biology

International Federation of Accountants

International Federation of Accountants is a biology topic covered in the lgStudy science library. This page brings together a partial reference excerpt, illustrations, worked examples, real-world applications and a short study plan, so you can understand International Federation of Accountants rather than just read about it. In short: The International Federation of Accountants (IFAC) is the global organization for the accountancy profession. Founded in 1977, IFAC has over 187 members and associates in 140 jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce.

Key takeaways

International Federation of Accountants belongs to biology; place it in that map before memorising details.
Learn the definition first, then one example that makes the definition concrete.
Connect International Federation of Accountants to a quantity you can measure, compute or draw — that is where exam questions come from.
Reproduce the core statement of International Federation of Accountants from memory before moving on to harder problems.

Reference excerpt

The International Federation of Accountants (IFAC) is the global organization for the accountancy profession. Founded in 1977, IFAC has over 187 members and associates in 140 jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce. The organization supports the development, adoption, and implementation of international standards for accounting education, ethics, and the public sector as well as audit and assurance. It supports four independent standard-setting boards, which establish international standards on ethics, auditing and assurance, accounting education, and public sector accounting. It also issues guidance to professional accountants in small and medium business accounting practices. To ensure the activities of IFAC and the independent standard-setting bodies supported by IFAC are responsive to the public interest, an international Public Interest Oversight Board (PIOB) was established in February 2005 by the Monitoring Group, which was formed when it became apparent that governance reform of the International Federation of Accountants (IFAC) was needed. IFAC is not an accreditation organization. Membership of IFAC is not obtained via an accreditation process, but instead, IFAC membership is obtained via an application process that must be sponsored by at least one current IFAC member organizations. Among the key initiatives of IFAC is the organizing of the World Congress of Accountants.

Standard-setting Boards

International Auditing and Assurance Standards Board

The International Auditing and Assurance Standards Board or IAASB is an independent standard-setting board that develops the International Standards on Auditing. IAASB issues International Standards on Auditing covering various services offered by professional accountants worldwide like auditing, review, other assurance, quality control, and related services. The IAASB's objective, the scope of activities, and membership are set out in its Terms of Reference. The Public Interest Oversight Board oversees the work of the IAASB.

International Ethics Standards Board for Accountants

The International Ethics Standards Board for Accountants or IESBA develops a Code of Ethics for Professional Accountants to be followed by professional accountants throughout the world.

International Public Sector Accounting Standards Board

The International Public Sector Accounting Standards Board or IPSASB develops the International Public Sector Accounting Standards (IPSAS). These standards are based on the International Financial Reporting Standards (IFRSs) issued by the IASB with suitable modifications relevant for public sector accounting.

International Accounting Education Standards Board

The International Accounting Education Standards Board or IAESB develops uniform guidelines for education, training, and continuing professional development. National professional accounting organizations are required to consider these educational standards while formulating their educational systems.

See also International Association for Accounting Education and Research

References

Illustrations

Old logo of IFAC

Worked examples

Example 1 — a first encounter with International Federation of Accountants

Start with the simplest possible case. Write down what International Federation of Accountants claims or describes in one sentence, then invent the smallest concrete situation in which that sentence is true. In biology, the smallest case is usually a single object, a single equation or a single measurement. Check that every symbol or term in your sentence has a meaning in that case.

Example 2 — changing one variable

Take the situation from Example 1 and change exactly one quantity: double it, halve it, or set it to zero. Predict what should happen to International Federation of Accountants before you calculate. Comparing your prediction with the result is the fastest way to find out whether you understand the idea or only the words.

Example 3 — an exam-style question

Typical questions about International Federation of Accountants ask you to (a) state it precisely, (b) apply it to given data, and (c) explain a limitation. Practise writing all three answers in under five minutes; the third part is what separates a full-mark answer from an average one.

Applications of International Federation of Accountants

In research: International Federation of Accountants appears in biology research whenever the underlying quantities have to be modelled precisely. Papers usually cite it as a starting assumption and then explore where it breaks down.
In technology and industry: Engineering practice reuses International Federation of Accountants in design rules, simulations and safety margins. Knowing the idea lets you read a specification sheet and understand why the numbers look the way they do.
In the classroom: International Federation of Accountants is common in secondary-school and first-year university syllabi. It links to neighbouring topics Auditing, International accounting organizations, International organisations based in Switzerland, so understanding it makes those chapters shorter.
In everyday life: Look for International Federation of Accountants outside the textbook — in sport, cooking, traffic, electronics or the sky above you. An example you found yourself is remembered far longer than one you were given.

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How to study International Federation of Accountants in 20 minutes

Read the reference excerpt below once, without taking notes.
Close the page and write down what International Federation of Accountants means in your own words.
Compare your version with the excerpt and mark what you missed.
Work through the three examples above with pen and paper.
Explain International Federation of Accountants out loud to somebody else — or to Teacher Smith in the lgStudy chat.

Frequently asked questions

What is International Federation of Accountants in simple terms?

Why does International Federation of Accountants matter?

Because it connects several biology ideas at once: it gives you a definition you can apply, a quantity you can calculate, and a way to check whether a result is plausible.

How should I study International Federation of Accountants?

Read the excerpt, restate it from memory, then work through the examples and applications listed on this page. The five-step study plan above takes about twenty minutes.

What does this page cover?

It gives you a compact reference excerpt plus original lgStudy explanations, examples, applications and study material on International Federation of Accountants.