CIMA and CA Sri Lanka sign Memorandum of Agreement
Two of Sri Lanka’s leading accounting professional bodies, CIMA (Chartered Institute of Management Accountants) and CA Sri Lanka (Institute of Chartered Accountants of Sri Lanka) signed a Memorandum of Agreement to promote CIMA amongst Chartered Accountants and students. As part of this agreement, CA members who have 5 years of professional experience (as long as they fulfil the minimum requirement to the CIMA Practical Experience Requirement to obtaining membership) can become CGMA designation holders through the completion of CIMA’s Strategic Case Study exam. The CGMA (Chartered Global Management Accountant) designation has been introduced by CIMA and their joint venture partner the American Institute of CPAs (AICPA) and is the global designation for management accountants. The MOA also encompasses CA members with less than 5 years of professional experience, who need to successfully complete the P3 assessment of the Strategic level together with the Case Study exam to become CGMAs; whilst students who have completed all CA Sri Lanka knowledge skills and assessments can become CGMAs via the Strategic level by attempting the last four assessments along with a minimum of 5 years of work experience.
Additionally, this agreement will endorse and promote the Global Management Accounting Principles; with CIMA and CA Sri Lanka working together to develop a national plan for the adoption of these Principles. Both institutions will alsomutually identify and support their respective technical agendas and projects, as well as efforts of integrated reporting.
President of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), Mr. Lasantha Wickremasinghe said that not only local, but international acceptance is paramount for the continued success of the institute and its members. “We are continuously endeavoring to partner with the best to enhance the professional standing of our members further. Our MOA with CIMA is one such initiative in this continuing effort,” he said. Mr. Wickremasinghe said that this is a historical moment because two of Sri Lanka’s leading accounting professional bodies have come together to enhance the standing of the country’s accounting professionals. “Today, our members have progressed from their conventional number crunching positions to take up high profile roles such as Chairmen, Partners, Managing Directors, as well as CEOs and CFOs. Therefore, I believe our agreement with CIMA will pave the way for the further progression of our members, helping them enhance their standing as they continue to give leadership to organisations both in Sri Lanka and overseas with their unique professional skills and competencies, further elevating them to be the unique breed of accounting professionals they are known to be,” he said.
Commenting on this collaboration, Venkkat Ramanan (Regional Director, Asia Pacific, CIMA) stated, “CIMA is pleased to work with CA Sri Lanka to further advance the accountancy profession in the country and give CA members and students a unique and fast track route to gain the CGMA designation. CGMAs are trusted by employers worldwide to guide critical decisions and drive strong business performance. We are also honoured to collaborate with CA Sri Lanka to develop a national plan for the adoption of the Global Management Accounting Principles. These Principles, now published as a global standard PAS 1919:2016 by the British Standards Institute, provide a foundation for effective decision making and the creation of value for successful and sustainable businesses.”
The Chartered Institute of Management Accountants (CIMA), founded in 1919, is the world’s leading and largest professional body of management accountants, with over 229,000 members and students operating in 176 countries, working at the heart of business. CIMA members and students work in industry, commerce, the public sector and not-for-profit organizations. CIMA works closely with employers and sponsors leading- edge research, constantly updating its qualification, professional experience requirements and continuing professional development to ensure it remains the employers’ choice when recruiting financially-trained business leaders. Professionalism and ethics are at the core of CIMA’s activities with every member and student bound by robust standards so that integrity, expertise and vision are brought together.
CIMA has formed a joint venture with the American Institute of CPAs (AICPA) to establish the Chartered Global Management Accountant (CGMA) designation. CGMA is the global quality standard that further elevates the profession of management accounting. The designation recognises the most talented and committed management accountants with the discipline and skill to drive strong business performance.
The Association of International Certified Professional Accountants will be founded on January 1, 2017. The Association results from the vote of CIMA and AICPA members, in June 2016, to join forces to create a new Association representing the breadth of the accounting profession.Barry Melancon, CPA, CGMA will take executive leadership of the Association and Andrew Harding, FCMA, CGMA will be the Chief Executive of the Management Accounting Professional Unit. Recognized as the torch bearers of the accounting and auditing profession in Sri Lanka, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) is one of the country’s leading professional organizations that has produced over 6000 chartered accountants. The Institute in its capacity as the national body of accountants in Sri Lanka provides leadership and insight to the accountancy and finance profession locally and internationally. CA Sri Lanka also works closely with the government, regulatory bodies, andthe corporate world, in its effort to enhance the country’s financial landscape. The Institute is the only accredited authority that formulates Accounting and Auditing Standards in Sri Lanka. Of the over 5500 active members, at least 30 percent of CA members play a leading role across corporate boardrooms often in the capacity of chairman, partner, managing director, director, CEO, CFO, and general manager, among other high profile designations. At least 30 percent of the CA Sri Lanka members are working overseas across at least 40 countries spanning all continents. The institute, is a member of the International Federation of Accountants (IFAC), the Confederation of Asian
& Pacific Accountants (CAPA) and a founder member of the South Asian Federation of Accountants