The International Federation of Accountants (IFAC) is the global advocacy organization for the

accountancy Accounting, also known as accountancy, is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations. Accounting, which has been called the "langua ...

profession; mainly for the financial accounting and auditing professions. Founded in 1977, IFAC has more than 175 members and associates in more than 130 countries and jurisdictions, representing more than 3 million accountants employed in public practice, industry and commerce, government, and academia. The organization supports the development, adoption, and implementation of international standards for accounting education, ethics, and the public sector as well as audit and assurance. It supports four independent standard-setting boards, which establish international standards on

ethics Ethics or moral philosophy is a branch of philosophy that "involves systematizing, defending, and recommending concepts of right and wrong behavior".''Internet Encyclopedia of Philosophy'' The field of ethics, along with aesthetics, concer ...

, auditing and assurance, accounting education, and public sector accounting. It also issues guidance to encourage high-quality performance by professional accountants in small and medium business accounting practices. To ensure the activities of IFAC and the independent standard-setting bodies supported by IFAC are responsive to the public interest, an international

Public Interest Oversight Board The Public Interest Oversight Board (PIOB) is an international body that oversees the International Federation of Accountants (IFAC) and seeks to improve the quality and public interest focus of the IFAC standards in the areas of audit, education, ...

(PIOB) was established in February 2005 by the Monitoring Group, which was formed when it became apparent that governance reform of the International Federation of Accountants (IFAC) was needed.http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2014.105.01.0001.01.ENG IFAC is not an accreditation organization. Membership of IFAC is not obtained via an accreditation process, but instead, IFAC membership is obtained via an application process that must be sponsored by at least two current IFAC member organizations. Among the key initiatives of IFAC is the organizing of the

World Congress of Accountants The World Congress of Accountants (WCOA) has been held under the auspices of the International Federation of Accountants (IFAC), the worldwide organization for the accountancy profession, every five years since 1952 and every four years since 2002. ...

Standard-setting Boards

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 International Standards on Auditing (ISA) are professional standards for the auditing of financial information. These standards are issued by the International Auditing and Assurance Standards Board (IAASB). According to Olung M (CAO - L), ISA g ...

. IAASB issues

covering various services offered by professional accountants worldwide like auditing, review, other assurance, quality control, and related services. The IAASB's objective, the 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 The International Ethics Standards Board for Accountants (IESBA) develops and promotes the International Code of Ethics for Professional Accountants (including International Independence Standards). The IESBA also supports debate on issues related ...

or IESBA 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 International Public Sector Accounting Standards (IPSAS) 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. These standards are based on Interna ...

(IPSAS). These standards are based on the

International Financial Reporting Standards International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB). They constitute a standardised way of describing the company's f ...

(IFRSs) issued by the

IASB The International Accounting Standards Board (IASB) is the independent accounting standard-setting body of the IFRS Foundation. The IASB was founded on April 1, 2001, as the successor to the International Accounting Standards Committee (IASC). It ...

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.

References

External links

PlusUAE(official)IFAC's Knowledge GatewayPublic Interest Oversight Board, PIOB (official)
{{Authority control Auditing International accounting organizations International organisations based in Switzerland Organisations based in Geneva Organizations established in 1977