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IFAC proposes member obligations for convergence of accounting standards

Seeking to clarify and strengthen its membership obligations and enhance the performance of accountants worldwide, the International Federation of Accountants (IFAC) has released exposure drafts of seven Statements of Membership Obligations (SMOs).

These SMOs will help IFAC to assess three critical areas: the extent to which its 155 member organizations are implementing IFAC standards and International Financial Reporting Standards (IFRSs); whether member bodies have the structures in place to ensure that its members are complying with these standards; and whether member bodies have appropriate investigative and disciplinary processes for their members.

Where IFAC member bodies do not have responsibility for these areas, they will be required to describe how they use their best endeavors to encourage those entrusted with such functions to implement the provisions of the SMOs.

The seven SMOs are on the following topics:

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