 |
IFAC History in Brief |
The International Federation of Accountants was founded on October 7, 1977 in Munich, Germany at the 11th World Congress of Accountants. The organization's headquarters have been based in New York City since its founding.
Founding Members
Sixty-three professional accountancy bodies from 51 countries were signatories to IFAC's first Constitution.
Purpose
IFAC was established to strengthen worldwide accountancy profession in the public interest by:
- Developing high quality international standards and supporting their adoption and use;
- Facilitating collaboration and cooperation among its member bodies;
- Collaborating and cooperating with other international organizations; and
- Serving as the international spokesperson for the accountancy profession
At the first meeting of the IFAC Assembly and Council in October 1977, a 12-point work program was developed to guide IFAC committees and staff through the first five years of activities. Many elements of this work program are still relevant today.
IFAC Activities
Over the years, IFAC activities have expanded to include such areas as the following:
- Increased role in the regulation of the international profession;
- Greater communications with international regulators, standard setters, development agencies, investment community and other stakeholders;
- Addressing the need for high quality financial reporting and financial management through the development of International Public Sector Accounting Standards;
- Expanded focus on small and medium practices and developing nations;
- Increased collaboration with IFAC members and greater outreach to regional accountancy organizations; and
- Closer liaison with the largest accountancy firms through the Forum of Firms.
IFAC's official historians - Professor Christopher Humphrey, Manchester Business School, England and Professor Anne Loft, Lund University, Sweden - are preparing a comprehensive history of the organization. A short, issues-oriented history will be published in late-2007, and a comprehensive history of the organization will be released in 2008.
IFAC Presidents
IFAC is led by its President, who is nominated by a member body of IFAC and appointed by the IFAC Council. The following 13 individuals have served as President of IFAC since its founding:
| 1. Reinhard Goerdeler, Germany (1977 - 1980) |
8. Juan Herrera, Dominican Republic (1995 - 1997) |
| 2. Gordon Cowperthwaite, Canada (1980 - 1982) |
9. Frank Harding, United Kingdom (1997 - 2000) |
| 3. Washington SyCip, Philippines (1982 - 1985) |
10. Tsuguoki Fujinuma, Japan (2000 - 2002) |
| 4. Robert May, United States (1985 - 1987) |
11. René Ricol, France (2002 - 2004) |
| 5. Richard Wilkes, United Kingdom (1987 - 1990) |
12. Graham Ward, United Kingdom (2004 - 2006) |
| 6. Bertil Edlund, Sweden (1990 - 1992) |
13. FermÃn del Valle (2006 - 2008) |
| 7. Peter Agars, Australia (1992 - 1995) |
IFAC's current President is Robert L. Bunting of the United States, who will serve as President until November 2010.
IFAC Boards and Committees
IFAC has established a number of boards and committees to develop international standards and guidance and to focus on specific sectors of the profession. The following boards and committees were established within IFAC on the dates indicated:
| International Auditing and Assurance Standards Board (formerly the International Auditing Practices Committee) | October 1977 |
| International Accounting Education Standards Board (formerly the Education Committee) | October 1977 |
| International Ethics Standards Board for Accountants (formerly the Ethics Committee) | October 1977 |
| Professional Accountants in Business Committee (formerly the Financial and Management Accounting Committee and originally established as the Management Accounting Committee) | October 1977 |
| International Public Sector Accounting Standards Board (formerly the Public Sector Committee) | May 1986 |
| Transnational Auditors Committee | May 2000 |
| Compliance Advisory Panel | November 2003 |
| Developing Nations Committee | November 2005 |
| Small and Medium Practices Committee | November 2005 |
A list of the first chairs of each of these boards and committees is also available.
Membership
Beginning with 63 members in 1977, IFAC's membership has grown over the past 30 years to now include 158 members and associates in 123 countries and jurisdictions worldwide.
The graphic below depicts the growth in IFAC's membership by decade over its 30-year history.
