CMA signs MOU with Central Finance Company as an Accredited Practical Training Partner

Thursday, 7 August 2014 00:26 - - {{hitsCtrl.values.hits}}

Certified Management Accounts of Sri Lanka (CMA) and Central Finance Company PLC have signed an MOU certifying Central Finance to act as an accredited practical training organisation for CMA students. CMA was set up in 2000, with the technical assistance of CMA – Canada and was based on the guidelines of the international accounting bodies the Institute of Management Accountants of USA, the International Federation of Accountants (IFAC), which is the world body for Accountants and the Management Accountants of the South Asian Federation of Accountants (SAFA).

CMA was incorporated by the Act of Parliament No. 23 of 2009 and this created history in the accounting world, when after 50 years since the incorporation of the Chartered Institute; a new professional Management Accounting Body was incorporated and given government recognition. CMA is now a member of the South Asian Federation of Accountants (SAFA) and an Associate Member of International Federation of Accountants (IFAC). CMA has over 18,000 students and 2,200 members. Central Finance Company PLC (CF) is a finance company licensed under the Finance Business Act, No. 42 of 2011. CF was incorporated in December 1957 as a private limited liability company based in Kandy. The company was converted to a public company with a quotation from the Colombo Brokers Association. It was the first company outside Colombo to obtain such a listing. CF provides a wide range of financial services including leasing, hire purchase, vehicle hire, deposits, savings, etc. through its 85+ island wide branch network. The company is rated A+ by Fitch Ratings Lanka Ltd. This MOU will provide CMA students an opportunity to obtain practical training in the management accounting and finance field from a recognised business organisation which will give them a foundation to progress in their career, and obtain their membership. The CMA practical experience component is an essential part of the CMA program and has been developed in accordance with the international standards of the International Federation of Accountants (IFAC), the world body for professional accountants operating to meet the growing demands of competitive organisations at both national and international levels.