The International Federation of Accountants (IFAC) has launched a public consultation on targeted revisions to its Statements of Membership Obligations (SMOs), a cornerstone of IFAC and its members’ commitment to a strong and sustainable global accountancy profession. These requirements provide the foundational framework that supports the profession in upholding high-quality international standards and best practices.
The proposed revisions focus on key areas to reflect developments in international standards and reinforce the profession’s role in serving the public interest. When final, the proposed changes will require IFAC members to:
Enhance Quality Assurance Reviews – Updates quality assurance review procedures to align with the International Auditing and Assurance Standards Board’s (IAASB) quality management standards.
Emphasize Flexible Entry Requirements for Accounting Education Programs – Reinforces the evaluation of flexibility entry pathways into professional accounting education as outlined in the International Education Standards (IES).
Evaluate Adoption of the IAASB’s ISA for LCE – Clarifies expectations for adopting and implementing the International Standard on Auditing for Less Complex Entities (ISA for LCE).
Adopt IFRS Sustainability Disclosure Standards – Formalizes the expectation to adopt or work toward the adoption of all IFRS Standards, including S1 and S2, issued by the International Sustainability Standards Board (ISSB).
In line with IFAC’s commitment to delivering value to its members and upholding global best practice, IFAC invites feedback from its members, members of the Forum of Firms, Network Partners and other regional accountancy organizations, regulators, standard setters, and other key stakeholders. These insights are crucial to ensuring the SMOs remain relevant, fit for purpose, and aligned with evolving international standards.
Feedback can be provided via a response template form, available on the IFAC website. The consultation is open until August 8, 2025. Following this public consultation and IFAC Board approval, the revised SMOs are expected to take effect on January 1, 2026.
For more information and to participate in the current consultation, visit the IFAC website.
About IFAC IFAC, by connecting and uniting its members, makes the accountancy profession truly global.
IFAC member organizations are champions of integrity and professional quality, and proudly carry their membership as a badge of international recognition.
IFAC and its members work together to shape the future of the profession through learning, innovation, a collective voice, and commitment to the public interest.
Commenting on Mr. Wolfe’s appointment, Gabriela Figueiredo Dias and Tom Seidenstein, IESBA and IAASB Chairs, respectively, said: “We are delighted to welcome Mr. Wolfe as the new Chair of the Monitoring Group. His extensive experience in regulatory oversight roles and his new role as Acting Chief Accountant of the U.S. Securities and Exchange Commission will bring invaluable perspective and expertise to this important position.
“The Monitoring Group plays a crucial role in advancing the public interest in international standard setting. We are confident that under Mr. Wolfe's leadership, the Monitoring Group will continue to promote high-quality international audit, assurance, ethics, and independence standards, benefiting investors and other stakeholders in global capital markets.
“We look forward to working closely with Mr. Wolfe, and continuing to partner with the Monitoring Group. Together, we will strive to ensure that our standards remain relevant and aligned with evolving international practices.
“Congratulations, Mr. Wolfe, on this new role. We wish you great success.”
This Handbook contains the complete International Public Sector Accounting StandardsTM, published as of January 31, 2025. It also includes The Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities. Print editions are available to purchase.
The International Federation of Accountants (IFAC) warmly welcomes the appointment of Ryan W. Wolfe as the new Chair of the Monitoring Group, and extends its appreciation to Paul Munter, outgoing Chair, for his leadership and service.
Lee White, Chief Executive Officer of IFAC, said: "The Monitoring Group plays a critical role in supporting and upholding the integrity of global capital markets and serving the public interest. Ryan Wolfe brings a wealth of technical expertise, regulatory insight, and a deep commitment to high-quality financial reporting and audit oversight. His appointment is a positive step for the continued advancement of the Monitoring Group’s reform agenda and its strong partnership with IFAC on behalf of the global accountancy profession."
Mr. Wolfe, a Certified Public Accountant in Virginia and Chartered Financial Analyst (CFA) Charterholder currently serving as the Acting Chief Accountant at the U.S. Securities and Exchange Commission (SEC), brings over 20 years of experience from his tenure at both the U.S. Securities and Exchange Commission (SEC) and as a Managing Director at Credibility International LLC.
IFAC also acknowledges the significant contributions of Paul Munter, former Chief Accountant at the SEC, during his tenure as Chair of the Monitoring Group, and congratulates him on his retirement from federal service.
"We thank Paul Munter for his leadership and unwavering dedication to advancing audit quality and investor confidence and the key role he played in the MG reform process. We wish him all the best in his future activities," concluded Mr. White.
IFAC looks forward to working closely with Mr. Wolfe and continuing to support the Monitoring Group’s mission to enhance international standard-setting in the public interest.
About IFAC IFAC, by connecting and uniting its members, makes the accountancy profession truly global.
IFAC member organizations are champions of integrity and professional quality, and proudly carry their membership as a badge of international recognition.
IFAC and its members work together to shape the future of the profession through learning, innovation, a collective voice, and commitment to the public interest.
