Statements of Membership Obligations 1 through 7 (Revised)

The exposure draft seeks views from IFAC members and associates and other stakeholders in relation to the proposed revised Statements of Membership Obligations (SMOs) 1-7. The SMOs serve as a framework for credible and high quality professional accountancy organizations focused on serving the public interest by adopting, or otherwise incorporating, and supporting implementation of international standards and maintaining adequate enforcement mechanisms to ensure the professional behavior of their individual members. The intent of the proposed revisions is not to change the applicability of the SMOs but rather to clarify it in line with how they have been interpreted and how the compliance assessment is performed by IFAC. Consequently making the SMOs easier to understand and apply. The Revised SMOs 1-7 were approved for public exposure by the IFAC Board.

Please note: The final version of the Statements of Membership Obligations (SMOs) 1-7 (Revised) has been published. IFAC has also published A Comparison Guide to the 2012 SMO Revisions to explain the revisions and assist member organizations and their technical staff to identify changes and understand and address them.