F.A.Q.

  • F.A.Q.

    General

    IFAC refers to the International Federation of Accountants, the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies.

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    IFAC’s vision is that the global accountancy profession be recognized as a valued leader in the development of strong and sustainable organizations, financial markets and economies.

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    IFAC's mission is to serve the public interest by: contributing to the development of high-quality standards and guidance; facilitating the adoption and implementation of high-quality standards and guidance;contributing to the development of strong professional accountancy organizations and accounting firms and to high-quality practices by professional accountants, and promoting the value of professional accountants worldwide; and speaking out on public interest issues.

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    IFAC's view is that a fundamental way to protect and serve the public interest is to develop, promote, and enforce high-quality, internationally recognized standards for auditing and assurance, education, ethics, and public sector accounting. These standards and related regulation are essential to ensuring the credibility of information upon which investors and other stakeholders depends and to achieving sustainable global economic development.

    As a result, IFAC supports the following independent standard-setting boards:

    • International Auditing and Assurance Standards Board
    • International Accounting Education Standards Board
    • International Ethics Standards Board for Accountants
    • International Public Sector Accounting Standards Board

    It promotes convergence to the standards issued by the boards as well as to the International Financial Reporting Standards (IFRSs) set by the International Accounting Standards Board. IFAC also issues tools, guidance, and resources to support member bodies and their members who are professional accountants in business or employed in small and medium practices - both of these groups play a critical role in the global economy. In addition, it collaborates with member bodies and works with organizations throughout the world to support the growth and development of the accountancy profession in emerging economies.

    IFAC also issues tools, guidance, and resources to support member bodies and their members who are professional accountants in business or employed in small and medium practices—both of these groups play a critical role in the global economy.  In addition, it collaborates with member bodies and works with organizations throughout the world to support the growth and development of the accountancy profession in emerging economies.

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    Governance of IFAC rests with the IFAC Council, which comprises one representative from each member body, and the IFAC Board, which is responsible for setting policy and overseeing IFAC operations. The independent standard-setting boards supported by IFAC follow a due process that supports the development of high-quality standards in the public interest in a transparent, efficient, and effective manner. The Public Interest Oversight Board oversees the work of IFAC’s Member Body Compliance Program, the International Accounting Education Standards Board, the International Auditing and Assurance Standards Board, and the International Ethics Standards Board for Accountants.

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    Membership

    IFAC’s members are professional accountancy organizations. IFAC is currently comprised of 179 members and associates in 130 countries, representing approximately 2.5 million accountants in public practice, education, government service, industry and commerce. A complete list of members and associates  is available on the IFAC website.

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    Membership in IFAC is open to professional accountancy organizations that have an interest in the international accountancy profession and meet the criteria set out in the IFAC Bylaws. Members and associates are required to support IFAC's mission and programs, participate in the IFAC Member Body Compliance Program, and make financial contributions as required by the IFAC Constitution.

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    The first step is to submit an application containing information about the history, operation, role and responsibilities, and governance structure of the organization, and other relevant documents. Professional accountancy organizations are first accepted as associates; associates move toward membership as they demonstrate their commitment to IFAC and its Statements of Membership Obligations (SMOs). Detailed information regarding the is available on the IFAC website.

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    No, only professional accountancy organizations are members of IFAC. We encourage individuals to contact a professional accountancy organization in their country for information on membership. A complete list of members and associates is available on the IFAC website.

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    Yes. Annual member body contributions are based upon a formula approved by the IFAC Council, which utilizes the Gross National Income (GNI) per capita and population of the country in which the organization is based, as well as the organization’s membership.

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    No, to join any of our member organizations you must contact them directly. A complete list of members and associates  is available on the IFAC website.

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    Student Information

    No, IFAC does not grant professional certifications. We encourage students and candidates to contact a professional accountancy organization in their country for information on certifications and degrees. A complete list of member organizations  is available on the IFAC website.

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    No, IFAC does not provide resources specific to students. However, the Publications and Resources section of the IFAC website contains a wide range of materials issued by IFAC and the independent standard-setting boards it supports. These materials are available for download free of charge. The IFAC website also includes links to various other resources that may be of interest to students.

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