CMA Sri Lanka receives global recognition from IFAC

28 August 2015 06:33 am

CMA Sri Lanka, the National professional management accounting body in Sri Lanka, received recognition as a full member of the International Federation of Accountants (IFAC), the global body for professional accountants. 
The event was marked with the visit of IFAC President Olivia Kirtley when she presented the membership certificate in the presence of President Maithripala Sirisena to CMA President Prof. Lakshman R. Watawala. The IFAC President was the keynote speaker at the inauguration of the CMA Global Management Accounting Summit held recently. 
CMA, which was incorporated in 1999, launched its activities in June 2000 and was incorporated by an Act of Parliament in 2009 and received the government recognition as the national professional management accounting body in Sri Lanka. In 2010 CMA received the Associate Membership of IFAC and became a full member in November 2014. 
CMA now joins the global membership of IFAC spread over 130 countries and jurisdictions with 175 members and representing approximately 2.84 million accountants. 
The CMA qualification is an affordable, locally and globally recognized professional qualification, which has opened doors to all who wish to become professional management accountants.
The CMA professional qualification is a course specializing in strategic management accounting leading to produce professional Certified Management Accountants. CMAs are generally focused on the future of a business and not the past. They use financial, management and other information to direct strategic and operational decision-making targeted at helping organisations move forward.
CMA’s earn its professional designation through a rigorous and highly specialized accreditation process. This will include a four-level examination structure with a final level integrative case study and a three-year practical training requirement.
CMAs are employed in industry, business, commerce, government, education and consultancy and provide professional education, training and examinations. CMA has recognised employers providing training to the students and the qualification is endorsed by employers, institutions and foreign accounting bodies and universities. 
While CMAs contribute to add value to the economies, they also contribute in no small measure to develop the small and medium enterprises and government sector.     
CMA was formed with the technical assistance of CMA Canada and has signed Memorandums of Understanding with CPA Australia, MIA Malaysia, Cost Accountants of India, Management accounting bodies of Pakistan and Bangladesh and also with a number of universities in Sri Lanka to obtain a degree programme from the Open University of Sri Lanka and the MBA from the Post Graduate Institute of Management.