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IFAC updates member body obligations

05 Dec 2012

The International Federation of Accountants (IFAC) has released seven revised Statements of Membership Obligations (SMOs) that form the basis of the IFAC Member Body Compliance Program.

The SMOs cover IFAC member bodies’ obligations to support:

  • the adoption and implementation of international standards and other pronouncements issued by the International Auditing and Assurance Standards Board (IAASB) (SMO 3), International Accounting Education Standards Board (IAESB) (SMO 2), International Ethics Standards Board for Accountants (IESBA) (SMO 4), International Public Sector Accounting Standards Board (IPSASB) (SMO 5), and International Accounting Standards Board (IASB) (SMO 7)
  • the establishment of quality assurance (SMO 1) and investigation and disciplinary systems (SMO 6).

In relation to the member body obligations in relation International Financial Reporting Standards (IFRS) contained in SMO 7, the revised SMO clarifies the obligations depending on the degree of responsibility the member body has for standard setting.  The SMO requires the implementation of IFRS where the member body has direct responsibility, and may only be departed from where it is "in the public interest".

The revised SMOs have an effective date of 1 January 2013, except for SMO 1, which has an effective date of 1 January 2014.

Click for IFAC press release (link to IFAC website).