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.” (Daily FT)