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From left: Consultant Examination L.B. Wattegedara, Education and Training committee Chairman Hennayake Bandara, Vice President Basheer Ismail, CMA President Professor Lakshman R. Watawala, Vice Chancellor Professor Laksman Dissanayake, Dean Dr. Senathiraja, University of Colombo Head of Department of Accounting Dr. A. Abeysinghe, CEO Kosala Dissanayake, CMA Director Education and Examinations Dr. Swineetha De Livera
The Institute of Certified Management Accountants of Sri Lanka (CMA) and the University of Colombo signed a Memorandum of Understanding (MOU) at the University of Colombo on 6 October, paving the path way to the undergraduates of University of Colombo to obtain a recognised professional accounting qualification specialising in Strategic Management Accounting and Financial Accounting while studying for the degree qualification.
The MOU was signed by University of Colombo Vice Chancellor Professor Laksman Dissanayake and the CMA Professor President Lakshman R. Watawala in the presence of the gathering of council members, officials of CMA and the heads of departments, lecturers and students of University of Colombo. Management Faculty Dean Dr. R. Senathiraja and Faculty of Management and Finance Head of the Department Dr. A.A.C. Abeysinghe of University of Colombo initiated this signing of the MOU while CMA was represented by Vice president Basheer Ismail, Education and Training committee Chairman Hennayake Bandara, CMA CEO Kosala Dissanayake, Director Education and Examinations Dr. Swineetha de Livera and Consultant L.B. Wattegedera.
University of Colombo, Sri Lanka established under the Universities Act No. 16 of 1978 and its subsequent amendments with its regulated office at No. 94, Cumaratunga Munidasa Mawatha, Colombo-03 is the first university in Sri Lanka.
Vice Chancellor Prof. Laksman Dissanayake stated that his ambition is to bring the university up to the world class level and he added that currently the University of Colombo has been placed within the top 980 universities in the world by the Times Higher Education World University Rankings 2016-2017. He explained his interest in linking the university to a broader society addressing the needs of the people. In line with the intention, he stated that arrangements have already being finalised to start two new faculties in the fields of Technology and Nursing expanding the contribution to the nation.
He also said, signing the MOU with CMA develops closer relationship and provides a stronger platform to work together in enhancing the accounting profession which will also benefit the university students who will be able to get a professional management accounting qualification in addition to their degree.
Department of Accounting Head Dr. A.A.C. Abeysinghe explaining the purpose of signing the MOU stated that university and professional bodies together are engaged in fostering the accounting profession. However, the role is different between them; universities are engaged in researching over the practice and creating new knowledge producing knowledgeable graduates while professional bodies are engaged in using new knowledge and creating professionals to upgrade the accounting practice. He emphasised the importance of this collaboration which will bring better prospects to the undergraduates and the nation. The professional qualification will also enable graduates to be more suitable for the job market.
The Institute of Certified Management Accountants (CMA) of Sri Lanka was set up in 1999 and incorporated in April 2009 as the National Professional Management Accounting Institution in Sri Lanka by Parliament Act No. 23 of 2009. CMA was launched in the year 2000 with technical assistance of CMA Canada now CPA Canada. Since its inception, CMA Sri Lanka has grown to an institute comprising over 17,000 students and 2,400 members. CMA Sri Lanka promotes and develops the study of Management Accounting, Financial Accounting, and Business Management and conducts the Certified Management Accounting Program leading to a Professional Management Accounting qualification suited for the business sector.
CMA is incorporated under the Ministry of Industry and Commerce and is a full member of the International Federation of Accountants (IFAC) the world body for professional Accountants. CMA is also a member of South Asian Federation of Accountants (SAFA) and Confederation of Asian and Pacific Accountants (CAPA).
In today’s global and local context both in government and private sector more focus has been given to Management Accounting as Cost Accounting improves the performance of the business organisations enabling accountants to make decisions to improve productivity and efficiency. Special emphasis is now given to Total Cost Management and its applicability to industry and public sector.
Speaking at the event, CMA President Professor Watawala said with the signing of the MOU, accounting academics and accounting professionals collaborate to enhance and promote the management accounting profession in the country.
This MOU paves the way for the academic staff attached to the Department of Accounting of University of Colombo to serve as resource personnel in the activities organised by CMA aiming to develop the accounting profession. Both parties jointly agreed to undertake research work relating to accounting and other business related topics.
Special exemption policy has been developed by CMA for the undergraduates and graduates of University of Colombo studying the Bachelor degrees (Special) which are under the purview of Faculty of Management and Finance. This will provide a good opportunity to the university students to become professional management accountants while completing their degree.
This MOU will be another momentous step forward to strengthen the management accounting profession by the collaboration between Management and Finance faculty of the University of Colombo and CMA.
