CMA Sri Lanka, SLITHM to conduct joint Professional Finance & Management Accounting Course for hosp

From left: CMA Director – Operations Sumudu Pagoda, CMA Director – Education and Examinations Dr. Swineetha De Livera, CMA Chief Executive Officer Kosala Dissanayake, CMA Chairman – Education and Training Committee Hennayake Bandara, CMA Vice President M.B. Ismail, CMA President Prof. Lakshman R. Watawala, SLITHM Chairman Sunil Dissanayake, Consultant to the Program Sunil Peiris, SLITHM Deputy Director General Prabodh Kulatunga, SLITHM Principal Kanishka N. Jayatunga, SLITHM Visiting Lecturer Jeffry Silva, NHRDC Asst. Director S.T. Seelan

The Institute of Certified Management Accountants of Sri Lanka (CMA) and Sri Lanka Institute of Tourism and Hotel Management (SLITHM) signed a Memorandum of Understanding (MOU) at the SLITHM Colombo on 3 November, recognising the benefit of generating professional educational programs in financial, accounting and management accounting for the hospitality sector and  to that end, both parties collaborated in the conduct of a Joint Certification Program termed the ‘Certified Hospitality Finance and Management Accountancy’ (CHFMA)Program. The MOU was signed by SLITHM Chairman Sunil Dissanayake and CMA President Prof. Lakshman R. Watawala in the presence of the gathering of council members, officials of CMA and the officials of SLITHM and NHRDC. CMA was represented by Vice President M. Basheer Ismail, Chairman Education and Training Committee Hennayake Bandara, CEO Kosala Dissanayake, Director Education and Examinations Dr. Swineetha De Livera, Director Operations Sumudu Pagoda and Consultant to the program Sunil Peiris while Deputy Director General

Prabodh Kulatunga, Lecturer Jeffry Silva, Principal Kanishka Jayaratne represented SLITHM and Assistant Director S.T. Seelan represented NHRDC.

SLITHM, a Government Body incorporated by Act of Parliament, No. 10 of 1966 coming under the Ministry of Tourism has its principal place of business at No. 78, Galle Road, Colombo-03.

SLITHM Chairman Sunil Dissanayake stated that at present, the field of Hospitality, Travel and Tourism is experiencing unprecedented levels of growth all over the country. This increasing growth and competition affects not only hospitality operators, but also the potential customers they seek to serve. Hospitality Industry consists of operational and non-operational sector and both sectors need Professional Financial and Management Accounting Managers with specialised skills in the hospitality industry for its growth and development. 

In such a context although Sri Lankan hospitality industry has well-designed study course for its operational sector, there is a lack of course relevant to non- operational sector especially in the field of Accounting and Finance. In order to move forward in the field of Hospitality Accounting and Finance, opportunities will now be provided to all accounting and finance related staff employed in the hospitality industry to obtain professional credentials at different levels. 

With this joint collaboration of SLITHM with CMA, we are confident that the necessary skills in the Finance and Accounting field will be professionalised and expanded in the hospitality industry. Chairman SLITHM further stated that they will be providing the lecture hall facilities to conduct the lectures both in Colombo and its schools in major cities and market the course among the hospitality industry.

The Institute of Certified Management Accountants (CMA) of Sri Lanka was set up in 1999 and incorporated in April 2009 as the National Professional Management Accounting Institution in Sri Lanka by Parliament Act No.23 of 2009.CMA was launched in the year 2000 with technical assistance of CMA Canada now CPA Canada. Since its inception, CMA Sri Lanka has grown to an Institute comprising over 17,000 students and 2,400 Members. CMA Sri Lanka promotes and develops the study of Management Accounting, Financial Accounting, and Strategic Management and conducts the Certified Management Accounting Program leading to a Professional Management Accounting qualification suited for the business sector.

CMA is incorporated by Parliament Act No. 23 of 2009 under the Ministry of Industry and Commerce and is a full member of the International Federation of Accountants (IFAC) the global body for professional Accountants. CMA is also member of South Asian Federation of Accountants (SAFA) and Confederation of Asian and Pacific Accountants (CAPA).

Speaking at the event, CMA President Prof. Lakshman R. Watawala said with the signing of MOU, we will conduct the CHFMA professional qualification for the hospitality industry, all those currently employed in the hospitality industry at different levels in the finance, accounting and management accounting sector will be provided the opportunity to obtain a professional qualification specialising in the hospitality industry where they will be able to develop the knowledge and skills of those in the accounting and allied fields. This will help the Hospitality industry in its rapid growth and development to build a sustainable pool of qualified accountants, audit and finance staff required for the industry.

Professor Watawala stated that the initiative came as a result of the suggestion made by National Human Resource Development Council Chairman Dinesh Weerakkody to commence a professional finance and accounting program specialising in the hospitality industry which was expanding rapidly and needed skilled staff and managers which was accepted by Minister of Tourism and Christian Affairs John Amaratunge and wanted to implement this program with the collaboration of SLITHM as early as possible. 

Professor Watawala also said this is the first time a professional accounting institute is introducing a specialised program for the hospitality industry and appreciated the efforts and support given by the officials of SLITHM, NHRDC, Hotels Association, Ceylon Hotel School Graduate Association and officials of CMA to make this successful. 

He specially thanked Cinnamon Hotels and Resorts Senior Vice President Sunil Peiris who together with an expert panel from the hospitality industry was responsible for preparing the syllabus for the Certified Hospitality Finance and Management Accounting Program. Many meetings were held as well as a great deal of time was devoted for the preparation of the detailed syllabus with special emphasis on the practical aspects. The course will also consist of a mandatory practical experience which will enable theory to be put into practice and make the students ready to take up job responsibility in the hospitality industry.

The course syllabus consists of Foundation, Certificate, Diploma and Professional Stage qualifications and CHFMA membership requires completion of CHFMA examinations and a three-year practical experience requirement as per the Practical Training guide in the hospitality industry. The foundation Course will be for beginners, the certificate course for those in the industry, moving onto the diploma and Professional levels. The ultimate aim of this programme will be to produce specialised accounting professionals for the hospitality industry. 

The Foundation and Certificate programs will be started in January 2017 and the CHFMA programme conducted jointly by CMA and SLITHM will be launched in late November by Minister of Tourism and Christian Affairs John Amaratunge.    

Consultant to the program Sunil Peiris congratulated and thanked both CMA, SLITHM for the initiative taken to strengthen the Financial and Management Accounting profession in the hospitality industry. He also stated that the hospitality industry would warmly appreciate the initiative taken.

This MOU will be another momentous step forward to strengthen the Financial and Management Accounting profession in the hospitality industry through the collaboration between SLITHM and CMA.