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International Federation of Accountants (IFAC)

Website: http://www.ifac.org/

Category: Professional

Year of Foundation: 1977

Location of Foundation: Munich, Germany

Location of Headquarters: New York, USA

Brief Description: The International Federation of Accountants describes itself as 'the global organization for the accountancy profession. ... To serve the public interest, IFAC will continue to strengthen the worldwide accountancy profession and contribute to the development of strong international economies by establishing and promoting adherence to high-quality professional standards, furthering the international convergence of such standards and speaking out on public interest issues where the profession's expertise is most relevant.' (source: www.ifac.org; accessed 18 May 2010).

Founding Rationales:

The twelve-point programme adopted for the organization in 1977 consisted of the following: '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.'

Source: 'Twelve Points Regarding the Founding of IFAC' at www.ifac.org (accessed 18 May 2010).

Evolution of Membership (Organizations):

International Federation of Accountants Membership Chart

Sources: www.ifac.org/History/ and www.ifac.org/About/Membership.php (accessed 18 May 2010).