CMA elects new Governing Council for 2015-17
CMA held its induction ceremony for the President, Vice President and Council Members of CMA Sri Lanka recently at Hotel Taj Samudra.
The induction was carried out by Hemaka Amarasuirya, Advisory Council Member CMA, Chairman Sri Lanka Insurance Corporation and former Chairman Singer Sri Lanka. Also, the keynote address was given by Prof. Mangala Fonseka, Professor of Accounting, Department of Accountancy, University of Sri Jayawardhanapura and former Council Member of CMA, on the topic of ‘Factors that determine MAS sophistication: The case of Sri Lanka’.
The members have realized the i mportance of having an experienced leader in the accounting field for their institute. Prof. Lakshman R. Watawala, who was elected as the President for the term, was the Past President of the Institute of Chartered Accountants of Sri Lanka and South Asian Federation of Accountants (SAFA), Founder AAT Sri Lanka and designated Founder President AATSL. He was the Founder of CMA Sri Lanka and designated Founder President CMA Sri Lanka. He is currently Director of Richard Pieris & Co. Plc, Lanka IOC, Abans Electricals Plc, Lake House Printers and Publishers Plc and Deputy Chairman Gestetner Ceylon Plc. He has served on the committees of the International Federation of Accountants, Confederation and Asian Pacific Accountants (CAPA) and the South Asian federation of Accountants (SAFA).
The Institute of Certified Management Accountants (CMA) of Sri Lanka was incorporated by Parliament Act No.23 of 2009 in April 2009. CMA is the National Professional Management Accounting Institution in Sri Lanka. Since its incorporation in 1999 and launch in June 2000, CMA has steadily progressed to an institute comprising over 20000 students and 2500 members. CMA has four Patron members who are eminent persons in the education, political, business, professional fields. There is also an advisory council of consisting of 8 members who are eminent professional accountants and includes members from UK, Canada, Australia, India and Sri Lanka. The steady progress of CMA during the past 15 years is attributed to the importance of promoting management accounting in business organisations, providing a business qualification, affordability of the professional programme and making it available to urban and rural students, its recognition by local universities and global management accounting institutes. It is 1/10th the cost of a foreign course and saves valuable foreign exchange for the country.
CMA is as a member of SAFA (South Asian Federation of Accountants) and now serves on the Governing Board of SAFA since January 2010. CMA is the Member of International Federation of Accountants (IFAC). IFAC is the global organisation for the accountancy profession with 175 members and associates from 130 countries representing 2.5 million accountants in public practice, education, government service, industry and commerce. CMA will be hosting the annual flagship event t he Global Management Accounting summit on 27th to 29th July 2015 and the President of IFAC Olivia Kirtley will be the keynote speaker at the summit.
With the incorporation of CMA by an Act of Parliament in 2009 the first election to the council was held in April 2013. The new Act provided for a President, Vice President, three council members to be elected and three to be nominated by designated institutions. They are representing the Governor Central Bank of Sri Lanka, President CA Sri Lanka and Head of the Department - Accounting, University of Sri Jayawardenapura.