CMA Sri Lanka Members Approved to Register as Company Secretaries

Published in Miscellaneous

As per Extraordinary Gazette No. 1998/11 of 20th December 2016 under the Companies act No. 7 of 2007 made by the Minister of Industries and Commerce reads as follows. Companies (Secretaries) Regulations, published in Extraordinary Gazette 471/6 of 14th September 1987, by the addition of the following sub section ix as a new subsection under section 2(1)(b) which reads as follows.

ix. he/she is a member of the Institute of Certified Management Accountants of Sri Lanka. This amendment is based on the decision of the Cabinet of Ministers on 4th September 2014 where approval was granted for the recognition of the CMA qualification for the purpose of functioning as a Company Secretary. The cabinet decision also equated the CMA qualification similar to CA Sri Lanka and the two foreign accounting bodies operating in Sri Lanka CIMA UK and ACCA UK for recruitment to the Sri Lanka Accounting Service, Sri Lanka Audit Service and to include the CMA qualification in the schemes of recruitment in Government Corporations, State Owned Business Operations and State Banks.

CMA Sri Lanka was set up with technical assistance of CMA Canada now CPA Canada in 1999 and incorporated by Act of Parliament No. 23 of 2009 and is the National Professional Management Accounting Body in Sri Lanka. CMA are also members of the International Federation of Accountants (IFAC) the Global Body for the Accountancy Profession, The South Asian Federation of Accountants (SAFA) and the Confederation of Asian and Pacific Accountants (CAPA).

As a result of these cabinet decisions 2400 members of CMA Sri Lanka will now enjoy both Local and Global recognition and have received the official recognition for its qualification on par with other local and international professional accounting bodies operating in Sri Lanka and will be able to play a lead role in Financial and Cost Management Accounting and contribute to the Economic Development of Sri Lanka.