CIMA–CA ink MoA to boost accounting profession

CA President Lasantha Wickremasinghe (left) and CIMA President Andrew Miskin exchanging a handshake after the signing of the MoA while the officials from both institutions look on 
Pic by Pradeep Dilrukshana

By Shabiya Ali Ahlam
The finance management field yesterday saw two of Sri Lanka’s leading accounting professional bodies joining hands in an effort to further push and encourage the stream in the country.

The Chartered Institute of Management Accountants (CIMA) entered into a Memorandum of Agreement (MoA) yesterday with the Chartered Accountants of Sri Lanka (CA Sri Lanka) to promote its qualification amongst CA students and professionals.

The agreement was inked and exchanged by visiting CIMA President Andrew Miskin and CA President Lasantha Wickremasinghe in the presence of the senior officials from both institution.
As part of the agreement, CA members with minimum five years of professional experience along with the minimum requirement for the CIMA Practical Experience Requirement can become Chartered Global Management Accountants (CGMA) designation holders through the CIMA strategic case study exam.

The MoA allows CA members with less than five years professional experience to become CGMAs provided that they complete the P3 level of the strategic exam together with the case study.

Meanwhile, the students who have completed all CA Sri Lanka knowledge skills and assessments can become CGMAs via the strategic level by attempting the last four assessments along with a minimum five years of work experience. Furthermore, the agreement will endorse and promote the Global Management Accounting Principles, whilst both the institutions have plans on developing a national plan for the adoption of these principles. Whilst acknowledging CA Sri Lanka has over 6000 chartered accountants, Miskin stated it is a privilege to establish the alliance.

“We aim at further lifting the standards of management accounting in the world. It is about saying that elements such as taxation are imperative for any developing country and it also means that management accounting is essential for decision-making support and value creation. We are sisters in the same profession and we are pleased with this partnership,” said Miskin. Commenting on the alliance, Wickremasinghe stated that the initiative was taken in an effort to enhance the skills and competencies of the members of both institutes, who continue to lead boardrooms in Sri Lanka.

“I believe this agreement is important as it will enhance the standing and demand of our members further in the world of business and finance. Today, the majority of the top finance positions in Sri Lanka are held by CIMA and CA members and this agreement will no doubt reinforce the standing our members enjoy in the corporate world,” he stated.