The increasing importance of management accountants in companies engaged in industry and commerce, facing serious financial and economic problems, has prompted the Society of Certified Management Accountants of Sri Lanka (CMA) to launch a new designation, termed Associate Management Accountant (AMA). The designation will recognize intermediate level qualifications with a management accounting background and two years practical experience.
At a media briefing this past week, President of CMA Sri Lanka Lakshman Watawala said the AMA designation will provide opportunities to approximately 15,000 intermediate level qualified accountants to be recognized as AMA's and thereby make a positive contribution to the management of the private and public sector in these difficult times even though it is estimated that a total of 30,000 AMA's are required. Mr. Watawala added that the CMA has to find a solution to make up for the shortfall of 15,000 intermediate level accountants which he said is a 'big challenge for CMA.'
The participants will have the biggest advantage of being recognized to sit for the final exams of CMA and become professional certified management accountants. The CHMA will play a lead role in the education and training of AMA's and bridge the gap in the intermediate level accounts. 'This will assist large, medium and small companies in Colombo and the outstations and provide the working knowledge in English, Sinhalese and Tamil, meeting the urgent needs of the country as a national management accounting body," Mr. Watawala said.
Further, all measures have been finalized to incorporate CMA under an act of Parliament under the Ministry of Trade, Marketing, Development, Co-operatives and Consumer Affairs. It will provide the official recognition to the management accounting profession in Sri Lanka and CMA, said Mr. Watawala. "This official recognition will enable management accountants and strategic management accounting to be implemented which will bring immense benefit both to the public and private sector." (NG) |
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