CMA Sri Lanka hosts 27th SAFA Board Meeting

Wednesday, 10 July 2013 00:40 - - {{hitsCtrl.values.hits}}

The Institute of Certified Management Accountants of Sri Lanka (CMA), the national professional management accounting body in Sri Lanka incorporated by an Act of Parliament No. 23 of 2009, hosted the South Asian Federation of Accountants (SAFA) Board meeting on 17 June at the Cinnamon Lakeside Colombo.

SAFA was formed in 1984 to serve the accountancy profession in the South Asian region and uphold its eminence in the world of accountancy. SAFA is an apex body of the South Asian Association for Regional Co-operation (SAARC) and a Regional Grouping of International Federation of Accountants (IFAC). SAFA represents over 170,000 accountants having membership of the national chartered accountancy and cost and management accountancy institutions in the South Asian countries namely Bangladesh, India, Nepal, Pakistan and Sri Lanka. The main objective of SAFA is to work towards strengthening the accountancy profession and sub serve in the interest of the broad economic development of SAARC Region. CMA is proud to have a President, Professor Lakshman R. Watawala who was the Founder Signatory to this document and the first Vice President of SAFA and the second President of SAFA. Representatives from all the SAFA member bodies including presidents and vice presidents participated at the committee meetings to discuss the matters relating to upgrading the accountancy profession and regional developments in keeping with global developments. The committee meetings included the Professional Accountants in Business Committee, International Relations Committee, Education, Training and CPD Committee, Task Force to Address Risk and Challenges to Accountancy Profession, Committee on Harmonisation of Fiscal and Tariff Regimes, Task Force to harmonise the evaluation criteria being used by SAFA member bodies for giving BPA Awards, Small and Medium Practices Committee, Task Force to review the existing committee system and tenure of President and Vice-President of SAFA, Committee on Accounting and Auditing Standards. The proposals discussed at the committee meetings were presented to the SAFA Board Meeting which comprised of presidents and vice presidents of member bodies where they took various important decisions for development of the accountancy profession in SAARC region.