Frequently Asked Questions

General

What is IFAC?

IFAC refers to the International Federation of Accountants, the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies.

How many members does IFAC have?

IFAC is comprised of 158 members and associates in 122 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce.

What does IFAC do?

IFAC, through its independent standard-setting boards, sets international standards on ethics, auditing and assurance, education, and public sector accounting, and it promotes convergence to those standards as well as to the standards of the International Accounting Standards Board. It also issues guidance and provides support through conferences, seminars and other means to encourage high quality performance by professional accountants in business and accountants employed in small and medium practices. In addition, it works with numerous organizations throughout the world to support developing nations and the growth of the profession in emerging economies.

IFAC does not set International Financial Reporting Standards (IFRSs); these are established by the International Accounting Standards Board based in the London.

Membership

Who can become a member of IFAC?

Membership in IFAC is open to professional accountancy organizations that meet the criteria set out in the IFAC Bylaws. (IFAC does not offer membership to individuals.) Members are required to support IFAC's mission and programs, demonstrate compliance with the obligations set out in the IFAC Statements of Membership Obligations (SMOs), and make financial contributions as required by the Constitution.

How does an organization become a member of IFAC?

To become a member of IFAC, an organization must submit a complete application by May 31st. The application seeks general information about the applicant's history, operation and governance structure, and interest in becoming an IFAC member. For detailed information on becoming a member, please visit the membership page. For detailed information regarding the application process, click here.

Who can become an associate of IFAC?

Associate status is open to professional accountancy organizations that do not yet meet all the admission criteria for membership, but demonstrate commitment to meeting such criteria and progressing to membership. Associate status may also be given to professional organizations that are at an earlier stage of development or operate within a regulatory and standard-setting framework that present challenges with respect to demonstrating compliance with SMOs.

Is there a membership fee?

Yes, there is a membership fee. Member body contributions are based upon a formula agreed by the IFAC Council which utilizes the Gross National Income (GNI) per capita and population of the country in which the institute is based, as well as the institute's membership.

Can IFAC help me join one of its member organizations?

No, to join any of our member organizations you must contact them directly. For a complete listing of member organizations, go to http://www.ifac.org/About/MemberBodies.tmpl.

Student Information

Can a student or candidate obtain a Certified Public Accountant certification through IFAC?

No, IFAC does not grant certifications to students of accountancy. We encourage both students and CPA candidates to contact an accountancy organization in their country for information on certifications and degrees. A complete list of member organizations is available on the membership page.

Does IFAC have a program to assist students with research and other projects?

No, IFAC does not provide resources specific to students of accountancy. However, there are numerous publications issued by IFAC's boards and committees that are available for download free-of-charge on the IFAC online bookstore: http://www.ifac.org/Store/. The site also includes links to various other resources that may be of interest to students.