AMA designation for intermediate level accountants

The Society of Certified Management Accountants of Sri Lanka (CMA) launched the Associate Management Accountant (AMA) designation which recognises intermediate level professional accounting courses with two years practical experience.

President, CMA Sri Lanka Prof. Lakshman R. Watawala said considering the global financial turmoil, management accountants have to play a significant role in strategically managing companies involved in industry and commerce facing major financial and economic problems.

"Implementation of strategic management accounting, cost cutting, product pricing, cash flow budgeting, working capital management, cost and waste control are some of the key measures that need to be adopted in the public and private sectors to survive in adverse global conditions", he said.

The AMA designation will provide opportunities to around 15,000 intermediate level qualified accountants to be recognised as AMAs which will make a salient contribution to all sectors during difficult times.

Prof. Watawala said around 30,000 AMAs are required to meet the growing demand for qualified professional accountants in industry. The CMA will play a lead role in the education and training of AMAs and bridge the gap in intermediate level accountants.

Intermediate level qualifications of CMA, ICASL, CIMA, ACCA, HNDA and accounting graduates will benefit from the AMA designation.

Council Member and Secretary, CMA, Ananda Wehalla said the scheme will help all categories of companies providing them with the working knowledge of all three languages to meet the urgent needs of the industry.

He said CMA will be incorporated under an Act of Parliament under the Ministry of Trade and Consumer Affairs providing recognition to the management accounting profession in Sri Lanka.

CMA Sri Lanka was set up with technical assistance from CMA Canada and has 9600 students and 1400 professional members. C.F.