ACCA and CMA sign MoU

An MoU was signed between the Association of Chartered Certified Accountants of UK (ACCA) with Institute of Certified Management Accountants of Sri Lanka (CMA) to promote mutual cooperation for the advancement of the accountancy profession.

ACCA is a global body for professional accountants in practice and industry while CMA is the national professional management accounting body in Sri Lanka incorporated by an Act of Parliament.

The MoU places emphasis on the two institutes collaborating in the areas of professional accountancy training, education, examinations and continuing professional development and both ACCA and CMA strongly believe that the MoU will contribute to  the development of the accountancy profession.

The MoU, which constitutes knowledge sharing, will give opportunities  and invite and permit the participation of members of the two institutes, to take part in conferences, symposia and seminars organised on areas of common interest by both ACCA and CMA .

The two institutes will also exchange information on syllabi, examination papers and answers, study material and Continuing Professional Development (CPD) programmes, which will be beneficial to both students and members of the institutes.

Commenting on this venture Aruni Rajakarier, Country Manager for ACCA Sri Lanka, stated: “We are extremely pleased to formalise our relationship with CMA, as we believe that this will not only offer better options and opportunities for the students, but will also greatly contribute towards the betterment of the accounting profession in the country.”

ACCA supports 140,000 members and 404,000 students throughout their careers, providing services through a network of 83 offices and active centres and has a reputation grounded of over 100 years of providing world-class accounting and finance qualifications.

CMA was set up with the technical support of CMA (Canada) and Financial Sponsorship of the Canadian International Development Agency (CIDA). Since its inception, CMA has steadily progressed to an Institute comprising over 12,000 students and 2,000 Members.

CMA promotes and develops the study of management accounting, financial accounting, strategic management and conducts the Certified Management Accounting Program leading to a professional management accounting qualification.  

Prof. Lakshman R. Watawala, President CMA, said that he was pleased to be associated with ACCA and the relationship between the two institutions would result in closer cooperation between local and International Accounting bodies. This will also enable pathways for students of both bodies to obtain exemptions to add another local or foreign qualification.    

Today accountants have a major role to play in businesses both locally and internationally and therefore they have to equip themselves with the latest knowledge in their respective fields of expertise. Accountants have played a supportive role in the past, which needs to be changed by asserting themselves by becoming ‘Knowledge Leaders’ to spearhead the transformation of today’s businesses.

ACCA and CMA believes that new beginnings such as MoUs where recognised professional accounting bodies join hands to impart their knowledge to students and the youth will be one of the key steps to undertake, in contributing to the progress of the accounting profession and the key role that accountants will play in businesses in the future.