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Governance members

David Stanford FCMA, CGMA is the new President of CIMA, effective from 2 June 2017. His Deputy is Steve Swientozielskyj FCMA CGMA while Amal Ratnayake FCMA CGMA is the new vice president. Imran Khalil Naseer FCMA, CGMA and Melanie J Kanaka FCMA, CGMA will serve as co-opted members in the CIMA Council. 

The MESANA Regional Board has also been constituted, under the governance of the Association, with members serving the Board with effect from 1 July 2017. 
As stipulated under the Terms of Reference for Regional Boards, the constitution of the Board shall be 11 individuals, of which three members shall be elected. The elections for these three members were concluded on 15 June 2017. The remaining individuals shall be five nominated members and two students. The nominations were made by the Nominations MA Sub-Committee and approved by CIMA Council. The Regional Vice President is appointed as the RVP to the Regional Board and as committee secretary. 

Mr Kabiruzzaman Yaqub FCMA, CGMA serves as the Chairman of the MESANA Regional Board, with Mr Chandrin Fernando FCMA, CGMA as the Vice Chairman. 

Name of Board Member Designation(s) Nominated/ Elected
Kabiruzzaman Yaqub FCMA,CGMA Chairman - Nominated
Chandrin Fernando FCMA,CGMA Vice-Chairman - Nominated
Phillie Karkaria FCMA,CGMA Nominated
Arul Sivagananathan FCMA,CGMA Nominated
Aditi Sharma Student Nominated
Mariam Sadek Student Nominated
Rachel Pope FCMA,CGMA Nominated
Suresh R I Perera FCMA,CGMA Elected
Anju Krishni De Alwis ACMA, CGMA Elected
Mohamed Hamza Mohamed Hazim ACMA, CGMA Elected

The Regional Board will provide perspective on the development of the Association’s strategic plan, the local marketplace and understanding emerging issues in the region - all towards enhancing the management accounting profession and ensuring our continued relevance to the needs of employers and the industry. 

“Dragon’s Den” Launched to Spur Innovation in Accounting

Association and cpa.com Accelerator to Focus on High-Impact Start-ups

The Association of International Certified Professional Accountants – the Association – and CPA.com are jointly sponsoring an initiative to accelerate the growth of early-stage companies that could have significant impact on the accounting profession. The goal is to promote innovation and give the profession early insight into disruptive technologies and services in finance and business.

The Association of International Certified Professional Accountants and CPA.com Start-up Accelerator will look to support up to five early-stage companies over the next year. It will focus on start-ups in two key areas: 
1) Technology and Financial Information: which could include advances in artificial intelligence, automation of routine tasks, and the application of blockchain/digital ledgers, and; 
2) Professional Competency Innovation: which can encompass machine-learning to personalise professional education, collaboration tools for mentors and experts, and improvements in measuring professional competency, among other categories.

“The Association and CPA.com have a deep base of knowledge and resources to offer entrepreneurs looking to find a foothold in the accounting eco-system,” said Lawson Carmichael, the Association’s executive vice president for strategy, people and innovation. “For us, the start-up accelerator offers a chance to ‘see around corners’ and take a more long-range view of opportunities in business transformation and innovation. There’s a compelling business case for collaboration.”

The start-up accelerator will offer benefits to entrepreneurs in three ways: 

  • Provide up to the equivalent of $20,000 in funding per finalist;
  • Access to subject-matter experts, including an advisory panel of thought-leaders in the accounting technology field, who can provide coaching and mentoring on issues and opportunities unique to the profession; 

Applicants from all global markets are eligible. To qualify: 

  • Start-ups should be at a pre-Series A stage of financing, with some exceptions;
  • The company must have a functioning product or service;
  • Pre-revenue companies will be considered based on their development progress and business plan;
  • Candidate companies must agree to pitch their product or service to Association and CPA.com executives this fall, after which up to five finalists will be selected.

“At CPA.com, we have been driving innovation for the past decade through our technology services, strategic partnerships, and training and education programs,” said Erik Asgeirsson, president and CEO of CPA.com, the technology subsidiary of the American Institute of CPAs “We’ve also been convening leading technology companies at our Executive Roundtables and other collaborative events, so the next logical step for us is to support earlier stage activity with this startup accelerator. It’s like Dragon’s Den for companies serving the accounting profession.” 

Submissions by startups are due by 5 October 2017. Interested companies who want more information can contact Greg Lafollette, a strategic advisor with CPA.com, greg.lafollette@hq.cpa.com, or Mark Brooks, a member of the AICPA’s innovation team, mark.brooks@aicpa-cima.com. To apply for consideration or learn more details about the start-up accelerator, visit www.aicpaglobal.com/accelerator.

Landmark MoA paves way for CIMA members to obtain CA Sri Lanka membership

The landmark Memorandum of Agreement (MoA) signed between two of the country’s leading accounting bodies has now paved the way for CIMA members to obtain membership of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), the national body of accountants. 

Accordingly, CIMA members who complete the necessary modules and the practical training requirements as stipulated by CA Sri Lanka can obtain membership from CA Sri Lanka and enjoy enhanced standing as a distinguished accounting professional. 

As per the agreement, CIMA members with five years (or more) of post-membership experience must complete the KC1 Corporate Financial Reporting and KC4 Corporate Governance, Assurance and Ethics modules, along with the practical training requirements to obtain the CA Sri Lanka membership.

CIMA members with less than five years of post-membership experience must complete the KC1 Corporate Financial Reporting, KC3 Corporate Taxation and KC4 Corporate Governance and Assurance and Ethics modules along with the relevant practical training requirements to obtain membership. 

Apart from the reciprocal membership-related benefits offered to members of both bodies, the MoA will also 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. 

CA Sri Lanka President Lasantha Wickremasinghe said that as one of the most influential professional bodies in the country, CA Sri Lanka understands the importance of continuously enhancing the standing of professionals in the country to ensure they continue to be in demand in the corporate world. 

“We signed a Memorandum of Agreement with CIMA last year in our continuing efforts to enhance the standing of our members and we have also taken steps to ensure that even CIMA members can enjoy the same advantages that CA Sri Lanka members as we have updated the agreement and have offered reciprocal benefits to CIMA,” he added.

CIMA President and Chair of the Association of International Certified Professional Accountants Andrew Miskin said: “We are very pleased that CIMA members are now able to obtain membership of CA Sri Lanka by completing selected modules of the CA qualification. This positive development indeed augurs well to spur the enhancement of the accounting profession in the country and provide professional talent for business growth. In fact, the adoption of the Global Management Accounting Principles, which have been standardised by the British Standards Institute as best-in-class, will further build the capability of business leaders to drive long-term performance and bottom line results.”  

Notice: MESANA Regional Board - Become a board member

Notice is given that there are three vacancies on the MESANA Regional Board for elected members.

The Regional Boards serve as a key conduit between the customers and stakeholders in the global regions and the Management Accounting Board of the Association.  They provide perspective on the development of the Association’s strategic plan, the local marketplace and understanding emerging issues in the region. 

The Regional Board comprises 11 members of which 3 are elected by the regions.  The term of office for the vacancies will be one year, commencing with effect from 1 July 2017. 

If you would like to put yourself forward for election or wish to nominate a member for election please contact Antoinette Jayamohan – Antoinette.Jayamohan@aicpa-cima.com.  All candidates must have two or more CGMA members who nominate them, (at least one to be a Fellow), whose registered addresses are in the MESANA region.

Nomination forms for candidates and the guidelines for election may be obtained by emailing Antoinette Jayamohan – Antoinette.Jayamohan@aicpa-cima.com. Please read the rules carefully before completing the form.
The nomination form must be received on the prescribed form by 13.00 GMT on 23 May 2017 and should be clearly marked for the attention of Antoinette Jayamohan (AICPA | CIMA No. 356, Elvitigala Mawatha, Colombo 5, Sri Lanka. Tel: +94-11-2503880 Ext. 215).  A scanned copy of a signed and completed form would be considered acceptable.

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

FAQs - CIMA members obtaining CA Sri Lanka membership

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

1. CA Sri Lanka to recognise local Management Accountants from CIMA UK who have 5 years of work experience with completion of the Corporate Financial Reporting (KC1) & Corporate Governance, Assurance & Ethics (KC4) modules of the CA curriculum as long as they fulfil the minimum requirement to the CA Practical Experience Requirement (PER) in obtaining the CA Membership.

2. Any member who has less than 5 years of experience will be required to sit for Corporate Financial Reporting (KC1), Corporate Taxation (KC3) & Corporate Governance, Assurance & Ethics (KC4) module along with the minimum CA Practical Experience Requirement (PER).

Is the above (i) exam exemption route open to ALL CIMA members?

CIMA 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 CA Qualification and CA 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 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 CA special pathway if you are a member of CIMA (UK) by virtue of a mutual recognition agreement.

CA Practical Experience Requirement (PER) for CIMA Members

Proposed training requirement for CIMA members who wish to obtain CA membership

Criteria Modules to be completed in CA Sri Lanka Curriculum 2015* CA Sri Lanka Practical Training Requirement (PTR)
CIMA members with 5 years (or more) of post-membership experience

KC1

KC4

CIMA members with over 5 years of post-membership experience

Assess the relevant professional competencies achieved in practical training by the CIMA member who is intending to join the CA membership through a competency assessment review and viva voce.

CIMA members with less than 5 years of post-membership experience

KC1

KC3

KC4

CIMA members with more than 3 years and less than 5 years of post-membership experience

Required to undergo one year (Corporate level) monitored practical training as prescribed in Practical Training Guide.  Assess relevant professional competencies achieved in practical training by the CIMA member who is intending to join the CA membership through a competency assessment review and viva voce.

CIMA members with no experience and less than 3 years of post-membership experience

Two years (Business and Corporate levels) monitored practical training as prescribed in Practical Training Guide.  They have to undergo viva voce and is supposed to complete 220 working days (one year) of monitored training before attempting specified module(s).

Proposed Training requirement to sit for CA examinations

CIMA members with less than 3 years of post-membership experience have to complete 220 working days from Business level training (one year) before sit for Corporate level examination. CIMA members with over 3 years working experience can sit for Corporate level examination even without training.

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

Bulk Registration fee for the programme is rupee equivalent of £1500 (Approximately Rs. 290,000) 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 CIMA members to be eligible for the CA pathway?

Step 1: Determine your eligibility.

Step 2: Submit your Curriculum Vitae, CIMA Membership Certificate and Exam Results Transcript.  Send your documents to: Manager – Student Registrations, CA Sri Lanka, 30 A, Malalasekara Mawatha, Colombo 07

Step 3: Processing your application.

Eligibility for the Certificate to practice after obtaining the CA Membership by CIMA Members?

CIMA members joining CA Sri Lanka membership through this route will be eligible to engage in Public Practice in Sri Lanka only if such member holds a certificate to practice issued by the Institute of Chartered Accountants of Sri Lanka. In order to secure the certificate to practice, said members should complete minimum of 440 days (2 years) of monitored training in an approved Public Practice Organization after securing the CA Sri Lanka membership. Other clauses and requirements which are relevant for the eligibility for the certificate to practice will be the same as of CA Sri Lanka members as per the practical training guide and the Act of Incorporation of CA Sri Lanka.

Whom can I contact at CA Sri Lanka for more information?

Registration:

  • Sujeewa on 011 2352000 Ext. 1100
  • Asela on Ext. 1104
  • Aruna on 011 2352000 Ext. 1101

Member Relations:

  • Iroshini on 011 2352000 Ext. 1511
  • Sudara on 011 2352000 Ext. 1512

CGMA Edge

Is the Regional eNewsletter for CIMA members and students based in Middle East, South Asia and North Africa.

The e-newsletter features local news and events planned in the region. The latest member benefits, exam preparation resources for students and an update on our recently published CGMA thought leadership to keep you at the forefront of the Management Accounting profession. Read the latest editions below.