As per the Extraordinary Gazette No. 1998/11 of December 20, 2016, under the Companies Act No. 7 of 2007 made by the industries and commerce minister reads as follows: Companies (Secretaries) Regulations published in the Extraordinary Gazette 471/6 of September 14, 1987 by the addition of the following sub section ix as a new subsection under section 2(1)(b), which reads as follows.
(ix) he/she is a member of the Institute of Certified Management Accountants of Sri Lanka.
This amendment is based on the decision of the cabinet of ministers on September 4, 2014, where the approval was granted for the recognition of the CMA qualification for the purpose of functioning as a company secretary.
The cabinet decision also equated the CMA qualification similar to CA Sri Lanka and the two foreign accounting bodies operating in Sri Lanka, CIMA UK and ACCA UK, for recruitment to the Sri Lanka Accounting Service, Sri Lanka Audit Service and to include the CMA qualification in the schemes of recruitment in government corporations, state-owned business operations and state banks.
CMA Sri Lanka was set up with the technical assistance of CMA Canada, now CPA Canada, in 1999 and incorporated by Act of Parliament No. 23 of 2009. It is the national professional management accounting body in Sri Lanka.
CMA is also a member of the International Federation of Accountants (IFAC), the global body for the accountancy profession, South Asian Federation of Accountants (SAFA) and Confederation of Asian and Pacific
As a result of these cabinet decisions, 2400 members of CMA Sri Lanka will now enjoy both local and global recognition and have received the official recognition for its qualification on par with other local and international professional accounting bodies operating in Sri Lanka and will be able to play a lead role in financial and cost management accounting and contribute to the economic development of
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