CMA Founders Day Oration to be delivered by CB Governor

The Founders Day Oration of the Institute of Certified Management Accountants of Sri Lanka (CMA), which will be held on 1 June from 6.00p.m. at the auditorium of HNB Towers, will be delivered by Central Bank Governor Dr. Indrajit Coomaraswamy on the topic of ‘Economic Development through Total Cost Management’.

CMA said the topic for the Founders Day Oration,‘ Economic Development through Total Cost Management’, is of great importance to all government servants, private sector employees and professionals dedicated to serving the public interest and contributing to the development of a strong economy and bringing prosperity to Sri Lankan citizens. 

CMA was incorporated in 1999 and launched on 3 June 2000 with the technical support of CMA Canada, now CPA Canada, and the financial sponsorship of the Canadian International Development Agency (CIDA). CMA had 298 Founder Members at the date of its launch. 

The Institute of Certified Management Accountants (CMA) of Sri Lanka was incorporated in April 2009 as the National Professional Management Accounting Institution in Sri Lanka by Parliament Act No. 23 of 2009under the Ministry of Cooperatives and Internal Trade.

It is a non-profit-making self-funding institution and uses any surplus for the development of the institution and its study programs.

CMA, as the National Professional Management Accounting Body in Sri Lanka, has completed 18 years of service to the country, contributing to build the Knowledge Economy in Sri Lanka through the conduct of the CMA Professional Management Accounting Programme with international recognition.

CMA is a member of the International Federation of Accountants (IFAC). IFAC is the global body of the accountancy profession dedicated to serving public Interest by strengthening profession and contributing to the development of strong international economies. IFAC comprises over 175 Members and Associates and is present in 130 countries and jurisdictions, representing roughly three million accountants in public practice, industry and commerce, government service and education.

CMA is also a member of the South Asian Federation of Accountants (SAFA) and joins the fraternity of professional accounting bodies in India, Pakistan, Bangladesh, Sri Lanka and Nepal and is a Member of the Confederation of Asian and Pacific Accountants (CAPA), the accounting body forthe Asian and Pacific region. CMA is a member of the Organisation of Professional Associations of Sri Lanka (OPA), the apex body for professional organisations in Sri Lanka. 

Today, CMA’s headquarters is at its own premises at No. 29/24, Visaka Road, Bambalapitiya. 

CMA is a professional qualification specialising in Management Accounting, Financial Accounting and Finance and Business Management to develop the professional competence of aspiring management accountants.

The CMA Professional Programme 2018 has been prepared in compliance with the International Education Standards (IES) of IFAC. Prospective students earn their designation through a highly specialised accreditation process that includes a four-stage examination structureplus the Apex Level which consists of an Integrative Case Study, workshop series and a three-year practical training requirement to obtain membership. Those who qualify at the CMA and obtain their membership will be able to use ACMA for Associate Certified Management Accountant and FCMA for Fellow Certified Management Accountant.

CMA has signed MOUs with universities and the Sri Lanka Institute for Advanced Technological Education (SLIATE) for undergraduates of these higher educational institutions to obtain a recognised professional accounting qualification while studying for their degree programs. This widens the knowledge of university undergraduates and gives them an advantage to obtain employment both in the public and private sector as the professional program provides practical orientation, making them job-ready with higher salaries. CMA also provides a pathway for Advanced Level students to obtain a university degree while following the professional program. This enables students to obtain a dual qualification by completing their professional program with a degree at the age of 21, an important consideration especially by the private sector when providing a good job with opportunities for career development. This also enables them to do an MBA within a period of two to three years of work experience.  

CMA has signed MOUs with over 100 accredited practical training partners which include industries, service sectors, banks, insurance companies, finance companies, IT and BPO organisations and audit firms to provide CMA students with the opportunity to obtain practical training in management and financial accounting which is mandatory to obtain their Associate Membership ACMA. 

For those who are members, either Associates or Fellows, Continuing Professional Development (CPD) is mandatory and annually courses are conducted to update their knowledge and skills in keeping with IFAC guidelines. These mandatory courses includes the Annual Conference, Budget Seminar, Founders Day Oration and other seminars and programs conducted by CMA to collect a minimum of 20 CPD hours per annum. 

This year the CMA Global Management Accounting Conference will be held on 5 July on the theme of ‘Integrated Reporting – Future of Corporate Reporting’. The conference will feature eminent local and foreign speakers and business leaders.

CMA Excellence in Integrated Reporting Awards 2018 has been organised to reward companies who have prepared Integrated Reports which will be judged by international and local experts on Integrated Reporting. For companies whose financial year ends on 31 December 2017,the closing date for submission of their reports was 18 May 2018 and for other companies whose financial year ends on 31 March 2018,the closing date will be 11 June 2018. 

Sri Lanka will see the participation of International Federation of Accountants (IFAC) President Rachel Grimes at the CMA Global Management Accounting Conference and the CMA Excellence in Integrated Reporting Awards 2018 in July this year. 

Those interested in attend the CMA Founders Day Oration can contact Shanthi on 071-4705536 [email protected].