And also for information (and I've just posted this on the FOlk vs Folk thread too ... so apologies to anyone who read that first):

Maud Karpeles wrote an article in Ethnomusicology magazine (Vol 1 No9 1957) called "The International Folk Music Council: its aims and activities", in her capacity as Hon. Sec. of the Council. It opens:

The International Folk Music Council , which was founded in London in 1947, is a worldwide organization with a membership drawn from over fifty countries and an Executive Board which is served by members from fourteen countries. Its President is Dr R Vaughan Williams. It is affiliated to Unesco through the International Music Council, of which it is a member.
The Council's aims are (i) to assist in the preservation of folk music (and dance) of all countries; (ii) to further its study; and (iii) to encourage its present day practice.

Following the formulation of the 1954 definition Maud Karpeles also, if memory serves me right wrote, a piece adding various riders to the original … but I'd have to check details at home (am at work at present with no access to academic journals)

The IFMC morphed at a later date - someone with more information than me mentioned this recently on a thread, with reasons why - into the International Council for Traditional Music.

The ICTM stated aims are quite different, it seems:
"The aims of the ICTM are to further the study, practice, documentation, preservation and dissemination of traditional music, including folk, popular, classical and urban music, and dance of all countries."