The International Federation of Accountants was founded on October 7, 1977, in Munich, Germany, at the 11th World Congress of Accountants.

IFAC was established to strengthen the worldwide accountancy profession in the public interest by:

• Developing high-quality international standards in auditing and assurance, public sector accounting, ethics, and education for professional accountants and supporting their adoption and use;
• Facilitating collaboration and cooperation among its member bodies;
• Collaborating and cooperating with other international organizations; and
• Serving as the international spokesperson for the accountancy profession.

At the first meeting of the IFAC Assembly and Council in October 1977, a 12-point work program was developed to guide IFAC committees and staff through the first five years of activities. Many elements of this work program are still relevant today.

Beginning with 63 founding members from 51 countries in 1977, IFAC's membership has grown to now include over 175 members and associates in 130 countries and jurisdictions worldwide.

Today, IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of over 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.

Mission

IFAC serves the public interest and strengthens the accountancy profession by:

• Supporting the development of high-quality international standards;
• Promoting the adoption and implementation of these standards;
• Building the capacity of professional accountancy organizations; and 
• Speaking out on public interest issues. 

Vision

IFAC’s vision is that the global accountancy profession be recognized as essential to strong and sustainable organizations, financial markets, and economies.