Dec 16, 2016

New National Cooperative Policy to be introduced in SL

A new National Cooperative Policy is to be introduced in Sri Lanka with the assistance of International Labour Organisation (ILO). The Formulation of this policy for more than 14500 cooperative societies countrywide is now nearing completion , Minister of Industry and Commerce Rishad Bathiudeen revealed at the 13th graduation ceremony of Certified Management Accountants Sri Lanka (CMA Sri Lanka) at BMICH in Colombo on Thursday.

These cooperative societies are active across Sri Lanka in a wide range of businesses-from cottage industries, agro, dairy and poultry to transport, FMCG, fuel distribution and even hospitals (called Coop Hospitals), Minister Bathiudeen said.

The Management Accountancy profession has come a long way in Sri Lanka, having spread its wings across many local sectors-then why not a management accountant for Sri Lanka’s widespread cooperative sector too, he asked .

“CMA has been producing a unique breed of Professional Management Accountants to Sri Lanka since its inception in 1999. CMA stands proud as the exclusive Lankan Professional Management Accounting body with growing student strength of over 16000 members” said Minister Bathiudeen, adding that these numbers will be greatly increased in the years to come. In early December, CMA under the Ministry of Industry and Commerce commenced the Certified Hospitality Finance & Management Accountant (CHFMA) course. He called on CMA to open a certification for vital Cooperative Sector so that there will be a new breed of Cooperative Management Accountants in Sri Lanka making this sector more professional. This will be another pioneering initiative,”he said.

On December 5, CMA Sri Lanka introduced Sri Lanka’s first ever professional management accreditation for its surging tourism and hospitality sector called as “Certified Hospitality Finance & Management Accountant (CHFMA)” qualification in Colombo. At the December 15th graduation ceremony of Certified Management Accountants (CMA) in Colombo, 300 new Lankan CMAs graduated-a number of them with distinctions.