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CIMA Sri Lanka holds first Convocation for the year

CIMA Sri Lanka’s first Convocation for the year celebrated the success of 301 exam completed students, 379 Associate members, 11 Fellow members and 8 prize winners.  Andrew Harding (Chief Executive – Management Accounting) of the Association of International Certified Professional Accountants (the Association) graced the occasion as the Chief Guest.  This is the first Convocation held in Sri Lanka following the creation of the Association earlier in the year.  In January 2017, CIMA and their joint venture partner, the American Institute of CPAs (AICPA), combined their strengths to form the Association, which aims to be the most influential body of professional accountants in the world.  The Association represents 650,000 members and students in public and management accounting and advocates for the public interest and business sustainability on current and emerging issues.  

In his address to the audience, Andrew elaborated on the significance of the Association further: “Our Association will enhance the recognition of your management accounting qualification, your career prospects and your employability.”  The quality of Sri Lankan CIMA members, students and tuition provision was highly praised by Andrew who stated that he continues to be impressed by the achievements of local CGMAs.  He added: “Here in Sri Lanka the CIMA community is a strong one, with around 4,000 members holding the Chartered Global Management Accountant (CGMA) designation. As CGMAs, they occupy strategic positions in businesses and organisations across different sectors.  The community is strong because employers recognise the value that our qualification brings.”

Andrew’s parting message at the Convocation was the importance of management accountants staying relevant in a world facing unprecedented socio-economic and technological changes.  Management accountants are crucial at a time such as this to make better business decisions.  The Global Management Accounting Principles - of relevance, value, trust and influence – were introduced by CIMA and AICPA for quality decision making, to respond appropriately to risks faced by organisations and to create value.  

Stand-alone CertBA programme launched in Sri Lanka

Andrew Harding, Chief Executive – Management Accounting of the Association of International Certified Professional Accountants (the Association) was in Sri Lanka in March to sign a Memorandum of Agreement (MOA) with CIMA’s learning partners in the country.  This MOA will promote CIMA’s Certificate in Business Accounting (Cert BA) as a stand-alone qualification, with Sri Lanka being the first country to launch this programme, followed by its expansion to other parts of the world.

Whilst the Cert BA offers an entry route into the CIMA Professional Qualification, it is also a qualification in its own right.  Cert BA provides a solid understanding of fundamental accounting, management and business principles, supporting the development of skills in financial reporting, forecasting and data analysis. 

Commending the quality of CIMA’s learning partners in Sri Lanka, Andrew said: “I am extremely proud of the high standard of tuition provision by our learning partners in Sri Lanka and once again, they are trailblazing this new initiative of a standalone Cert BA. Sri Lanka is an important market for the Association. Both CIMA and the American Institute of CPAs have established this new Association to combine resources, strategies and people which gives us more efficiency, effectiveness and far stronger influence.  We are genuinely global, with 650,000 members and students in public and management accounting.”

Venkkat Ramanan (Regional Vice President, Asia Pacific) of the Association was also in attendance for the MOA signing ceremony.  Addressing the gathering of learning partners, Venkkat elaborated: “As a professional body, we are responsive to market needs.  It is a source of great pride to see the provision of educational services in the country.  Wider reach of educational qualifications is important, and this programme is designed to give access to different segments of the market.”

CIMA Corporate Partners 2017

CIMA unveiled its Corporate Partners, celebrating a decade of partnerships which play an important role in ensuring the accounting profession continues to evolve with contemporary business needs.  

This year’s partnership holds special significance, in addition to acknowledging the 10 year milestone.

In January 2017, the Association of International Certified Professional Accountants (the Association) was formed combining the strengths of CIMA and the American Institute of CPAs (AICPA).  

Representing 650,000 students and members globally, in public and management accounting, the Association strives to power opportunity, trust and prosperity for people, businesses and economies worldwide.

To further elaborate on the Association and its relevance for Sri Lankan corporates, Lawson Carmichael (Executive Vice President – People, Strategy & Innovation) and Venkkat Ramanan (Regional Vice President, Asia Pacific) were in attendance to address CIMA’s corporate partners.  

Citing geo-political, technological, regulatory and workforce issues which are causing rapid changes to businesses and their operating environments globally, Lawson advocated building stronger corporate partnerships.

He said: “Strategic partnerships are differentiating companies of the future.  The Association uniquely differentiates us, delivering value, delivering better business and protecting the public interest.”

Supporting these statements, Venkkat explained, “The main objective of the Corporate Partner Programme is to form a closer linkage between the Association and the corporates.

"While the Programme also provides an essential link for employers seeking professional talent to meet their business needs, the Association is committed to support Sri Lanka’s economy by developing the competencies of not only school leavers but the accounting profession at large.”  

Venkkat also emphasised on the need for corporates to gain a better understanding of the local implications of global changes. He added: “In order for Sri Lanka to remain competitive, it is critical that companies learn to adapt to these changes and high quality talent is essential to propel growth.  

To this end, a series of roundtables will be conducted with the Corporate Partners to gain valuable insights of how the Association, together with the corporates, can transform the finance function for future business needs.”    

Also in attendance to meet with Corporate Partners were Irene Teng (Managing Director of Markets – Europe, Africa & Asia) and Bhaskar Ranjan Das (Associate Director – South Asia).  

Our Corporate Partners for this year are as follows:

Platinum

  • Lankem Ceylon PLC
  • Diesel & Motor Engineering PLC
  • Hayleys PLCSiam City Cement (Lanka) Ltd 
  • John Keells Holdings
  • MAS Holdings
  • National Development Bank PLC
  • Hirdaramani Group of Companies
  • Fonterra Brands Lanka (Private) Limited
  • Aitken Spence PLC
  • HSBC Electronic Data Processing Lanka (Pvt) Limited
  • Lanka Orix Leasing Company PLC
  • Associated Motorways (Pvt) Ltd  
  • Unilever Lanka
  • Brandix i3
  • Dharmavahini Foundation
  • Wijeya Newspapers Ltd

Gold

  • Ceylon Tobacco Company PLC
  • Seylan Bank PLC 
  • Nestlé Lanka PLC
  • Commercial Bank of Ceylon PLC
  • Sampath Bank Ltd

Factsheet: Memorandum of Agreement with CIMA and CA Sri Lanka

What is the current scope of Memorandum of Agreement (MoA) between CA Sri Lanka and CIMA?

  1. CIMA to recognise Chartered Accountants from CA Sri Lanka by providing the said members to who have 5 years of experience come through the Strategic Case Study exam as long as they fulfil the minimum requirement to the CIMA Practical Experience Requirement (PER) in obtaining the CGMA designation. Any member who has less than 5 years of experience will be required to sit for the P3 assessment along with the Strategic Case Study.
  2. Endorsing and launching the Global Management Accounting Principles (GMAPs) as a tool for business success, and working together in developing a national plan for driving the use of principles.
  3. Supporting efforts of Integrated Reporting.
  4. Supporting each institute’s technical agenda and projects that shall be mutually identified and agreed by both parties.

Is the above (1) exam exemption route open to ALL CA members?

No.

CA members have to importantly provide evidence of CIMA’s Practical Experience Requirements (PER) in order to join the program. The PER are an essential part of the CIMA Qualification and CIMA’s membership application process. They complement assessments and demonstrate your ability to apply your knowledge and skills in the context of your professional experience. Hence those who don’t comply to our PER – for example those with pure audit background will not be eligible for the pathway. They have to prove and validate that they also have related management accounting experience.

You are not eligible for the CIMA special pathway if you are a member of CA Sri Lanka by virtue of a mutual recognition agreement. 

What are costs associated with the exam exemption route for CA members?

Bulk Registration fee for the programme is £1500. This includes:

  • Registration fee
  • First year subscription fee
  • Exam fee for one attempt
  • Exemption fees for 16 modules
  • Membership application fee

What are the procedure/steps to be followed by CA members to be eligible for the CIMA pathway?

Step 1: Determine your eligibility.

Step 2: Submit your Curriculum Vitae, CA Membership Certificate and Exam Results Transcript.

Send your documents to: Tharindu.Wijewardana@cimaglobal.com

Step 3: Processing your application.

What about a special pathway for CIMA members?

Currently CA Sri Lanka is exploring avenues towards a Mutual Recognition Agreement (MRA). This is expected to materialise in the near future and this special pathway for CIMA members will replace the current one. 

Why couldn’t a special pathway for CIMA members have been included in the current MoA?

CA Sri Lanka is the only accredited authority that formulates Accounting and Auditing Standards in Sri Lanka. The application of these Standards is mandatory for all companies enacted under the Companies Act of 2007. As such time is required for both parties to technically validate the best proposal not affect each other’s standings. The CA president in his speech emphasised that “Although we offer separate qualifications, our ultimate goal is one, which is to take both the accounting profession and our members to greater heights. Our agreement with CIMA today will renewing this one time old practice, and we are very proud to partner with CIMA, in our continuing efforts to enhance the standing of our members both at a local and global level.” His intention has been laid out and we will see it through. Our objective is also to ensure that CIMA members are recognised appropriately.

Who can I contact at CIMA Sri Lanka in case of any issues?

Mr. Radley Stephen

Country Head Sri Lanka

CIMA 

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