DEFINITION of 'International Federation Of Accountants - IFAC'
The worldwide organization for the accountancy profession. The International Federation of Accountants (IFAC) strives to serve the public interest by establishing and promoting adherence to international standards, facilitating cooperation with member bodies, and serving as a spokesperson for the international profession on relevant public policy issues.
BREAKING DOWN 'International Federation Of Accountants - IFAC'
IFAC's boards set international standards in a number of areas including auditing, quality control, education, public sector accounting and ethics for professional accountants.
While IFAC was founded on October 7, 1977, in Munich, its headquarters have been located in New York City since its inceptions.