The Chartered Institute of Management
Accountants (CIMA) is appealing a decision by a Sri Lankan
accounting body to use the designatory letters granted to CIMA
The Institute of Certified Management
Accountants of Sri Lanka (ICMA) was recently incorporated under an
Act of Parliament, which granted it more power and responsibility.
It previously operated as the Society of Certified Management
Accountants of Sri Lanka.
At the same time the new law passed, the ICMA
said it would begin granting its members the post-nominals used by
CIMA – the ACMA for associated chartered management accountants and
FCMA for fellows.
The ICMA previously granted its members the
post-nominals ASCMA and FSCMA.
CIMA has more members in Sri Lanka than
anywhere other than the UK. The institute was established in the
South Asian nation in 1965 and now has about 2,000 members and
CIMA director of professional standards Robin
Vaughan said that while the ICMA syllabus is “perfectly reputable”,
it is more equivalent to a technician qualification. The local
qualification is, however, much more affordable than CIMA, which
means it is accessible to many more students.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
Vaughan said that while CIMA supports the role
of the ICMA in Sri Lanka, the change in post-nominals is “entirely
“One is hugely supportive of an education
agenda and giving access to people but throwing the market into
confusion by having designatory letters that are identical to
different qualifications does seem mildly unhelpful and arguably
somewhat improper,” he said.
The avenue of appeal for these matters in Sri
Lanka is the Consumer Affairs Authority.
“We have made the most strong objections to
the Consumer Affairs Authority, who are no doubt considering them,
but not as quickly as I think everyone would like,” Vaughan
The Accountant contacted ICMA for
comment but received no reply.