By Jim McFie, a Fellow of ICPAK Since 1 January 1999, Every Set of Financial Statements in Kenya Must Be Prepared in Accordance with International Financial Reporting Standards (IFRSs) The International Federation of Accountants (IFAC) has published extensive material recently, and each member of the Institute of Certified Public Accountants of Kenya (ICPAK) should be aware of what IFAC is currently engaged in. Some of you will remember the IFAC Connect Global Events Series entitled “Shaping the future of Accountancy Governance and corporate Success” on August 19-20 at the Radisson Blu in Nairobi last year. The event dealt with “The Interconnectedness of the Global Sustainability Disclosures”, “What are the African Company and Investors’ Expectations with Sustainability Reporting”, “Building a Global, Harmonised System for Sustainability Reporting – Experiences and Perspectives from Africa”, “Global and Regional Regulatory Developments Impacting the Accountancy Profession: Implication of Africa integration” and “Attracting and Retaining Talent in Africa”. I mention these topics because they are close to ICPAK’s heart. On 12 May 2026, IFAC reminded its members of a document published on 31 March 2026 containing material that became effective the following day, 1 April 2026. An updated set of Statements of Membership Obligations (SMOs) was promulgated. SMOs set global benchmarks for IFAC member Institutes of Accountancy to support the adoption and implementation of international standards, as well as robust quality assurance, investigation and disciplinary systems. IFAC member organisations, of which ICPAK is one, are required to fulfil the SMOs’ requirements. The revisions introduce refinements that reflect developments in quality management, professional education pathways, and expanded corporate and public sector reporting. IFAC aims to support the continued modernisation of the IFAC Member Compliance Program. The revisions follow a rigorous global due process, including an Exposure Draft and extensive public consultation in 2025, reinforcing the SMOs’ global credibility and authority. A booklet of the new SMOs was