New Association of Public Finance Accountants takes shape

Thursday, 13 December 2012 00:37 - - {{hitsCtrl.values.hits}}

Initiative as a result of partnership between IPFDA and CA Sri Lanka

The Institute of Public Finance and Development Accountancy (IPFDA) has joined hands with the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) in establishing an Association of Public Finance Accountants of Sri Lanka (APFASL).

It will function as a public sector wing of CA Sri Lanka under an Articles of Constitution to enhance the professional skills and expertise of the public sector accountants, auditors and assessors to improve financial management practices in Sri Lanka.

Members of the Sri Lanka Accountants Service, Sri Lanka Audit Service, and Inland Revenue Service and the accountants in statutory boards and public corporations would become members of the association.

CA Sri Lanka has taken several initiatives in the recent past to cater to the professional needs of the public sector accountants and auditors using international best practices which include the following:

Signed a MoU with the Chartered Institute of Public Finance and Accountancy (CIPFA), London to offer a joint qualification – ‘Chartered Public Finance Accountant’ (CPFA) – to raise the professional status of public sector financial management professionals.
The establishment of the Public Sector Accounting Standards Committee, with members drawn from the Ministry of Finance and Planning which has already published four Sri Lanka Public Sector Accounting Standards (SLPSAS) jointly with the Ministry of Finance and Planning and is in the process of publishing six more standards.
The establishment of the Public Sector Accounting Faculty to enhance financial reporting practices in the public sector through the application of SLPSAS.
Granted approval to recognise public sector accountants, auditors and assessors by offering an intermediate level qualification to enable them to proceed to CIPFA’s professional level, to be offered jointly.

APFASL already functions as a public sector wing of CA Sri Lanka with a Board of Management chaired by V. Kanagasabapathy, Retired Director General of Public Enterprises and Financial Management Advisor, Ministry of Finance and Planning, with the President of CA Sri Lanka, Vice President of CA Sri Lanka and senior members drawn from Accountants Service, Audit Service and the Inland Revenue Service including the Auditor General and the Commissioner General of Inland Revenue and the Director General of State Accounts.

The Association will hold a ceremony to award the membership certificates to those admitted as members of the APFASL with Dr. Sarath Amunugama, Senior Minister, Deputy Minister of Finance and Planning, and Chairman, Parliamentary Committee on Public Accounts as the Chief Guest tomorrow at 3.00 p.m. at the CA Sri Lanka Auditorium, Colombo 7.

“The event is a golden opportunity for public sector accountants, auditors, assessors and others eligible to get membership and raise their professional status,” a spokesman for APFASL said.

Eligible candidates in terms of the Articles of Constitution have been invited to enroll as members and enjoy privileges and benefits that would accrue in the near future.