Two of Sri Lanka’s leading accounting professional bodies, CIMA (Chartered Institute of Management Accountants) and CA Sri Lanka (Institute of Chartered Accountants of Sri Lanka) last week signed a Memorandum of Agreement to promote CIMA amongst Chartered Accountants and students. As part of this agreement, CA members who have 5 years of professional experience (as long as they fulfil the minimum requirement to the CIMA Practical Experience Requirement to obtaining membership) can become CGMA designation holders through the completion of CIMA’s Strategic Case Study exam.
The CGMA (Chartered Global Management Accountant) designation has been introduced by CIMA and their joint venture partner the American Institute of CPAs (AICPA) and is the global designation for management accountants. The MOA also encompasses CA members with less than 5 years of professional experience, who need to successfully complete the P3 assessment of the Strategic level together with the Case Study exam to become CGMAs; whilst students who have completed all CA Sri Lanka knowledge skills and assessments can become CGMAs via the Strategic level by attempting the last four assessments along with a minimum of 5 years of work experience.
Additionally, this agreement will endorse and promote the Global Management Accounting Principles; with CIMA and CA Sri Lanka working together to develop a national plan for the adoption of these Principles. Both institutions will alsomutually identify and support their respective technical agendas and projects, as well as efforts of integrated reporting.