of Accountants.

Contents

  • Standard-setting Boards 1
    • International Auditing and Assurance Standards Board 1.1
    • International Ethics Standards Board for Accountants 1.2
    • International Public Sector Accounting Standards Board 1.3
    • International Accounting Education Standards Board 1.4
  • See also 2
  • References 3
  • External links 4

Standard-setting Boards

Old logo of IFAC

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.

See also

References

  1. ^ IFAC official website, President
  2. ^ IFAC official website, CEO
  3. ^ IFAC official website, Membership.

External links

  • International Federation of Accountants, IFAC (official)
  • IFACnet, A KnowledgeNet for Professional Accountants
  • Public Interest Oversight Board, PIOB (official)
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