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    IFAC

    Uploaded by

    Erika Aguilar

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    IFAC

    Uploaded by

    Erika Aguilar
    7 views2 pages

    Copyright

    © © All Rights Reserved

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    7 views2 pages

    IFAC

    Uploaded by

    Erika Aguilar

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
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    IFAC (International Federation of Accountants)

    The International Federation of Accountants (IFAC) is a global organization for the accountancy
    profession, established in 1977, representing over 3 million accountants worldwide. IFAC's mission
    is to serve the public interest by strengthening the global accountancy profession through high-
    quality international standards, advocacy, and support for professional accountants.

    Explanation:
    IFAC works to enhance the relevance, reputation, and value of the global accountancy profession.
    It achieves this by promoting high-quality international standards, including those for auditing,
    assurance, ethics, and accounting education, as well as advocating for the profession’s role in
    serving the public interest. IFAC’s International Ethics Standards Board for Accountants (IESBA)
    develops the International Code of Ethics for Professional Accountants, which serves as a
    foundation for ethical standards around the world.

    Importance:
    The role of IFAC is crucial in ensuring that accountants and auditors operate within a globally
    accepted ethical and professional framework, fostering trust in financial reporting and business
    practices. By promoting transparency, integrity, and ethical behavior, IFAC helps maintain the
    public's confidence in the accountancy profession, thus contributing to the smooth functioning of
    capital markets and economies.

    Philippine Code of Ethics for the Accountancy Profession

    Definition:
    The Philippine Code of Ethics for Professional Accountants is a set of ethical guidelines and
    principles that govern the conduct of accountants in the Philippines. It is based on the
    International Code of Ethics for Professional Accountants issued by IFAC's IESBA and is adapted to
    reflect local practices and regulations.

    Explanation:
    This code provides guidance on fundamental ethical principles such as integrity, objectivity,
    professional competence, confidentiality, and professional behavior. Accountants in the Philippines
    are expected to adhere to these principles in their professional work, ensuring their services are
    carried out with honesty, fairness, and without bias. It applies to all accountants, including
    auditors, consultants, and those in business or public practice.

    The Code addresses potential ethical threats such as self-interest, advocacy, and conflicts of
    interest, offering a framework for accountants to navigate such situations. Additionally, it outlines
    specific responsibilities in terms of reporting fraud, disclosing information, and handling conflicts
    of interest.
    Importance:
    The Philippine Code of Ethics ensures that professional accountants maintain the highest standards
    of ethical conduct, contributing to the credibility and trustworthiness of financial information,
    which is vital for decision-making by businesses, governments, and investors. Ethical standards
    help protect the public, promote fair competition, and prevent corruption or fraud, enhancing the
    overall quality of the accountancy profession in the country.

    By aligning with global standards like IFAC’s, the Philippine Code of Ethics ensures that Filipino
    accountants can operate within both local and international contexts, fostering global trust in the
    country’s financial reporting.

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