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.