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Structure and Governance |
IFAC's structure and governance are designed to promote transparency, to facilitate collaboration with members and consultation with stakeholders, and to ensure the effective operations of the organization. Founded in 1977, IFAC is a Swiss-registered association whose members are professional accountancy bodies.
Constitution
IFAC's Constitution and Bylaws, approved in November 2006, details the responsibilities of IFAC's Council, Board and committees.
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Council
Ultimate governance of IFAC rests with the IFAC Council, which comprises one representative from each member. The Council meets once a year and is responsible for deciding constitutional and strategic matters and electing the Board.
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Board
Purpose
IFAC's Board is comprised of members from around the globe who, as representatives of the worldwide accountancy profession, have taken an oath of office to act with integrity and in the public interest. Its objective, scope of activities and membership are set out in the Board Terms of Reference.
Membership
The Board is comprised of the President and 21 individuals from 18 countries. These members are elected for up to three-year terms and are responsible for setting policy and overseeing IFAC operations, the implementation of programs, and the work of IFAC boards and committees.
The Board is supported by three committees:
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Operations
Overall direction and administration is provided by the IFAC Secretariat headquartered in New York. IFAC is staffed by accounting professionals from around the world. For an update on IFAC's operations and activities, download its most recent annual report.
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