Twelve Points Regarding the Founding of IFAC

The following 12-point work program was established at the inaugural meetings of the IFAC Assembly and of the Council in Munich, Germany in October 1977. These 12 points guided IFAC committees and staff through the first five years of operation.

1. Develop statements which can serve as guidelines for international and auditing guidelines
2. 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
3. Determine the requirements and develop programs for the professional education and training of accountant
4. Collect, analyze, research, and disseminated information on the management of public accounting practices to assist practitioners in more effectively conducting their practices
5. Evaluate, develop, and report on financial management and other management techniques and procedures
6. Undertake other studies of value to accountants, such as a possible study on the legal liability of auditors
7. Foster closer relationships with users of financial statements including preparers, trade unions, financial institutions, industry, government, and others
8. Maintain good relations with regional organizations and explore the potential for establishing other regional organizations, as well as assisting in their organization and development
9. Establish regular communications among the members of IFAC and other interested organizations, principally through an IFAC Newsletter
10. Organize and promote the exchange of technical information, educational materials and professional publications, and other literature emanating from member bodies
11. Organize and conduct an international congress of accountants approximately every five years
12. Seek to expand the membership of IFAC