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International Federation of Accountants (IFAC)

Background

Formation and membership of IFAC

The International Federation of Accountants (IFAC) was founded on 7 October 7 1977, in Munich, Germany, at the 11th World Congress of Accountants.  IFAC comprises 167 member and associate member organisations in 127 countries, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce.

IFAC boards and functions

IFAC has established the following boards. We maintain separate pages for each board, with a history of developments for each board:

BodyFunction
International Public Sector Accounting Standards Board (IPSASB) Sets International Public Sector Accounting Standards (IPSAS) for use by the public sector
International Auditing and Assurance Standards Board (IAASB) Sets International Standards on Auditing, Assurance Engagements and Related Services
International Accounting Education Standards Board (IAESB) Develops International Education Standards
International Ethics Standards Board for Accountants (IESBA) Develops the international Code of Ethics for Professional Accountants
Public Interest Oversight Board (PIOB) Oversees IFAC's standard-setting activities, particularly with respect to auditing, assurance, ethics, and independence. The PIOB also oversees IFAC's compliance activities.

IFAC also supports the IASB with respect to setting accounting standards.

IFAC standard-setting reforms in 2003

In November 2003, the Council of IFAC approved a set of reforms designed to strengthen international audit standard-setting processes, achieve convergence to international standards, and ensure that the international accountancy profession is responsive to the public interest. The reforms provide for a more transparent standard-setting process with greater public input. A Public Interest Oversight Board (PIOB) was established to oversee IFAC's standard-setting activities, particularly with respect to auditing, assurance, ethics, and independence. The PIOB also oversees IFAC's compliance activities. The reforms also provide a means for ongoing dialogue between regulators and IFAC through the establishment of an IFAC Leadership Group and a Monitoring Group comprised of regulators

IFAC Governance Reforms in 2006

In November 2006, IFAC adopted changes to its governance structure that were developed by a special Constitutional Working Group and then subject to public comment:

  • IFAC Constitution. The Constitution is the primary governance and foundation document of IFAC
  • IFAC Bylaws. The Bylaws incorporate existing items from within the Constitution that provide greater detail in support of items addressed and include new provisions to further support the Constitution. The IFAC Board has authority to amend the Bylaws with immediate effect until the next Council meeting, at which time the Council would need to approve the amendment for it to become permanent
  • IFAC Policies and Procedures Manual. The manual contains policies and procedures determined by the IFAC Board and management to support the Constitution and Bylaws.

Other groups

IFAC has a number of other groups, including:

  • Forum of Firms (FOF) and Transnational Auditors Committee - Launched in January 2001, the Forum of Firms (FOF) is an organisation of international firms that perform audits of financial statements that are or may be used across national borders. Members of the Forum voluntarily agree to meet certain requirements, including undergoing a global independent quality review. Commitment to the obligations of membership in the Forum contributes to raising the standards of the international practice of auditing in the interest of users of the profession's services
  • IFACnet Knowledge Base for Accountants in Business - a web-based knowledge base for professional accountants in business, whose objective is "to provide one-stop access to leading-edge articles, good practice guidance, and tools and techniques for accountants employed in commerce, industry, the public sector, education, and the not-for-profit sector". Include information on strategy, budgeting and planning, corporate governance, risk management, and professional development
  • International Forum on Accountancy Development - a working group between IFAC, the Basel Committee, IOSCO, the large Accounting Firms, OECD, UNCTAD, and the World Bank and regional development banks, which flowed from the East Asian crisis. Its mission was to improve market security and transparency, and financial stability on a global basis. It published several studies of convergence of national GAAPs and IFRSs. IFAD completed its work in 2002.

Contact information

International Federation of Accountants
14th Floor
545 Fifth Avenue
New York NY 10017

Telephone: +1 212 286-9344
Fax: +1 212 286-9570
Email: communications @ ifac.org
Website: www.ifac.org

 

Related news

  • ICAA report calls for public sector accounting standard reform

  • May 31, 2013

  • The Institute of Chartered Accountants in Australia (ICAA) has released a report calling for reform of global public sector reporting, including the 'transformation' of the International Public Sector Accounting Standards Board (IPSASB) and the integration of the private and public sector financial reporting models under the auspices of the IFRS Foundation, possibly eventually leading in the longer term to a potential merger of the IPSASB and International Accounting Standards Board (IASB).

  • Conference on IFRS adoption and implementation in former Soviet republics in Europe and Central Asia

  • May 16, 2013

  • International Federation of Accountants (IFAC), International Auditing and Assurance Standards Board (IAASB), and International Accounting Standards Board (IASB) are holding a two-day conference on 16-17 May 2013 to bring together representatives from national organisations of former Soviet republics in Europe and Central Asia. The event provides experiences regarding the application of International Financial Reporting Standards (IFRS), International Standards on Auditing (ISAs), and quality assurance requirements. Also, it provides representatives a forum to discuss topics relating to their jurisdiction.

  • IPSASB issues proposals in final phase of its public sector conceptual framework project

  • Apr 18, 2013

  • The International Public Sector Accounting Standards Board (IPSASB) has published a further exposure draft in its multi-phase Conceptual Framework project. The latest exposure draft deals with the concept of 'presentation' in general purpose financial reports (GPFRs), including general purpose financial statements of governments and other public sector entities, but also extending to additional information and reports that enhance, complement, and supplement the financial statements.

  • Conclusions on governance and strategy review of IFAC member bodies

  • Apr 02, 2013

  • The Monitoring Group and Public Interest Oversight Board (PIOB) have published documents in response to their March 2012 consultation documents on the governance of various organisations operating under the auspices of the International Federation of Accountants (IFAC). The reports outline a number of recommendations in relation to the governance and strategy of the various IFAC bodies, but does not make any recommendations on the governance of the International Public Sector Accounting Standards Board (IPSASB). The Monitoring Group has formally taken the question of IPSASB oversight onto its agenda, noting "its [own] composition and that of the PIOB currently are not appropriate to the needs of stakeholders in public sector accounting standards".

  • IIRC publishes further background paper on the business model

  • Mar 27, 2013

  • The International Integrated Reporting Council (IIRC) has published on its website a further 'background document' in the lead up to the expected issue of its consultation document on integrated reporting (stylised as <IR>) in mid-April. The latest background paper discusses the 'business model' concept, and follows earlier papers on the concepts of 'capitals' and 'materiality'.

  • IAASB issues revised guidance on using internal auditors

  • Mar 20, 2013

  • The International Auditing and Assurance Standards Board (IAASB) has issued new requirements and guidance that address the auditor’s responsibilities if using internal auditors to provide 'direct assistance' under the direction, supervision, and review of the external auditor for purposes of the audit.

  • IESBA revises ethics code

  • Mar 20, 2013

  • The International Ethics Standards Board for Accountants (IESBA) has amended its 'Code of Ethics for Professional Accountants' (Code) to address conflicts of interest, breaches of a requirement of the Code, and amend the definition of the term “engagement team”.

  • Revised standard on practical experience requirements

  • Mar 14, 2013

  • The International Accounting Education Standards Board (IAESB) has released a revised version of International Education Standard (IES) 5, Initial Professional Development — Practical Experience.

  • New PAIB report on effective business reporting processes

  • Jan 18, 2013

  • The Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC) has released an International Good Practice Guidance document providing guidance on implementing effective reporting processes within organisations.

  • IFAC calls for nominations for 2014

  • Jan 16, 2013

  • The Nomination Committee of the International Federation of Accountants (IFAC) has issued a formal call for nominations to fill available positions on IFAC's various boards and committees.

  • Analysis of the main potential changes in auditing standards arising from the Exposure Draft of ISA 720 (Revised)

  • Dec 28, 2012

  • The UK Financial Reporting Council (FRC) invites comments on IAASB exposure draft of the revised auditing standard on the auditor’s responsibilities relating to other information accompanying audited financial statements before it finalises its response to the IAASB. In this connection, the FRC staff has prepared a detailed analysis of the main changes proposed in the exposure draft compared to the requirements in order to to assist those seeking to understand the implications of the proposals in the IAASB’s exposure draft.

  • IFAC updates member body obligations

  • Dec 05, 2012

  • The International Federation of Accountants (IFAC) has released seven revised Statements of Membership Obligations (SMOs) that form the basis of the IFAC Member Body Compliance Program.

  • IFAC PAIB exposes revised good practice guide

  • Nov 30, 2012

  • The International Federation of Accountants (IFAC) Professional Accountants in Business Committee (PAIB) has released for comment an exposure draft of an updated International Good Practice Guide 'Project and Investment Appraisal for Sustainable Value Creation'.

  • IFAC update

  • Nov 22, 2012

  • The International Federation of Accountants (IFAC) has made a number of recent announcements, including the appointment of new president and vice-president, the election of new IFAC Board members, admission of new members, and the approval of a new strategic plan for the organisation. In addition, an updated series of 'Statements of Member Obligations' has been released and IFAC has announced that the initial phase of the process of nominations for its various boards and committees has been delayed, whilst the IFAC Professional Accountants in Business Committee has also released its strategy and plan.

  • IVSC and IFAC renew their Memorandum of Understanding

  • Oct 26, 2012

  • The International Valuation Standards Council (IVSC) and the International Federation of Accountants (IFAC) have renewed their Memorandum of Understanding (MoU), which will further strengthen the collaborative efforts of both organisations in areas of common interest.

  • IFAC committee publication on governance and sustainability

  • Oct 26, 2012

  • The Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC) has issued a publication which uses case studies to analyse how professional accountants in business support the performance of their organisations by integrating governance into the key drivers of sustainable organisational success.

  • IPSASB releases consultation paper on government reporting

  • Oct 19, 2012

  • The International Public Sector Accounting Standards Board (IPSASB) has published a Consultation Paper which aims to help reduce differences between Government Finance Statistics (GFS) reporting guidelines and International Public Sector Accounting Standards (IPSASs).

  • IFAC and IIRC agree to co-operate

  • Oct 18, 2012

  • The International Federation of Accountants (IFAC) and the International Integrated Reporting Council (IIRC) have signed a Memorandum of Understanding (MoU) to promote cooperation, coordination, and alignment between the two bodies. The MoU seeks to take advantages of the 'inherent synergies' between the work of IFAC and the IIRC in supporting of an internationally accepted framework for integrated reporting.

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