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ICAI President appointed as IFAC board member

Posted on 24 November 2014,    
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CA.K.Raghu, President, The Institute of Chartered Accountants of India (ICAI) has been appointed as the Board Member of International Federation of Accountants (IFAC) at the IFAC Council Meeting held at Rome, Italy in November, 2014. IFAC is a 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.

Beginning with 63 founding members from 51 countries in 1977, IFAC now comprises of 179 members and associates in 130 countries and jurisdictions worldwide, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

IFAC’s mission is to serve the public interest by: contributing to the development of high-quality standards & guidance; facilitating the adoption & implementation of these standards; contributing to the development of strong professional accountancy organizations & accounting firms and promoting the value of professional accountants worldwide and speaking out on public interest issues.

K.Raghu a fellow member of the ICAI with more than 23 years of impeccable professional standing has held numerous leadership positions within the profession. He has been the Central Council Member of ICAI since 2007. At the International Fora, Raghu is the Chairman of “Committee on Education, Training & CPD of South Asian Federation of Accountants (SAFA),” a Member on the “Board of the Confederation of Asian and Pacific Accountants(CAPA)”, Technical Advisor to  President, SAFA and a Member of “Membership Development Committee of XBRL International.”

On being elected on the Board of IFAC, Raghu said “I humbly take pride in joining the league of world accountancy leaders serving the profession globally. In this highly responsible and prestigious position, I look forward to proactively link Indian accounting vision and issues with the ultimate vision of IFAC, which is to get global accountancy profession recognised as a valued leader in the development of strong and sustainable organisations, financial markets, and economies.”

About IFAC

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’s vision is that the global accountancy profession be recognized as a valued leader in the development of strong and sustainable organizations, financial markets, and economies.

IFAC's view is that a fundamental way to protect and serve the public interest is to develop, promote, and enforce high-quality, internationally recognized standards for auditing and assurance, education, ethics, and public sector accounting. These standards and related regulation are essential to ensuring the credibility of information upon which investors and other stakeholders depends and to achieving sustainable global economic development. As a result, IFAC supports the following independent standard-setting boards:

• International Auditing and Assurance Standards Board

• International Accounting Education Standards Board

• International Ethics Standards Board for Accountants

• International Public Sector Accounting Standards Board

It promotes convergence to the standards issued by the boards as well as to the International Financial Reporting Standards (IFRSs) set by the International Accounting Standards Board.

IFAC also issues tools, guidance, and resources to support member bodies and their members who are professional accountants in business or employed in small and medium practices—both of these groups play a critical role in the global economy.  In addition, it collaborates with member bodies and works with organizations throughout the world to support the growth and development of the accountancy profession in emerging economies. 

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