International Accountants' Federation Member Obligation Announcement

Author: None
Publisher:
Publish Date: 2005-07-01
Features: To promote the role of the accounting profession worldwide, the International Federation of Accountants (IFAC) released the draft of Statement of Member Obligations (SMOs) No. 1-7 on July 30, 2003, and it was approved by the IFAC Council during its meeting in India on March 10-12, 2004. The Statement of Member Obligations clarifies and emphasizes the obligations that IFAC members should fulfill. Its purpose is to provide clear benchmarks for existing and potential member groups of IFAC to assist them in ensuring that professional accountants practice in high quality. The statement indicates that the Statement of Member Obligations will help IFAC evaluate three important areas of its member management obligations: the extent to which 155 member organizations are implementing IFAC standards and International Financial Reporting Standards (IFRS); whether each member body has the corresponding mechanisms to ensure its members comply with the aforementioned standards; and whether each member body has established the necessary investigation and disciplinary procedures for its members. This book includes: the memorandum of the Statement of Member Obligations, Statement of Member Obligations – Quality Assurance, and Statement of Member Obligations – Code of Ethics for Professional Accountants.