“IFAC” stands for the International Federation of Accountants.

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:

Setting International Standards: “IFAC” plays a central role in developing and

promoting international standards for accounting, auditing, ethics, and other related
areas. These standards are designed to facilitate global consistency and
comparability in financial reporting.

Advocacy and Thought Leadership: ”IFAC” works to advocate for the

accounting profession on the global stage. It provides thought leadership on issues
related to accounting, finance, and governance, contributing to the development of
policies and regulations that benefit the public and the profession.

Capacity Building: “IFAC” supports the development of the accountancy

profession worldwide by providing resources, guidance, and training to accounting
professionals, regulatory bodies, and educational institutions.

Ethics and Professionalism: “IFAC” emphasizes the importance of ethics and

professionalism within the accounting profession. It provides guidance on ethical
conduct and works to maintain and enhance the reputation of the profession
Collaboration: “IFAC” collaborates with other international organizations,
standard-setting bodies, and regulatory authorities to promote global cooperation in
the development and implementation of accounting standards.

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.