The goals of the Institute, whiuch are geared towards the furtherance of the accounting profession in Belize, ought to embrace the Statements of Membership Obligations (SMOs) set by the International Federation of Accountants (ICAC) for its member bodies and affiliates. ICAB seeks IFAC membership or affiliation as one of its objectives.

The SMOs address the issues of:

• Quality Assurance (SMO1)
• International Education Standards for Professional Accountants (SMO2)
• International Standards of Auditing (SMO2)
• Code of Ethics for Professional Accountants (SMO4)
• International Public Sector Accounting Standards (SMO5)
• Investigation and Discipline relating to miscounduct (SMO6)
• International Financial Reporting Standards (SMO7)

The SMOs will seek to promote the work of the Institute throughout Belize, this would by extension aid in the development and maintenance of a reputation in expertise, high quality financial reporting, the integrity and credibility of its members thus fostering public confidence at all levels in society.