The International Federation of Accountants (IFAC) has initiated a public consultation on proposed revisions to its Statements of Membership Obligations (SMOs), a core component of its framework to support a sustainable global accountancy profession.
The proposed revisions address developments in international standards and aim to strengthen the profession’s contribution to the public interest.
Key updates include revised quality assurance procedures to align with quality management standards of the International Auditing and Assurance Standards Board’s (IAASB), and a renewed focus on flexible entry pathways into professional accounting education, in accordance with the International Education Standards (IES).
In addition, the revisions will clarify expectations for the implementation of the IAASB’s International Standard on Auditing for Less Complex Entities.
They will also formalise the expectation for the adoption of all International Financial Reporting Standards, including the S1 and S2 sustainability disclosure standards issued by the International Sustainability Standards Board (ISSB).
IFAC is seeking input from a broad range of stakeholders, including its members, the Forum of Firms, Network Partners, regional accountancy organisations, regulators, and standard setters.
This feedback is essential to ensure that the SMOs remain relevant and aligned with the evolving international standards, IFAC said.
The consultation period is open until 8 August 2025, with the revised SMOs expected to come into effect on 1 January 2026, subject to IFAC Board approval.
In March 2025, IFAC announced revisions to the IES, which now incorporate sustainability competence into the training of professional accountants.
These updates to IES 2, 3, and 4 establish a global baseline for sustainability competence, ensuring accountants are equipped to handle sustainability-related disclosure and assurance standards.
