Incorporation
The Hon. Minister of Trade, Commerce, Consumer Affairs & Marketing Development tabled in Parliament on the 18th March 2009 the Bill for the Incorporation of the Institute of Certified Management Accountants of Sri Lanka. The bill was approved by Parliament and the Institute of Certified Management Accountants, Act No. 23 of 2009 was given assent by the Hon. Speaker on the 20th April 2009. This created history in the accounting world where Sri Lanka after 50 years since the incorporation of the Institute of Chartered Accountants of Sri Lanka a new Professional Management Accounting was incorporated and given the government recognition.
With the main role of economic development thrust on the private sector, the number of Management Accountants required mainly in industry, commerce, finance, education and the service sectors have greatly increased. The need for Management Accountants is not only in the capital of Colombo but also in the provinces with the government's thrust to take industry and commerce to the outstations. Further a Sri Lankan Management Institution will afford the many advanced level qualified students and university graduates, opportunities to advance in their careers by being trained in a recognized course in management accountancy and obtain a professional qualification which will enhance their job opportunities especially in the private sector.
As a Sri Lankan body the Institute provides opportunities for students to undertake a professional course in management accountancy at affordable rates.
With the developments that have take place in the management accounting profession we have received technical assistance from CMA Canada who have experience in the setting up of the Institute of Management Accountants of Pakistan. They have assisted us in the formulation of the educational syllabus, preparation of study material and examination work. This project has been undertaken with financial assistance from Canadian International Development Agency (CIDA).
