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Its original terms of reference emphasized (1) the promotion of harmonized accounting standards, that is, measurement and disclosure standards, and (2) the development of harmonized professional standards

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Q: What were the objectives of the International Federation of Accountants?
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Under what auspices was the International Federation of Accountants founded?

The International Federation of Accountants (IFAC) was officially constituted in October 1977 at the World Congress of Accountants in Munich. Its constitution was signed by sixty-three accountancy bodies


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Meeting every two and half years, it is responsible for electing Council and approving changes to IFAC's constitution.


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Full membership is open to national accountancy organizations that have a professional standard-setting role and that possess rigorous credentialing standards.


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