Incorporation - The Hon. Minister of Trade, Commerce, Consumer Affairs & Marketing Development tabled in Parliament on the 18th March 2009 the Bill for the Incorporation of the Institute of Certified Management Accountants of Sri Lanka. The bill was approved by Parliament and the Institute of Certified Management Accountants Act No. 23 of 2009 was given assent by the Hon. Speaker on the 20th April 2009. This created history in the accounting world where Sri Lanka after 50 years since the incorporation of the Institute of Chartered Accountants of Sri Lanka a new Professional Management Accounting Institute was incorporated and given the government recognition.

The Institute of Certified Management Accountants of Sri Lanka was incorporated by Parliament Act No. 23 of 2009 under the Ministry of Trade Marketing Development Co-operatives & Consumer Services on the initiative of the Minister Hon. Bandula Gunawardhana.

Launch of ICMA Sri Lanka was held on 02nd June at the Taj Samudra Hotel under the distinguished patronage of Hon. Ratnasiri Wickramanayake Prime Minister and Hon W. J.. M Lokubandara Speaker of Parliament.

The Launch of ICMA Sri Lanka was officially done by Hon. Ratnasiri Wickramanayake and in his speech he mentioned the imporatance of the Management Accounting Professions and that Sri Lanka is now on par with the other South Asian Countires India , Pakistan and Bangladesh with both Chartered and Management Accounting bodies.

He also stated that technical support received from CMA Canada assisted ICMA Sri Lanka to be of international standards. The importance of management accounting & financial accounting and strategic management accounting to become business professionals for employment in industry commerce or government sector was also stressed.

The need for Management Accountants to assist in the economic development in the outstations has been made possible by the setting up of ICMA Sri Lanka and they will also provide the course at an affordable cost which is around 1/10th of that of a foreign course and would also save valuable foreign exchange going out of the country due to exorbitant fees charged by foreign bodies.
The decision to conduct the exam in Sinhala & Tamil medium upto Intermediate Level will enable many Advanced Level students to follow a Professional course in Management Accounting. This will bea big boost for the rural students and the outstation schools. He also stated that the government will give all support to ICMA Sri Lanka which has now being incorporated by and Act of Parliament and received the government recognition.

The Hon. Speaker W. J. M. Lokubandara stated that after 50 years a new professional management accounting body was being setup by an Act of Parliament. This new body will increase the skilled man power and meet the needs of changing job market especially in the present Financial & economic crises. Many Advanced Level students who cannot enter University will now have opportunities to under take a professional management accounting course which will enable them to obtain a job either in the public or private sector, without much difficult. As the National Management Accounting body in Sri Lanka CMA could play a major role assisting in the economic development in Sri Lanka especially in rural sector.

Recognition - The CMA qualification will enable passed finalists and members to get exemptions in
CMA Canada, CGA Canada, ACCA, ICASL, CIMA, CPA Australia, Deakin University Australia and provides opportunities to go overseas.