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It is a global
organization that serves as the global voice of the accountancy profession. IFAC
was founded in 1977 and is headquartered in New York City, USA. Its mission is
to serve the public interest by strengthening the profession and contributing to the
development of strong international economies.
Some key functions and activities of IFAC include:
It's important to note that “IFAC” itself does not create accounting standards but
works through its independent standard-setting boards, such as the International
Auditing and Assurance Standards Board (IAASB) and the International Ethics
Standards Board for Accountants (IESBA), to develop and issue these standards.