The International Federation of Accountants (IFAC) is the worldwide organization for the accountancy profession. Founded in 1977, the organisation is comprised of 157 members and associates in 123 countries, representing more than 2.5 million accountants employed in public practice, industry and commerce, government, and academe.
The International Federation of Accountants was founded on October 7, 1977 in Munich, Germany at the 11th World Congress of Accountants. The organization's headquarters have been based in New York City since its founding.
IFAC was established to strengthen worldwide accountancy profession in the public interest by:
- Developing high quality international standards and supporting their adoption and use;
- Facilitating collaboration and cooperation among its member bodies;
- Collaborating and cooperating with other international organizations; and
- Serving as the international spokesperson for the accountancy profession.
Governance of IFAC rests with the IFAC Council, which comprises one representative from each
member, and the IFAC Board. The IFAC Board is responsible for setting policy and overseeing IFAC operations, the implementation of programs, and the work of IFAC boards and committees.
IFAC is responsible for the following standard setting authorities:
- International Accounting Education Standards Board (IAESB)
- International Auditing and Assurance Standards Board (IAASB)
- International Ethics Standards Board for Accountants (IESBA)
- International Public Sector Accounting Standards Board (IPSASB)
website: www.ifac.org