Exposure Drafts and Consultation Papers

• 

  Published: Dec 05, 2011
  133 Pages

  English

   

  Comments due by:
  Mar 04, 2012

• Statements of Membership Obligations 1 through 7 (Revised)

  
  Exposure Draft
  

  The exposure draft seeks views from IFAC members and associates and other stakeholders in relation to the proposed revised Statements of Membership Obligations (SMOs) 1-7. The SMOs serve as a framework for credible and high quality professional accountancy organizations focused on serving the public interest by adopting, or otherwise incorporating, and supporting implementation of international standards and maintaining adequate enforcement mechanisms to ensure the professional behavior of their individual members. The intent of the proposed revisions is not to change the applicability of the SMOs but rather to clarify it in line with how they have been interpreted and how the compliance assessment is performed by IFAC. Consequently making the SMOs easier to understand and apply. The Revised SMOs 1-7 were approved for public exposure by the IFAC Board.

   

  Please note: The final version of the Statements of Membership Obligations (SMOs) 1-7 (Revised) has been published. IFAC has also published A Comparison Guide to the 2012 SMO Revisions to explain the revisions and assist member organizations and their technical staff to identify changes and understand and address them.

   

  Statements of Membership Obligations 1 – 7 (Revised) (PDF | 947K)
  Exposure Draft
  Date: Dec 06, 2011

  Significant Issues and Conclusions (PDF | 626K)
  Statements of Membership Obligations (SMOs) 1-7 (Revised)
  Date: Nov 20, 2012
  Author: IFAC

  Statements of Membership Obligations Markup Version (PDF | 797K)
  Exposure Draft to Final Revised SMOs
  Date: Nov 20, 2012
  Author: IFAC

   

  Copyright © 2019 The International Federation of Accountants (IFAC). All rights reserved.

  Submitted Comment Letters

  1. Society of Accountants in Malawi (SOCAM) (Malawi)
  February 2, 2012

  2. Consiglio Nazionale Dei Dottori Commercialisti E Degli Esperti Contabili (CNDCEC) (Italy)
  February 21, 2012

  3. South African Institute of Professional Accountants (SAIPA) (South Africa)
  February 22, 2012

  4. American Institute of Certified Public Accountants (AICPA) (United States)
  February 29, 2012

  5. Association of Chartered Certified Accountants (ACCA) (United Kingdom)
  February 29, 2012

  6. Japanese Institute of Certified Public Accountants (JICPA) (Japan)
  February 29, 2012

  7. Korean Institute of Certified Public Accountants (KICPA) (Korea, Republic of)
  February 29, 2012

  8. Malaysian Institute of Accountants (MIA) (Malaysia)
  February 29, 2012

  9. Union of Accountants of the Czech Republic (UACR) (Czech Republic)
  February 29, 2012

  10. Certified Practising Accountants Papua New Guinea (CPA PNG) (Papua New Guinea)
  March 1, 2012

  11. Compagnie Nationales des Commissaires aux Comptes (CNCC) & Conseil supérieur de l’ordre des Experts Comptables (CSOEC) (France)
  March 1, 2012

  12. National Association of Accountants and Auditors of Uzbekistan (NAAAUz) (Uzbekistan)
  March 1, 2012

  13. Chartered Institute of Management Accountants (CIMA) (United Kingdom)
  March 2, 2012

  14. GCC Accounting & Auditing Organization (GCCAAO) (Saudi Arabia)
  March 2, 2012

  15. Hong Kong Institute of Certified Public Accountants (HKICPA) (Hong Kong (Special Administrative Region of China))
  March 2, 2012

  16. IFAC Small and Medium Practices Committee (SMP) (United States)
  March 2, 2012

  17. Inter-American Technical Commissions - AIC (Guatemala)
  March 4, 2012

  18. Association of Accounting Technicians (AAT) (United Kingdom)
  March 5, 2012

  19. Brunei Darussalam Institute of Certified Public Accountants (BICPA) (Brunei Darussalam)
  March 5, 2012

  20. CPA Australia (Australia)
  March 5, 2012

  21. Chartered Institute of Public Finance and Accountancy (CIPFA) (United Kingdom)
  March 5, 2012

  22. Chinese Institute of Certified Public Accountants (CICPA) (China)
  March 5, 2012

  23. Conselho Federal de Contabilidade (CFC) & Instituto dos Auditores Independentes do Brasil (IBRACON) (Brazil)
  March 5, 2012

  24. Fédération International Des Experts-comptables et commissaries aux comptes Francophones (FIDEF) (France)
  March 5, 2012

  25. Georgian Federation of Professional Accountants and Auditors (GFPAA) (Georgia)
  March 5, 2012

  26. Insitute of Professional Accountants of Russia (IPAR) (Russian Federation)
  March 5, 2012

  27. Institut des Réviseurs d'Entreprises (IRE-IBR) (Belgium)
  March 5, 2012

  28. Institute for the Accountancy Profession in Sweden (FAR) (Sweden)
  March 5, 2012

  29. Institute of Certified Public Accountants of Kenya (ICPAK) (Kenya)
  March 5, 2012

  30. Institute of Certified Public Accountants of Rwanda (ICPAR) (Rwanda)
  March 5, 2012

  31. Institute of Certified Public Accountants of Uganda (ICPAU) (Uganda)
  March 5, 2012

  32. Institute of Chartered Accountants of Bangladesh (ICAB) (Bangladesh)
  March 5, 2012

  33. Institute of Chartered Accountants of Pakistan (ICAP) (Pakistan)
  March 5, 2012

  34. Mongolian Institute of Certified Public Accountants (MonICPA) (Mongolia)
  March 5, 2012

  35. Ordre des Experts Comptables et Financiers de Madagascar (OECFM) (Madagascar)
  March 5, 2012

  36. Pakistan Institute of Public Finance Accountants (PIPFA) (Pakistan)
  March 5, 2012

  37. Wirtschaftsprüferkammer (WPK) (Germany)
  March 5, 2012

  38. Institut der Wirtschaftsprüfer (IDW) (Germany)
  March 7, 2012

  39. Instituto Mexicano de Contadores Públicos, A.C. (IMCP) (Mexico)
  March 7, 2012

  40. The Institute of Chartered Accountants in Australia (Australia)
  March 11, 2012

  41. Federation of Accountants, Auditors and Consultants of Uzbekistan (FAACU) (Uzbekistan)
  March 12, 2012

  42. Vietnam Association of Accountants and Auditors (VAA) (Vietnam)
  March 13, 2012

  43. Certified General Accountants Association of Canada (CGA-Canada)  (Canada)
  March 15, 2012

  44. Inter-American Development Bank (IDB) (United States)
  March 15, 2012

  45. The Institute of Chartered Accountants in England and Wales (ICAEW) (United Kingdom)
  March 16, 2012

  46. International Accounting Education Standards Board (IAESB) (United States)
  March 17, 2012

  47. KPMG IFRG (United Kingdom)
  March 19, 2012

  48. Institute of Certified Public Accountants in Ireland (CPA) (Ireland)
  March 20, 2012

  49. Institute of Certified Accountants of Montenegro (ICAM) (Montenegro (Republic of))
  March 22, 2012

  50. Instituto de Censores Jurados de Cuentas de España (ICJCE) (Spain)
  March 22, 2012

  51. Philippine Institute of Certified Public Accountants (PICPA) (Philippines)
  March 22, 2012

  52. Canadian Institute of Chartered Accountants (CICA) (Canada)
  April 2, 2012

   

  Related Resources

  • 2017 IFAC Annual Review
  • CFRR—IFAC Lead Education Workshop
  • Global Accounting Ethics & Audit Standards Achieving Worldwide Adoption
  • IFAC Member Body Compliance Program: 2019 Work Program
  • Strengthening the Accountancy Profession in Myanmar

  Find more publications & resources related to:
  development of the profession