The seven Statements of Membership Obligations (SMOs) are the foundation of the IFAC Member Body Compliance Program. They were ratified by the IFAC Council in 2004 as part of the 2003 IFAC Reforms. Adherence is mandatory for all the IFAC members and associates.

Five of the SMOs relate to the international standards established by the four independent standard-setting boards whose structures and processes are facilitated by IFAC and the International Accounting Standards Board. The remaining two establish best practices for Quality Assurance Reviews and Investigation and Disciplinary Processes.

In essence, the SMOs serve as a framework for credible and high-quality professional accountancy organizations focused on serving the public interest by a) supporting adoption and implementation of international standards; and b) maintaining adequate enforcement mechanisms to ensure professional behavior of their individual members.

The SMOs are recognized as the international benchmarks for professional accountancy organizations; in particular, the World Bank Reports on Observance of Standards and Codes (ROSC)–Accounting & Auditing refer to the SMOs as part of their policy recommendations to governments and professional accountancy organizations.