The International Federation of Accountants (IFAC) today announced revisions to its Statements of Membership Obligations (SMOs) 1–7, effective April 1, 2026. The SMOs set global benchmarks for IFAC members to support the adoption and implementation of international standards, as well as robust quality assurance and investigation and disciplinary systems.
The revisions introduce targeted refinements to reflect developments in quality management, professional education pathways, and expanded corporate and public sector reporting, and to support the continued modernization of the IFAC Member Compliance Program. The revisions follow a rigorous global due process, including an Exposure Draft and extensive public consultation in 2025, reinforcing the SMOs’ global credibility and authority.
Key revisions include:
- Quality Management: Alignment with international quality management standards to strengthen firm-level systems.
- Education: Encouragement of more flexible pathways into the profession, consistent with international education standards.
- Reporting Standards: Integration of expanded public sector reporting standards issued by the International Public Sector Accounting Standards Board and expanded corporate reporting standards issued by the International Sustainability Standards Board.
“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,” said Lee White, IFAC Chief Executive Officer.
The revisions were approved by the IFAC Board in February 2026. To support implementation, IFAC has published a summary table of revisions and a frequently asked questions (FAQ) document to help members quickly understand the changes. IFAC will also host member webinars in May.
About IFAC
IFAC, by connecting and uniting its members, makes the accountancy profession truly global.
IFAC member organizations are champions of integrity and professional quality and proudly carry their membership as a badge of international recognition.
IFAC and its members work together with the Forum of Firms and other key stakeholders to shape the future of the profession through learning, innovation, a collective voice, and commitment to the public interest.