Flashcards in IFAC and International Standards Deck (11)
IFAC international federation of accountants
150 members and associate organizations.
individuals cannot be members. ex aicpa represents represent U.S CPA and AICPA is a member of IFAC
IFAC was founded in 1977 to
promote high quality international standards to facilitate cooperation among members, to collaborate with other professional organizations, and be the global voice
IFAC is a standard setting body but not an
accounting standard setter
IFAC has 4 separate standard setting board
International auditing and assurance standards board (IAASB)
International ethics standards board (IESB)
International public sector accounting standards board (IPSAB)-accounting issues involving governments
International accounting education standards board
Purpose of IAASB
to set high quality standards related to auditing, review , other assurance services, and quality control.
to facilitate convergence of national and international standards
public interest oversight board
oversees IAASB. protect public interest
IAASB comprised of
10 are nominated by member bodies
3 are so called public members
5 are nominated by transnational auditor committee
there are also 4 observers and one is nominated by pcaob
ISAs (international standards on auditing) issued by IAASB
distinguish explanatory material from professional requirements
IAASB follows due process
public comments-revision when necessary
issues separate basis for conclusions for each final pronouncement
international ethics standards board (IESBA)
to set global ethics standards and provide guidance to promote good ethical practices.
IESBAs standards comprise IFACs code of ethics for professional accountants.
there is a public oversight board that oversees these IESBA activities and standards as well as IAASB activities and standards