International Federation of Accountants
Encyclopedia
International Federation of Accountants (IFAC) is the global organization for the accountancy profession. IFAC has 164 member and associates in 124 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 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. Founded in 1977, IFAC celebrated its 30th anniversary in 2007.
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.
IFAC and its members collaborated to develop IFACnet
, which was launched on October 2, 2006. IFACnet
provides professional accountants worldwide with one-stop access to a wide range of resources, including good practice guidance, articles, and tools and techniques.
Among the key initiatives of IFAC is the organising of the World Congress of Accountants
.
. IAASB issues International Standards on Auditing
covering various services offered by professional accountants worldwide like auditing, review, other assurance, quality control and related services IAASB aalso facilitates its member bodies to convergence their national standards with the International Standards on Auditing
.
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.
(IPSAS). These standards are based on the International Financial Reporting Standards
(IFRSs) issued by the IASB with suitable modifications relevant for public sector accounting
.
develops a model Code of Ethics for Professional Accountants to be followed by professional accountants throughout the world.
Ethics
Ethics, also known as moral philosophy, is a branch of philosophy that addresses questions about morality—that is, concepts such as good and evil, right and wrong, virtue and vice, justice and crime, etc.Major branches of ethics include:...
, auditing and assurance
Financial audit
A financial audit, or more accurately, an audit of financial statements, is the verification of the financial statements of a legal entity, with a view to express an audit opinion...
, accounting education, and public sector accounting
Governmental accounting
Governmental accounting is an umbrella term which refers to the various accounting systems used by various public sector entities. In the United States, for instance, there are two levels of government which follow different accounting standards set forth by independent, private sector boards...
. It also issues guidance to encourage high quality performance by professional accountants in business. Founded in 1977, IFAC celebrated its 30th anniversary in 2007.
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
Public Interest Oversight Board
The Public Interest Oversight Board is an international body that oversees the International Federation of Accountants and seeks to improve the quality and public interest focus of the IFAC standards in the areas of audit, education, and ethics....
(PIOB) was established in February 2005.
IFAC and its members collaborated to develop IFACnet
IFACnet
IFACnet, the KnowledgeNet for Professional Accountants, is the global, multilingual search engine developed by the International Federation of Accountants and its members to provide professional accountants worldwide with one-stop access to good practice guidance, articles, management tools and...
, which was launched on October 2, 2006. IFACnet
IFACnet
IFACnet, the KnowledgeNet for Professional Accountants, is the global, multilingual search engine developed by the International Federation of Accountants and its members to provide professional accountants worldwide with one-stop access to good practice guidance, articles, management tools and...
provides professional accountants worldwide with one-stop access to a wide range of resources, including good practice guidance, articles, and tools and techniques.
Among the key initiatives of IFAC is the organising of the World Congress of Accountants
World Congress of Accountants
World Congress of Accountants is held every four years. It has sponsored and organised by various national accounting organisations, and today is organized by the International Federation of Accountants , the worldwide organization for the accountancy profession...
.
International Auditing and Assurance Standards Board
The International Auditing and Assurance Standards Board or IAASB is an independent standard-setting boards established by IFAC to develop the International Standards on AuditingInternational Standards on Auditing
International Standards on Auditing are professional standards for the performance of financial audit of financial information. These standards are issued by International Federation of Accountants through the International Auditing and Assurance Standards Board .-Respective responsibilities:*ISA...
. IAASB issues International Standards on Auditing
International Standards on Auditing
International Standards on Auditing are professional standards for the performance of financial audit of financial information. These standards are issued by International Federation of Accountants through the International Auditing and Assurance Standards Board .-Respective responsibilities:*ISA...
covering various services offered by professional accountants worldwide like auditing, review, other assurance, quality control and related services IAASB aalso facilitates its member bodies to convergence their national standards with the International Standards on Auditing
International Standards on Auditing
International Standards on Auditing are professional standards for the performance of financial audit of financial information. These standards are issued by International Federation of Accountants through the International Auditing and Assurance Standards Board .-Respective responsibilities:*ISA...
.
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 Public Sector Accounting Standards Board
IFAC established the International Public Sector Accounting Standards Board or IPSASB to develop the International Public Sector Accounting StandardsInternational Public Sector Accounting Standards
International Public Sector Accounting Standards are a set of accounting standards issued by the IPSAS Board for use by public sector entities around the world in the preparation of financial statements...
(IPSAS). These standards are based on the International Financial Reporting Standards
International Financial Reporting Standards
International Financial Reporting Standards are principles-based standards, interpretations and the framework adopted by the International Accounting Standards Board ....
(IFRSs) issued by the IASB with suitable modifications relevant for public sector accounting
Governmental accounting
Governmental accounting is an umbrella term which refers to the various accounting systems used by various public sector entities. In the United States, for instance, there are two levels of government which follow different accounting standards set forth by independent, private sector boards...
.
International Accounting Education Standards Board
The International Accounting Education Standards Board or IAESB was established by IFAC to develop a uniform guideline educational syllabus to be adopted by all its members. The accounting bodies are required to consider these educational standards while formulating their educational systems.International Ethics Standards Board for Accountants
The International Ethics Standards Board for AccountantsInternational Ethics Standards Board for Accountants
The International Ethics Standards Board for Accountants develops and promotes ethical standards and guidance for professional accountants...
develops a model Code of Ethics for Professional Accountants to be followed by professional accountants throughout the world.
See also
- IFAC Member Bodies and AssociatesIFAC Member Bodies and AssociatesIFAC Member Bodies and Associates are accounting organizations that are members of the International Federation of Accountants or that are associated with IFAC.IFAC members are:...
- XBRL International
- International Association for Accounting Education and Research