CMA holds Founder’s Day and felicitates Founder Members

CMA Founders Day was celebrated on 1 March 2013 at Sri Lanka Foundation Institute, Independence Square, Colombo 7.

The Chief Guest at the function was Dr. P.B. Jayasundera, Secretary to the Treasury and Ministry of Finance and Planning. The Guests of Honour was Prof. Uditha Liyanage, Director, Post Graduate Institute of Management, and Dr. Gamini Wijeyasinghe, Chairman CMA Advisory Council. At this function the Founder Members were felicitated together with the Founder President, Governing Council, Advisory Council and Founder Staff Members of CMA.

Prof. Lakshman R. Watawala, Founder President CMA delivered the inaugural address at the function. He gave a brief account of the objectives in setting up CMA mainly to fill the gap that existed in not having a Sri Lankan management accounting body providing quality education at an affordable price thus permitting many who could not become management accountants due to high costs of fees charged by foreign bodies.

Initially CMA received the full support of Late Kingsley T. Wickremaratne, the then Minister of Trade and Commerce, who also assisted in getting the financial assistance from the Canadian International Development Agency. From the initial stages Prof. G.L. Peiris rendered very valuable support to CMA and serves as a Patron. The technical assistance for the setting up was received from CMA Canada and continues to date. Thereafter the Minster of Trade Late Jeyaraj Fernandopulle provided assistance to CMA, especially in preparing the draft bill to set up CMA by an Act of Parliament.

The Institute of Certified Management Accountants of Sri Lanka (CMA) which was set up in 1999 was officially launched on 3 June 2000 and after a period of 10 years was incorporated by an Act of Parliament No. 23 of 2009 under the Ministry of Co-operatives and Internal Trade. The then Minister Bandula Gunawardena played a key role in finalising the Bill and was responsible for tabling the Bill of Incorporation in Parliament and after half a day’s debate it was approved unanimously and the CMA was incorporated by an Act of Parliament. Dr. Jayasundera in his keynote address stated that CMA could play a major role in the economic development of the country, which has been able to grow at a rapid pace. The country needs more professional cost and management accountants both in Government and private sector and this body formed by Prof. Watawala will enable Sri Lanka to move towards becoming an education hub in the region.

Further as a local body CMA saves valuable foreign exchange and provides both theory and a practical education suitable to mould the students for employment in the public and private sectors. He also agreed to provide all necessary support and recognition for CMA at the early stages and to be a lead management accounting body in the region.

Dr. Jayasundera thereafter presented awards to Founder President Prof. Watawala, Founder Council Members and Founder Advisory Council Members who had played a lead role to build CMA from its humble beginnings.

Dr. G.C.B. Wijeyesinghe delivered the CMA Founders Day Oration and Prof. Liyanage, the Guest Speaker, delivered an address on the role of accountants as managers by implementing the five Great Management Principles (GMPs) and how they should manage the expectations of the stakeholders.

Today CMA is the national professional management accounting body in Sri Lanka, with a student population of around 12,000 and a CMA Membership of 2,100. There are two types of Members: Associates or ACMA and Fellows or FCMA. CMA membership comprises 750 Founder Members, who were there at the launch of CMA in June 2000.

Awards were given to Founder Members, Founder Industrial Advisory Committee Members and the CMA Committee Chairman. At the last November 2013 examination, results released in end January, 50 students completed the final examination and were awarded the CMA Passed Finalist Certificates.