Institute of Certified Management Accountants of Sri Lanka Act 2009 · As enacted · Part I · Constitution, Objects and Powers of the Institute of Certified Management Accountants of Sri Lanka
3. General objects of the Institute
Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
Official translationFrom Department of Government Printing, unchanged
The general objects for which the Institute is constituted are hereby declared—
to provide for a professional organization for management accountants;
to promote and develop the study of management
Accountancy; to establish and issue management
Accountancy Standards; and to encourage the application of correct principles, techniques and practices of Management Accountancy;
to take necessary steps to promote the profession of
Management Accountancy in its practice to industry, commerce, education, finance, public service and information technology;
to conduct a Certified Management Accounting
Program leading to the Professional Management
Accounting qualification and to take steps to emphasize the importance of such a qualification;
to provide for a post management accounting qualification for the professional development of members at both Masters and Doctorate levels;
to monitor the admission of members to the membership of the Institution;
to undertake and regulate the professional education and practical training of persons who are keen to qualify in Management Accountancy and to approve a Practical Training Scheme to be followed by the students;
to prescribe and approve courses of study being conducted by the Institute, taking into consideration its functions in relation to education, training and examination;
to conduct examinations for the grant of the required professional qualifications and to collaborate with recognized local and foreign professional and educational Institutions to promote studies in such institution and to obtain exemptions and recognition in the field of
Management Accountancy for members of the
Institute;
to promote, collaborate and assist in the study of
Management Accountancy, at Universities and other Higher Educational Institutions;
to prescribe the qualifications and disqualifications applicable for membership to the Institute and to establish standards of professional conduct and ethics for members of the Institute;
to organize, supervise and regulate continuing professional education for the benefit of the members;
to maintain a library of both print and electronic media, books and periodicals, relating to
Management Accountancy and related subjects for the use of members, students and those interested in the field of Management Accountancy;
to encourage the publication of books and periodicals relating to Management Accountancy;
to grant scholarships, awards and prizes for those who excel in the field of Management
Accountancy; and
to award Diplomas and Certificates to the members of the Institute and to those who fulfill the conditions prescribed by the Institute.
Part II
Appointment of Officers and Servants of the Institute
Part III