The formation and objectives of the IFAC

The formation and objectives of the IFACIFAC the ( supranational 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. Currently there atomic number 18 164 process bodies in 125 countries and jurisdictions, representing over 2.5 million accountants.Source Q FINANCE The tortuous world of international auditing regulation.Objectives of IFACThe main functions of IFAC ar to guard the amour of the prevalent by developing international standards, promoting international convergence and contri hardlying to the reading of the accountancy profession worldwide.Source16th Jan 2008.Allen Blewitt, ACCAs chief executive, goes designate to head with Ian Ball, IFACs chief executive, in a wide-ranging discussion of IFACs work and the added repute it offers both to its members and to accountancy professionals worldwide .What does IFAC actually do for me ? (http//w ww.accaglobal.com/members/publications/accounting_business/archive/2008/january/3059282). constitution of IFACFrom a very long period of time, it was believed that accountancy showcased itself as an international profession, but it was only during the early 1960s that initiatives regarding the international standardization in accounting and auditing practices bechanced. In the year 1962, the 8th global congress conducted in New York conceptualized the idea of background knowledge the international standards that would govern the accounting and auditing practices worldwide. except during the year 1967 in order to examine the needs of accounting profession, the 9th global congress constituted the international operative party and to report grit to the next international congress held in Sydney (1972).In the 1972 congress an transnational Co-ordination committee for accounting profession (ICCAP) was formed, following the report of the international working party. App arntly the IC CAP had likewise been given the remit to recommend changes for widening its work, but opinions continued to be divided, at times there were discussions about the expanding upon of ICCAP to become an outside(a) fusion OF ACCOUNTANTS. Thus after due condition the final report of ICCAP declared the proposed constitution of IFAC.SourceTHE FORMATION OF THE INTERNATIONAL FEDERATION OF ACCOUNTANTS by Prof Christopher Humphrey, Manchester Business School, England and Anne Loft, Lund University, Sweden. (http//www.ifac.org/download/ifac_history_article_2-2007.pdf )Setting Standards, reservation History The world-wide Federation of Accountants (IFAC), 1977-2007 by Prof Christopher Humphrey, Manchester Business School, England and Anne Loft, Lund University, Sweden. foil and alliance with member bodies is the main aim with which the organizational structure of IFAC has been designed. The IFAC council consists of 15 National representatives (a president, deputy president and 2 vice presi dents).The main objectives of the IFAC council and the jury is to look after the overall governance and the management of the organization. The council and the committee members are country representatives (if there are two or more member bodies in the country they will be collectively represented by the appointed national representative).Sourcehttp//www.ifac.org/About/2009-annual-report/ifac/structure/index2.htmlPROJECTS IMPLEMENTED BY IFAC INFLUENCING THE FINANCIAL REPORTING /AUDITING PRACTICES WORLDWIDEIntroduction to the general standard setting initiative taken by IFACDevelopment, promotion and enforcement of globally recognized standards are the only fundamental way to protect public interest. The above mentioned criteria are also the only means to ensure the prospect of information upon which investors and other stakeholders rely on.The International Accounting Education Standards Board (IAESB), International morals standards board for accountants (IESBA), International P ublic Sector Accounting Standards Board (IPSASB) and the International canvassing and Assurance Standards Board (IAASB) are collectively referred to as the public interest activity committee and they follow a rigorous process in a transparent, efficient and effective manner that supports the development of high theatrical role standards in the public interest. These independent standard setting boards have consultative advisory groups which include public member and the publics perspective.Another initiative taken by IFAC with regard to the standard setting process is the Compliance course established by the IFAC board that evaluates the quality of the IFAC members and associates as to whether they use the scoop possible criteria to initiate a standard. The Compliance Advisory Panel (CAP) oversees the instruction execution and operation of the IFACs compliance program.IFAC initiates standard setting boards not only set off to the professional accountants (Professional Account ants in a Business committee) and public interests but also several initiatives have been taken to address the issue of the small and long suit business and the developing nations. Such as the formation of polished and median(a) practice committee that ensures standards produced are applicable to Small and medium practices (SMPs) and Small and medium entities (SMEs).The Developing Nations Committee which oversees the interest of the developing nations and the Transnational Audit Committee that deals with the needs of the members of Forum of Firms(FoF).BACKGROUND ON THE INTERNATIONAL FEDERATION OF ACCOUNTANTS (Pg 4- 6)web.ifac.org/media//d/international/background-information-on-t.pdf