On 20th January 2007, the Society of Certified Management Accountants of Sri Lanka (CMA) signed a Memorandum of understanding (MOU) with the Institute of Cost of Works Accountants of India (ICWAI) at Hyderabad at the conclusion o their 48th National Cost Convention 2007 which Prof. Lakshman R Watawala, President CMA Sri Lanka & Mr. H A Wahelle Secretary CMA attended

The salient features of the MOU are:

1. Reciprocal recognition of professional qualifications and professional development programs.
   
   
2. Exchange of past question papers and model answers.
   
   
3. Assist in the development, updating and exchange of the curriculum.
   
   
4. Exchange of study material.
   
   
5. Draw on resource personnel of the two institutions, for the conduct of professional management development programs.
   
   
6. enhance professional recognition of the Cost & Management Accounting qualification in the South Asian Region.
   
   
7. Assist in the development of Cost and Management of Cost and Management Accounting Guidelines and Standards.
   
   
8. Assist in the development of Cost and Management Accounting Guidelines and standards.

The agreement is valid for two years and is renewable.

A meeting was held in Hyderabad with Mr. Steve Vieweg, President & CEO of CMA Canada and had discussion with him on future collaboration with CMA.

Mr. Steve Vieweg, reiterated his commitment to CMA Sri Lanka and agreed to continue to assist us, especially in the following areas.:

1. Moderation of examination papers.
2. Issuance of Management Accounting Standards.
3. To conduct the strategic leadership program, initially in India, so that it would be available to our CMA passed finalists with a degree, as well.