News

Formation of the new Sri Lanka Country Network Panel

At its meeting in October 2017, CIMA Council approved the formation of a new Sri Lanka Country Network Panel to enable continuity in the excellent member engagement and support activities that have been delivered successfully for many years by members in Sri Lanka.

The formation of the Country Network Panel is part of the Association governance transition, following the elevation and merger of the Sri Lanka Board with the MESANA Regional Board early this year.

The Country Network Panel will consist of a Chairman, a Vice Chairman and eight other members, with a provision to co-opt two further members.

We invite all members to submit their nominations using the Nomination Form to Antoinette Jayamohan – Antoinette.Jayamohan@aicpa-cima.com.

Nominations will close at 1.00pm Sri Lanka time on 4 December 2017. If more than 10 nominations are received, an election will be carried out in December by an independent body, Electoral Reform Services (ERS), who will administer an online ballot.

Download the nomination form (PDF 85KB)

The Country Network Panel will be supported by the CIMA Sri Lanka team as member and student engagement remains central to our activities in Sri Lanka. More importantly, member-led activities by the Panel are crucial in supporting management accounting advocacy in the country. The Panel will operate from 1 January 2018.

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. 

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. 

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.

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 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’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.  

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 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