CMA-UoC sign MoU to strengthen accounting profession

From left: Consultant Examination L.B. Wattegedara, Education and Training Committee Chairman Hennayake Bandara, Vice President Basheer Ismail, CMA President Professor Lakshman R. Watawala, Vice Chancellor Professor Laksman Dissanayake,  Dean Dr. Senathiraja,  Colombo University Accounting Department Head Dr. A. Abeysinghe, CEO Kosala Dissanayake and CMA Director Education and Examinations Dr. Swineetha De Livera

The Institute of Certified Management Accountants of Sri Lanka (CMA) and the University of Colombo (UoC) signed a Memorandum of Understanding (MoU) at the UoC recently, paving the way to the undergraduates of the UoC to obtain a recognized professional accounting qualification specializing in strategic management accounting and financial accounting, while studying for the degree qualification. 

The MoU was signed by UoC Vice Chancellor Professor Laksman Dissanayake and CMA President Professor Lakshman R. Watawala in the presence of council members, CMA officials and heads of departments, lecturers and students of the UoC. 

Prof. Dissanayake stated that his ambition is to bring the university up to the world-class level and he added that currently the UoC has been placed within the top 980 Universities in the world by the Times Higher Education World University Rankings 2016 - 2017. 
He explained his interest in linking the university to a broader society addressing the needs of the people. In line with the intention, he stated that arrangements have already being finalized to start two new faculties in the fields of technology and nursing expanding the contribution to the nation.

He also said, signing the MoU with CMA develops closer relationship and provides a stronger platform to work together in enhancing the accounting profession, which will also benefit the university students who will be able to get a professional management accounting qualification in addition to their degree.

CMA 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 business management and conducts the certified management accounting programme leading to a professional management accounting qualification suited for the business sector.

CMA is incorporated under the Industry and Commerce Ministry and is a full member of the International Federation of Accountants (IFAC), the world body for professional accountants. CMA is also a member of the South Asian Federation of Accountants (SAFA) and Confederation of Asian and Pacific Accountants (CAPA).
Speaking at the event, Professor Watawala said with the signing of the MoU, accounting academics and accounting professionals collaborate to enhance and promote the management accounting profession in the country. 
This MoU paves the way for the academic staff attached to the Department of Accounting of the UoC to serve as resource personnel in the activities organised by CMA aiming to develop the accounting profession. Both parties jointly agreed to undertake research work relating to accounting and other business-related topics.

Special exemption policy has been developed by CMA for the undergraduates and graduates of UoC studying the Bachelor degrees (Special), which are under the purview of the Faculty of Management and Finance. This will provide a good opportunity to the university students to become professional management accountants while completing 
their degree.
This MoU will be another momentous step forward to strengthen the management accounting profession by the collaboration between Management and Finance Faculty of the UoC and CMA.