Dealing with the financial aspects of a person and a business is not just a simple task since its profitability depends on how it is managed and who is managing it. In consideration with that, it is essential that a person must look for someone who is skilled in finance management and will ensure to maximize its profitability. In such case, the only professional that people can entrust with these duties are the accountants. However, since it involves money, it is expected that there must be a standard being implemented to ensure that the accountants to be produced are equipped with the skills and knowledge in carrying out their tasks. In Germany, to assure that aspect, IFAC was established.
What Is IFAC?
IFAC or The International Federation of Accountants is a global organization established for the profession accountancy. It was founded in the year 1977 and has 172 members and associates in over 129 countries at present. IFAC is also representing over 2.5 million employed accountants in public practice, government, academe, and commerce. The IFAC organization was established in Munich, Germany during the 11th World Congress of Accountants. After the founding of IFAC, its main headquarters was transferred to New York. IFAC was built to serve the interest of the public through strengthening the accountancy profession, and contribute in developing strong international economies at the same time.
Structure And Purpose Of IFAC.
The structure of IFAC was solely designed to contain details such as the IFAC Board, Committee and Council's responsibilities. The IFAC organization also contains the details the process that must be undertaken in the selection of these IFAC members. The council of the IFAC is comprised of 1 representative coming from every member body. These IFAC representatives meet once every year to decide on constitutional questions and elect the board simultaneously. Generally, 21 people are elected on the board and these IFAC board members. Once elected, they will serve for a three year term. The board members of the IFAC are the ones setting the policy, works of the task forces and IFAC committees. The IFAC board meets quarterly. The purpose of the IFAC organization is to strengthen the accountancy profession continually and globally. IFAC was established to contribute in the development on strengthening the internationals economies by means of promoting and establishing adherence to high-quality accountancy professional standards.
Roles And Responsibilities Of IFAC.
The role of IFAC is to develop high-quality international standards, and support its use and adoption. IFAC's role also includes facilitating cooperation and collaboration with its IFAC member bodies to cooperate and collaborate with the other international organization, and to serve as an international spokesperson for the profession accountancy. IFAC is also responsible in setting the standards for some authorities such as the International Ethics Standards Board for Accountants (IESBA), International Accounting Education Standards Board (IAESB), International Public Sector Accounting Standards Board (IPSASB) and International Auditing and Assurance Standards Board (IAASB).
Financial stability always has something to do with the economy. Through the IFAC organization and the set of standards, all institutions will now be guided on how it can produce professional accountants who can help with the development of economy.
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