I suspect any form of music which is subject to formal study has something similar to the ICMT. The ICMT is an academic body dedicated to the study of folk music - the events on its website are conferences, study groups etc, there is not a single performance listed.

For a subject to be studied it must first be defined. That is why the 1954 definition was made. The sound of "1954 folk" will differ from culture to culture.

For those non-academic performers or audience who take an interest in what distinguishes folk/traditional music the 1954 definition provides a succinct, if perhaps imperfect, summary. That's all.