The International Federation of Accountants (IFAC) has proposed targeted revisions to its Statements of Membership Obligations (SMOs).
Under the proposed revisions, IFAC member organisations will be require to:
- Update quality assurance review procedures to align with the IAASB’s quality management standards
- Evaluate the adoption of the IAASB’s assurance standard for less complex entities
- Adopt or work towards adopting the ISSB standards (IFRS S1 and IFRS S2)
The proposed revisions to IFAC’s SMOs are open for consultation until 8 August. Once finalised, they are expected to take effect on 1 January 2026.
