The International Federation of Accountants has released a revised version of its Statements of Membership Obligations, which serve as a framework for the professional accounting organizations that make up its membership, and are the basis of the IFAC Member Body Compliance Program.

IFAC technical staff have also developed A Comparison Guide to the 2012 SMO Revisions, which provides further explanation of the revisions to help IFAC member organizations identify and understand them.

“We revised the SMOs to clarify IFAC members’ obligations when they have varying degrees of responsibility for the adoption and implementation of international standards and to enhance the requirements for quality assurance and investigation and discipline,” said Manuel Sánchez y Madrid, retiring chair of the IFAC Compliance Advisory Panel, which led the revisions. “IFAC members will consider the revised requirements and develop appropriate strategic plans to continue strengthening the profession in their countries by equipping professional accountants to meet the challenges and grasp the opportunities of our rapidly transforming world.”

“With the revised SMOs, professional accountancy organizations now have a clear framework for the technical aspect of their agenda to better serve the public interest — thereby maintaining the best the profession has to offer,” said IFAC chief executive officer Ian Ball.

IFAC is a global organization for the accounting profession, with 173 members and associates in 129 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

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