Two of Sri Lanka’s leading accounting professional bodies, CIMA (Chartered Institute of Management Accountants) and CA Sri Lanka (Institute of Chartered Accountants of Sri Lanka) signed a Memorandum of Agreement today to promote CIMA amongst Chartered Accountants and students. As part of this agreement, CA members who have 5 years of professional experience (as long as they fulfil the minimum requirement to the CIMA Practical Experience Requirement to obtaining membership) can become CGMA designation holders through the completion of CIMA’s Strategic Case Study exam. The CGMA (Chartered Global Management Accountant) designation has been introduced by CIMA and their joint venture partner the American Institute of CPAs (AICPA) and is the global designation for management accountants. The MOA also encompasses CA members with less than 5 years of professional experience, who need to successfully complete the P3 assessment of the Strategic level together with the Case Study exam to become CGMAs; whilst students who have completed all CA Sri Lanka knowledge skills and assessments can become CGMAs via the Strategic level by attempting the last four assessments along with a minimum of 5 years of work experience.
Additionally, this agreement will endorse and promote the Global Management Accounting Principles; with CIMA and CA Sri Lanka working together to develop a national plan for the adoption of these Principles. Both institutions will also mutually identify and support their respective technical agendas and projects, as well as efforts of integrated reporting.
President of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), Mr. Lasantha Wickremasinghe said that not only local, but international acceptance is paramount for the continued success of the institute and its members. “We are continuously endeavoring to partner with the best to enhance the professional standing of our members further. Our MOA with CIMA is one such initiative in this continuing effort,” he said. Mr. Wickremasinghe said that this is a historical moment because two of Sri Lanka’s leading accounting professional bodies have come together to enhance the standing of the country’s accounting professionals. “Today, our members have progressed from their conventional number crunching positions to take up high profile roles such as Chairmen, Partners, Managing Directors, as well as CEOs and CFOs. Therefore, I believe our agreement with CIMA will pave the way for the further progression of our members, helping them enhance their standing as they continue to give leadership to organisations both in Sri Lanka and overseas with their unique professional skills and competencies, further elevating them to be the unique breed of accounting professionals they are known to be” he said.
Commenting on this collaboration, Venkkat Ramanan (Regional Director, Asia Pacific, CIMA) stated, “CIMA is pleased to work with CA Sri Lanka to further advance the accountancy profession in the country and give CA members and students a unique and fast track route to gain the CGMA designation. CGMAs are trusted by employers worldwide to guide critical decisions and drive strong business performance. We are also honoured to collaborate with CA Sri Lanka to develop a national plan for the adoption of the Global Management Accounting Principles. These Principles, now published as a global standard PAS 1919:2016 by the British Standards Institute, provide a foundation for effective decision making and the creation of value for successful and sustainable businesses.”