IFAC APPLICATION

AIA IFAC Application

AIA is an open and transparent professional accountancy body working on behalf of our members and in the public interest.

As part of our continuing effort to increase the international recognition for our members in 2017/18 we are engaging in an application for membership of the International Federation of Accountants (IFAC).

AIA uses the expertise and local knowledge of our membership to inform our strategy; as part of this consultative process we are seeking additional comment on a stage one application document and supporting information to provide a platform for our ongoing application.

International Federation of AccountantsIFAC is the global organisation 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 (professional accountancy bodies) and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.

More information is available online regarding IFAC's Membership Admission Criteria and Process along with an overview of how professional accountancy bodies become members at www.ifac.org/about-ifac/membership/becoming-member.

AIA currently work with IFAC in a number of key ways:

  • International Education Standards are embedded throughout the AIA Professional Qualification
  • all AIA members and students undertake to meet the AIA Code of Ethics, which incorporates the International Ethics Standards Board for Accountants (IESBA) Code of Ethics
  • AIA responds to IFAC exposure drafts and consultation requests

The supporting documentation for the application, AIA IFAC Stage 1 Application - Overview, provides information on how AIA meets IFAC's requirements of:

Statements of Membership Obligations

  • SMO 1 Quality Assurance
  • SMO 2 International Education Standards for Professional Accountants and other Pronouncements issued by the IAESB
  • SMO 3 International Standards and other Pronouncements issued by the IAASB
  • SMO 4 IESBA Code of Ethics for Professional Accountants
  • SMO 5 International Public Sector Accounting Standards and other Pronouncements issued by the IPSASB
  • SMO 6 Investigation and Discipline
  • SMO 7 International Financial Reporting Standards and other Pronouncements issued by the IASB

International Education Standards

  • IES 1 Entry Requirements to Professional Accounting Education Programs
  • IES 2 Technical Competence
  • IES 3 Professional Skills
  • IES 4 Professional Values, Ethics and Attitudes
  • IES 5 Practical Experience
  • IES 6 Assessment of Professional Competence
  • IEs 7 Continuing Professional Development
  • IES 8 Competence Requirements for Audit Professionals

We welcome all feedback; members with queries or suggestions are invited to email ifac@aiaworldwide.com