What does IFAC mean in Accounting?

International Federation of Accountants

The International Federation of Accountants (IFAC) is the global organization for the accountancy profession. 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 academe. 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, auditing and assurance, accounting education, and public sector accounting. It also issues guidance to encourage high-quality performance by professional accountants in business and small and medium 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 (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. Among the key initiatives of IFAC is the organizing of the World Congress of Accountants.

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