Developing the Accountancy Profession
Statements of Membership Obligations 1 through 7 (Revised)
Exposure Draft
IFAC
Dec 05, 2011 | Exposure Drafts and Consultation Papers
133 Pages
English
Comments due by: Mar 04, 2012
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
- An Illustrative Competency Framework for Accounting Technicians
- IFAC Member Body Compliance Program: 2019 Work Program
- International Standards: 2017 Global Status Report
- International Standards: 2019 Global Status Report