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 in forty-nine countries. 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, for example, auditing, education, and ethical standards. This duality of purpose placed IFAC in potential conflict with the International Accounting Standards Committee (IASC), whose mission also embraced accounting harmonization. To minimize duplication of effort, both organizations agreed in 1982 to have a uniform membership in which IASC would concentrate on promoting harmonized accounting standards while IFAC would focus on promoting harmonized professional standards.

Membership

Support for IFAC's quest to develop a truly international and cohesive accountancy profession is reflected in its expanded membership of one hundred twenty-three professional...