Institute of Certified Management Accountants of Sri Lanka
The Institute of Certified Management Accountants of Sri Lanka, is a professional body offering qualification in management accountancy in Sri Lanka.
It mainly focuses of development and promoting the study of Management Accountancy, establishing management accountancy standards, and promote the profession of management accountancy in Sri Lanka.
History.
The institute was initially established as "Society of Certified Management Accountants of Sri Lanka", on 3 June 2000 in Colombo Sri Lanka with the help technical assistance and the guidelines of Certified of Management Accountants of Canada, now CPA Canada and the Institute of Management Accountants of USA and International Federation of Accountants which is the global organization for the accountancy profession.Initially, the Canadian International Development Agency was funded the formulating of the new educational syllabus, preparation of study material, and other related inauguration works. The CMA Sri Lanka received the help of CMA Canada in the preparation of its first educational syllabus, study material and examination works in order to comply with the international standards.
International Associations Recognition.
CMA Sri Lanka now a full member of the International Federation of Accountants since 2014. The IFAC is a global organization for the accountancy profession.The institute, received the membership of other regional accountancy bodies such as the confederation of Asian and Pacific Accountants. Member of the South Asian Federation of Accountants. and Toastmasters International.
Examination Structure
The institution has 4 levels of examination and an integrative case study. The examination levels are respectively Foundation Level, Operational Level, Managerial Level, Strategic Level.The examination syllabus change in every 5 years to meet the industry standards. The first two levels available in English, Sinhala, and Tamil languages, and the final two levels only available in English medium. All the levels can be completed in a 2.5 year period of time. Examination held every year May and November.
The current examination syllabus consists 17 core course units, 4 skill course units, and a final integrative Case Study. After completing all the 17 core courses and 4 skills course candidates can sit for the final case study. The minimum pass mark per subject is 50.
The current examination covers the Management Accounting, Financial Accounting, Financial Management, Strategic Management Accounting, Personal and Corporate Taxation, Business law and Corporate law, Auditing, Information Technology, Marketing & Human Resource Management, Strategic Management, Business English, etc.
Global Partnerships.
Through partnerships with the international professional institutions, CMA Sri Lanka passed finalist and members who followed without getting exemptions for the CMA examination subjects can obtain other related professional qualifications.- Association of Chartered Certified Accountants - ACCA awards F1 to F9 subjects exemptions.
- Chartered Institute of Management Accountants – CIMA awarded Foundation Level and Operational Level exemptions.
- Institute of Financial Accountants – IFA awards Technician, Associate and Fellow level papers exemptions.
- CPA Australia - offer to get an associate membership.
- Certified General Accountants of Ontario – CGA Canada offered maximum of 12 subjects exemptions.
University Links
- Open University of Sri Lanka offers Bachelor of Management Studies. Can register in the level 5 and need to select a specialization area subject at the 6th level.
- Postgraduate Institute of Management Sri Lanka - CMA Passed Finalists are eligible to register for the Masters in Business Administration degree.
- Deakin University – Melbourne, Australia offers 10 credit points exemptions.
Legal recognition
Moreover, the CMA Sri Lanka's qualifications now use in recruitment to the Sri Lankan government services including the Sri Lanka Accounting Service, Sri Lanka Audit Service, Government corporations, state-owned businesses, semi-state own companies, and state banks.
The students who have completed up to the Managerial Level with 10 years proven accounting experience can apply for Tax Authorized Representative qualifications under the Inland Revenue Act, No. 10 of 2006 of Sri Lanka. .
Membership
CMA Sri Lanka has two grades of full membership and a part qualification designations. For full membership:- ACMA - Associate Members of the Certified Management Accountant of Sri Lanka.
- FCMA - Fellow Members of the Certified Management Accountant of Sri Lanka.
For Part Qualification membership:
- AMA - Associate Management Accountant of Sri Lanka.
Strategic Alliances
The Institute of Certified Management of Sri Lanka enjoys MOU agreements with the- Association of Chartered Certified Accountants.
- CPA Australia.
- Chartered Institute of Management Accountants – CIMA.
- Institute of Financial Accountants – IFA.
- AIMA India.
- CMA Canada now CPA Canada.
- ICMA Bangladesh.
- ICMA Pakistan.
- ICWA India now ICAI India.
- Malaysian Institute of Accountants .
- Deakin University in Australia,
- Open University of Sri Lanka.
- University of Sri Jayawardenepura in Sri Lanka.
- University of Colombo in Sri Lanka.
- University of Kelaniya in Sri Lanka.
- Gujarat Forensic Sciences University in India.