International Federation of Accountants (IFAC)

IFAC stand for International Federation of Accountants which is a global organization for the accountancy professional. The International Federation of Accountants was founded on October 7, 1977 in Munich, Germany at the 11th World Congress of Accountants. The organziation’s headquarters have been based in New York City since its founding. Sixty-three professional accountancy bodies from 51 countries were signatories of IFAC’s first Constitution Beginning with 63 members in 1977; IFAC’s membership has grown over the past 30 years to now include 157 members and associates in 123 countries and jurisdictions, worldwide. IFAC members and associates, which are primarily national professional accountancy bodies, represent 2.5 million accountants employed in public practice, industry and commerce, government, and academia. Through its independent standard-setting boards, IFAC develops international standards on ethics, auditing and assurance, education, and public sector accounting standards. It also issues guidance to support professional accountants in business, small and medium practices, and developing nations. In addition, IFAC issues policy positions on topics of public interest and comment letters on matters relevant to the profession.