Association of Chartered Certified Accountants (ACCA) Certification Practice Test

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What is an example of a document or board that contributes to significant accounting practices internationally?

International Business Association
Institute of Financial Accountants
International Federation of Accountants
Council of Corporate Finance Executives

The correct answer is: International Federation of Accountants

The International Federation of Accountants (IFAC) plays a crucial role in the development and promotion of international accounting practices. It is a global organization for the accounting profession that aims to support the development of high-quality international standards in accounting. IFAC works with various stakeholders, including standard-setting boards like the International Accounting Standards Board (IASB), to ensure consistency and high standards in financial reporting worldwide. By promoting the adoption of these standards, IFAC helps ensure transparency, accountability, and proper governance in the accounting sector on an international scale. In addition to its standard-setting functions, IFAC also provides resources, guidance, and advocacy for the accounting profession globally, impacting significant accounting practices by fostering consistency and improvements across different jurisdictions. This makes IFAC a key contributor to the enhancement of the accounting profession internationally.