International Federation of Accountants (IFAC), uniting 173 professional accountancy organizations from 129 countries around the world, published the revised Statements of Membership Obligations (SMOs) 1-7 (Revised). The Statements of Membership Obligations are the basis of the IFAC Member Body Compliance Program. They also can be used by regulators, educational and sponsor organizations, other parties responsible for development of accountancy profession and assist in promoting the values shared by professional accountants around the world.
The IFAC staff also developed a Comparison Guide to the 2012 SMO Revisions. It is designed to provide IFAC member organizations with additional explanations that will help them to understand new changes.