The Republic of Ireland have been overtaken by Northern Ireland in the Fifa world rankings, having slipped five places to 51st.
Lawrie Sanchez's Northern Ireland side have jumped to 47th.
Wales, who Ireland face in a Euro 2008 qualifier in Croke park later this month, fell two places to 77th, while England are unchanged in sixth in the latest list.
Scotland have climbed to their highest ever position of 16th. Alex McLeish's side have not played a senior international since October but continue to climb as other countries lose points accrued over previous seasons.
Argentina took over at the top of the rankings from world champions Italy, who fell to second, with Brazil third, France fourth and Germany fifth.
Scotland's rise comes about due to the complicated Fifa points system, with Scotland having nudged ahead of Switzerland, Cameroon, Mexico and Denmark.
Points gained over the course of a year are included in full, however results from any preceding 12 months count only for 50 per cent, with that figure decreasing to 30 per cent for a third year and then 20 per cent for a fourth year.
Former national team boss Smith instigated Scotland's rapid climb, with the team having been positioned 88th two years ago and 62nd a year ago.
New head coach McLeish was today selecting his squad for group leaders Scotland's next Euro 2008 qualifiers against Georgia and world champions Italy.
Fifa introduced world rankings in 1993 and Scotland matched their previous highest ranking of 20th place last month.