The International Federation of Accountants (IFAC) has unveiled a revised set of Statements of Membership Obligations (SMOs) 1–7, which came into force on 1 April 2026.
SMOs function as reference benchmarks for IFAC member organisations, outlining expectations for the promotion and use of international standards, as well as requirements around quality assurance and disciplinary arrangements.
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The latest update introduces targeted changes that reflect shifts in three main areas: quality management, education, and reporting standards.
On quality management, the revisions seek closer alignment with international quality management standards, with the aim of reinforcing systems and controls within firms.
In education, the changes focus on encouraging more flexible entry routes into the profession, in line with existing international education standards.
The reporting element of the update incorporates expanded requirements for public sector reporting issued by the International Public Sector Accounting Standards Board, together with corporate reporting standards developed by the International Sustainability Standards Board.
IFAC said the revision process followed a global due process, including an exposure draft and wide-ranging public consultation in 2025, to support the standing and acceptance of the SMOs internationally.
The IFAC Board approved the revised obligations in February 2026.
IFAC CEO Lee White said: “These revisions help IFAC members continue to lead with integrity and excellence, ensuring their organizations remain resilient, innovative, and trusted worldwide.
“By following the SMOs, our members strengthen the adoption of international standards, reinforce quality and public interest systems, and demonstrate the collective strength of a truly global accountancy profession.”
IFAC recently published a global study on the surge of private equity in accounting firms.
