Standards Setting

Financial Reporting Council

The Financial Reporting Council (FRC) sets standards and frameworks in a range of areas where auditors and accountants operate including:

  • UK and Ireland Accounting Standards;
  • International Standards on Auditing (UK and Ireland); and
  • Technical Actuarial Standards.

International Federation of Accountants

The International Federation of Accountants (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 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

IFAC has a number of Independent standards setting boards including:

  • The International Auditing and Assurance Standards Board (IAASB);
  • The International Accounting Education Standards Board (IAESB);
  • The International Ethics Standards Board for Accountants (IESBA); and
  • The International Public Sector Accounting Standard Board.

The IFRS Foundation

The IFRS Foundation is an independent, not-for-profit with a primary mission is to develop a single set of high quality, understandable, enforceable and globally accepted International Financial Reporting Standards (IFRS) based upon clearly articulated principles. The IFRS Foundation has a number of bodies operating within it including:

  • The International Accounting Standards Board (IASB);
  • The Monitoring Board; and
  • The IFRS Advisory Council.

Regulatory / Legal Bodies

A number of bodies have a range of regulatory or legal functions in relation to the accounting and/or auditing profession in Ireland. These include:

Other Recognised Accountancy Bodies

Other Prescribed Accountancy Bodies

Other Bodies

Posted in: Useful Information For Members

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