International Federation of Accountants
Purpose: The
International Federation of Accountants (IFAC)
will continue to strengthen the worldwide accountancy
profession and contribute to the development of strong international economies
by establishing and promoting adherence to high-quality professional standards,
furthering the international convergence of such standards and speaking out on
public interest issues where the profession's expertise is most relevant.
Membership: It has 155
members and associates in 118 countries. IFAC estimates that these accountancy
bodies together represent 2.5m accountants.
Founded: 1977
Based:
545 Fifth Avenue, 14th Floor, New York, US
Structure:
IFAC's
Constitution details the responsibilities of IFAC's Board, Council and Committees and the process for selecting these members.
The IFAC council is made up of one representative from each member body. It meets once a year and decides constitutional questions and elects the
board. There are 21 people on the board and members are elected for three year terms. It sets policy and the work of the IFAC committees and task
forces. The board meets four times a year. The IFAC secretariat is based at the the New York headquarters.
President:
Fermín del Valle of Argentina
Chief Executive:
Ian Ball
Activities: Primarily acts by developing standards in auditing, education, ethics and public sector financial
reporting through its committees, advocates transparency and convergence in financial reporting and provides best practice guidance for accountants in
business. IFAC also works with its member bodies in supporting accountants and ensuring the integrity of the profession. It also speaks for the
international profession on public policy issues.
IFAC Committees:
The objective of the
International Auditing and Assurance Standards Board (IAASB), as set out in
its terms of
reference, is to serve the public interest by:
- setting, independently and under its own authority, high quality
standards on auditing, quality control, review, other assurance, and related
services, and
- facilitating the convergence of national
and international standards
thereby enhancing the quality and uniformity of practice throughout the world
and strengthening public confidence in the global auditing and assurance
profession. The
Public Interest Oversight Board oversees the work of the IAASB.
The Developing Nations
Committee
- Supportd capacity building of the
accountancy profession in all regions of the world;
- Produces guidance and materials to assist
in the development of professional accountancy bodies;
- Provides input to international standard
setters to ensure that they are aware of and give due consideration to
issues relevant to the profession in developing nations; and
- Collaborates with the donor community.
The
Compliance Advisory Panel (CAP) oversees the implementation and
operation of the IFAC member body compliance program The CAP is also
responsible for making recommendations to the IFAC board about the membership
application process including recommending new applicants for membership. The
Public Interest Oversight Board oversees the work of the compliance program.
The
International Accounting
Education Standards Board (IAESB) (formerly the Education Committee)
develops guidance to improve the standards of accountancy education around the
world and focuses on two key areas:
- The essential elements of accreditation, which are education, practical
experience and tests of professional competence; and
- The nature and extent of continuing professional education needed by
accountants.
The International Ethics
Standards Board for Accountants (IESBA) (formerly the Ethics Committee)
develops ethical standards and guidance for use by professional accountants. It
encourages member bodies to adopt high standards of ethics for their members and
promotes good ethical practices globally. The IESBA also fosters international
debate on ethical issues faced by accountants. The Public Interest Oversight
Board oversees the work of the IESBA.
The
Professional Accountants in Business Committee aims to enhance the profession by encouraging and
facilitating the global development and exchange of knowledge and best practices. It also works to build public awareness of the value of professional
accountants.
The International Public Sector
Accounting Standards Board (IPSASB) (formerly the Public Sector Committee (PSC)
focuses on the accounting and financial reporting needs of national, regional
and local governments, related governmental agencies, and the constituencies
they serve. It addresses these needs by issuing and promoting benchmark
guidance, conducting educational and research programs, and facilitating the
exchange of information among accountants and those who work in the public
sector or rely on its work.
The
Transnational Auditors Committee
is an executive committee of IFAC dedicated to representing and meeting the
needs of the members of the Forum
of Firms (FOF). It plays a major role in encouraging member firms to meet
high standards in the international practice of auditing. Member firms will be expected, among
other things, to conform to the FoF quality control standards.
The Small and Medium Practices (SMP)
Committee represents the interests of professional accountants operating in
small and medium-sized practices and other professional accountants who provide
services to small and medium-sized enterprises. It develops papers on topics of
global concern and provides input in the development of international standards
and on the work of various IFAC boards and committees where appropriate.
The IFAC Nominating
Committee makes recommendations regarding the composition of IFAC boards and
committees. It is guided by the principle of choosing the candidate with the
best qualifications to fill these volunteer roles.
Links
International Federation of Accountants
IFAC Constitution
International Auditing and Assurance Standards Board
Public Interest
Oversight Board
Developing Nations Committee
Compliance Advisory Panel
International Accounting
Education Standards Board
International Ethics Standards
Board for Accountants
Professional Accountants in Business (PAIB) Committee
International Public Sector
Accounting Standards Board
Transnational Auditors Committee
Small and Medium Practices (SMP) Committee
IFAC Nominating Committee
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