CMA plays a major role in economic development - Dr. P.B. Jayasundera

Certified Management Accountants (CMA) could play a major role in the economic development of the country which has grown at a rapid pace, said Secretary to the Treasury and Ministry of Finance and Planning, Dr. P. B. Jayasundera at the CMA Founder's Day at the Foundation Institute recently.

Dr Jayasundera presenting the award to Prof Watawala.

He said the country needs more professional cost and management accountants in the government and private sectors and this body formed by Prof. Watawala will enable Sri Lanka to move towards becoming and education hub in the region.

As a local body, CMA saves valuable foreign exchange and provides a suitable theory and a practical education to mould students for employment in the public and private sectors. He agreed to provide all support and recognition for CMA to be a leading management accounting body in the region.

Founder President, CMA, Prof. Lakshman R. Watawala, said that the CMA was set up to fill the gap that existed in not having a Sri Lankan Management Accounting body providing quality education at an affordable price thus enabling many who could not become management accountants due to high fees charged by foreign bodies.

Initially, CMA received the support of the then Minister of Trade and Commerce, the late Kingsley T Wickremaratne, who assisted in getting financial assistance from the Canadian International Development Agency. Prof. G L Peiris also rendered valuable support to CMA and serves as a patron.

The technical assistance was received from CMA Canada and continues todate. The then Minister of Trade, the late Jeyaraj Fernandopulle provided assistance to CMA especially in preparing the draft Bill to set up the CMA by an Act of Parliament.

The Institute of Certified Management Accountants of Sri Lanka (CMA) which was set up in 1999. It was launched on June 3, 2000 and after ten years was incorporated by Act of Parliament No. 23 of 2009 under the Ministry of Co-operatives and Internal Trade.

The then Minister Bandula Gunawardena played a key role in finalising the Bill and was responsible for tabling the Bill in Parliament and after half-a-day’s debate it was approved unanimously.

Dr Jayasundera gave away awards to the Founder President Prof. Lakshman R Watawala, Founder Council Members and Founder Advisory Council Members who had played a lead role in building CMA from its humble beginnings.

Dr. G. C. B. Wijeyesinghe delivered the CMA Founders Day oration and Prof. Uditha Liyanage the guest speaker spoke on the role of accountants as managers and how they should meet the expectations of the stakeholders.

Today CMA is a national professional management accounting body in Sri Lanka, with a student population of around 12,000 and a CMA membership of 2,100. There are two types of members. Associates or ACMA and Fellows or FCMA. The CMA membership comprises 750 founder members.