What is the role of the International Federation of Accountants' (IFAC's) International Auditing and Assurance Standards Board (IAASB)? IFAC the (international federation of accountants) is a non – governmental and a global organization for accountancy professional, formed in 1977 in Munich -Germany at the 11th world congress of accountants’. And yet, a new study from the International Federation of Accountants (IFAC) shows that the profession is playing a major role in detecting and reducing corruption – a scourge on the global economy estimated to account for 5% of GDP, and which Fayez Choudhury, IFAC CEO, calls ‘an economic cancer that disproportionately impacts those least able to absorb its malignancy’. The Role of IFAC in Developing the Accounting Profession in the Gulf Cooperation Council 1. Develop statements which serve as guidelines for international and auditing guidelines, Establish the basic principles which should be included in the code of ethics of any member body of IFAC and to refine or elaborate on such principles as deemed appropriate, Determine the requirements and develop programs or the professional education and training of accountant, Collect, analyze, research, and disseminated information on the management of public accounting practices to assist practitioners in more effectively conducting their practices, Evaluate, develop, and report on financial management and other management techniques and procedures, Undertake other studies of value to accountants, such as a possible study on the legal liabilities of auditors, Foster closer relationships with users of financial statements including preparers, trade unions, financial institutions, industry, governments, and others, Maintain good relations with regional organizations and explore the potential for establishing other regional organizations, as well as assisting in their organizations and development, Establish regular communications among the members of IFAC and other interested organizations, principally through an IFAC Newsletter, Organize and promote the exchange of technical information, educational materials and professional publications, and other literature emanating from member bodies, Organize and conduct an international congress of accountants approximately every five years. Share. Members of International Federation of Accountants member bodies. It advocates for transparency, accountability, and comparability of financial reporting; helps develop the accountancy … The IFAC consists of more than 175 member organizations and affiliates, representing more than 130 countries and localities. Professional accountants in business now make up more than half of all the accountants in the world, according to the International Federation of Accountants. The most significant function of the IFAC includes the promulgation of International Standards on Auditing through its independent International Auditing and Assurance Standards Board (IAASB). The code of ethics of for professional accountants of IFAC, issued by an independent standards board, serves as an international model. Find out how members of professional accounting bodies that are members of IFAC can gain a Canadian Chartered Professional Accountant (CPA) designation. Beginning with 63 founding members from 51 countries in 1977, IFAC's membership has grown to now include over 175 members and associates in more than 135 countries and jurisdictions worldwide.. The International Federation of Accountants (IFAC) is the global organisation for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. Today, it is based in New York City. IFAC's boards set international standards in a number of areas, including auditing, quality control, education, public sector accounting and ethics for professional accountants. Advancing international debate on emerging issues relating to the education, development, and assessment of professional accountants. The Accountant General of the Federation have the following duties: He serves as the Chief Accounting Officer of the receipts and payments of the government of federation. By contributing to the development of strong professional accountancy organizations and accounting firms and high-quality practices by professional accountants, and promoting the value of professional accountants worldwide, and speaking out on public interest issues. A new report from the International Federation of Accountants (IFAC) highlights what professional accountants need to do to prepare for a finance leadership role.. International Federation of Accountants. The Canadian Institute of Chartered Accountants is a nonprofit organization for accounting professionals in Canada. Publication Highlights Recently Released Revisions to the Code to Better Promote the Role and Mindset Expected of All Professional Accountants. This Role and Mindset Fact Sheet provides an overview of IESBA's recently released revisions to the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code) to better promote the role and mindset expected of all professional accountants. 11th OECD Accrual Symposium . Besides, IFAC also features independent boards which set standards for education as well as public sector accounting. IFAC features 164 members and associates in 124 countries and jurisdictions, on behalf of more than 2.5 million accountants engaged in public practice, government, industry and commerce, and academe. Created in 2005, the Monitoring Group is a function of several groups, including the International Organization of Securities Commissions (IOSCO), that oversee governance of standard setting and ensures public accountability, according to its report referenced in the IOSCO link above. About Us. Who We Are. International Accounting Standards Board (IASB). The Canadian Institute of Chartered Accountants is one of the founding members of the Global Accounting Alliance (GAA) and the International Federation of Accountants (IFAC). The International Accounting Standards Committee (IASC) was founded in June 1973 in London at the initiative of Sir Henry Benson, former president of the Institute of Chartered Accountants in England and Wales.The IASC was created by national accountancy bodies from a number of countries with a view to harmonizing the international diversity of company reporting practices. The Auditing Standards Board (ASB) issues guidelines and rule pronouncements that certified public accountants (CPAs) must adhere to in audits and attestations. Read More . We speak out as the voice of the global accounting profession. MIA is a member of the International Federation of Accountants (IFAC) and the ASEAN Federation of Accountants (AFA). 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