Volume IV
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Arrangement of Sections

1. Short title.


Constitution, objects and powers of the Institute of Certified Management Accountants of Sri Lanka

2. Establishment of the Institute of Certified Management Accountants of Sri Lanka.

3. General objects of the Institute.

4. Eligibility for Membership of the Institute.

5. Classification of members.

6. Use of titles and logo.

7. Powers of the Institute.

8. Constitution of the Council.

9. Term of office of members of the Council.

10. Acts or proceedings of the Institute deemed not to be invalid by reason of any vacancy or defect in the appointment of a member.

11. Appointment of an Advisory Board.

12. Patrons of the Institute.

13. Remuneration of members.

14. Meetings of the Council.


Appointment of officers and servants of the Institute

15. Appointment of the Chief Executive Officer of the Institute.

16. Powers of the Institute in regard to appointments to the staff of the Institute.

17. Delegation of powers of the Council of the Chief Executive Officer in regard to appointments.

18. Determination of duties.

19. Rules.



20. The Fund of Institute.

21. Financial year of the Institute.

22. Audit of accounts.

23. Contracts.

24. Recovery of expenses incurred by the Institute.

25. Protection of acts done under this Act or on the directions of the Institute.

26. No writ to issue against person or property of a member of the Council.

27. Offences and penalties.

28. Sinhala text to prevail in case of inconsistency.

23 of 2009.

AN ACT to provide for the establishment of the Institute of Certified Management Accountants of Sri Lanka and of a council of the institute which shall be responsible for the management of its affairs; to provide for the registration of members of the institute and to specify criteria for and the maintenance of professional standards and discipline by members of the institute; and to provide for matters connected therewith or incidental thereto.

[Date of Commencement: 20th April, 2009]

1. Short title.

This Act may be cited as the Institute of Certified Management Accountants of Sri Lanka Act.


Constitution, objects and powers of the Institute of Certified Management Accountants of Sri Lanka

2. Establishment of the Institute of Certified Management Accountants of Sri Lanka.

(1) There shall be established an Institute which shall be called the "Institute of Certified Management Accountants of Sri Lanka” (hereinafter referred to as the "Institute”) consisting of the persons who are for the time being members of the Society of Certified Management Accountants of Sri Lanka incorporated under the Societies Ordinance.

(2) The Institute shall, by the name assigned to it by subsection (1), be a body corporate and shall have perpetual succession and a common seal and may sue and be sued in such name.

3. General Objects of the Institute.

The general objects for which the Institute is constituted are hereby declared—

(a) to provide for a professional organization for management accountants;

(b) 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;

(c) to take necessary steps to promote the profession of Management Accountancy in its practice to industry, commerce, education, finance, public service and information technology;

(d) 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;

(e) to provide for a post management accounting qualification for the professional development of members at both Master's and Doctorate levels;

(f) to monitor the admission of members to the membership of the Institution;

(g) 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;

(h) to prescribe and approve courses of study being conducted by the Institute, taking into consideration its functions in relation to education, training and examination;

(i) 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;

(j) to promote, collaborate and assist in the study of Management Accountancy, at Universities and other Higher Educational Institutions;

(k) 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;

(l) to organize, supervise and regulate continuing professional education for the benefit of the members;

(m) 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;

(n) to encourage the publication of books and periodicals relating to Management Accountancy;

(o) to grant scholarships, awards and prizes for those who excel in the field of Management Accountancy; and

(p) to award Diplomas and Certificates to the members of the Institute and to those who fulfill the conditions prescribed by the Institute.

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