International Federation of Accountants
The International Federation of Accountants (IFAC) is the global advocacy organization for the accountancy profession; mainly for the financial accounting and auditing professions. 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 small and medium business 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. IFAC is not an accreditation organization. Membership of IFAC is not obtained via an accreditation process, but  instead, IFAC membership is obtained via an application process that must be sponsored by at least two current IFAC member organizations. Among the key initiatives of IFAC is the organizing of the World Congress of Accountants. Standard-setting Boards. International Auditing and Assurance Standards Board. The International Auditing and Assurance Standards Board or IAASB is an independent standard-setting board that develops the International Standards on Auditing. IAASB issues International Standards on Auditing covering various services offered by professional accountants worldwide like auditing, review, other assurance, quality control, and related services. The IAASB's objective, the scope of activities, and  membership are set out in its Terms of Reference. The Public Interest Oversight Board oversees the work of the IAASB. International Ethics Standards Board for Accountants. The International Ethics Standards Board for Accountants develops a "Code of Ethics for Professional Accountants" to be followed by professional accountants throughout the world. International Public Sector Accounting Standards Board. The International Public Sector Accounting Standards Board or IPSASB develops the International Public Sector Accounting Standards (IPSAS). These standards are based on the International Financial Reporting Standards (IFRSs) issued by the IASB with suitable modifications relevant for public sector accounting. International Accounting Education Standards  Board. The International Accounting Education Standards Board or IAESB develops uniform guidelines for education, training, and continuing professional development. National professional accounting organizations are required to consider these educational standards while formulating their educational systems.