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courses on new and emerging disciplines. England and Wales (ICAEW), CPA Australia In regard to Auditing Standards, CA Sri
The first was Certified Fraud Examiner and the Chartered Accountants Australia Lanka initiated efforts to promote the
course offered in partnership with the and New Zealand (CA ANZ), have enabled adoption of the New and Revised Quality
Institute of Fraud Examiners, USA. The a large number of CA Sri Lanka members Management Standards (ISQM 1, ISQM 2)
second, an MBA with a specialisation in to access the dual membership schemes in Sri Lanka.
Forensic Accounting by the University of offered by these bodies. In September
Southern Queensland in Australia. The 2022 CA Sri Lanka signed a similar MRA Meanwhile our ongoing push to align with
large number of graduates at the recently to facilitate reciprocal membership of global Corporate Reporting standards led to
concluded convocation stands testament ACCA for CA members who meet the the launch of the Non-financial Reporting
to the fact that the other flagship courses required eligibility criteria. A total of 31 (NFR) Guideline. The main aim of the NFR
offered by the Business School also remain ACCA members obtained CA membership Guideline is to help companies understand
very popular. At convocation 115 students through this MRA during the year under and adapt to changing expectations
successfully obtained their Master of review. We are currently in the process of of multiple stakeholders who demand
Business Administration Degree from finalising a MRA with CIMA which I expect accountability and transparency in financial
the University of Southern Queensland would be finalised by mid 2023. CA Sri and non-financial spheres. By design,
Australia, another 65 students were Lanka is currently in talks with CPA Canada the NFR Guideline is structured as a
awarded the Postgraduate Diploma in to get into a MRA which I am confident comprehensive toolkit to urge companies
Business Finance and Strategy and 15 would result in a successful outcome by to go beyond conventional financial
students received the Executive Diploma in end 2023. reporting and broaden their reporting scope
Accounting, Business and Strategy. to encompass economic, environmental,
With more of our members pursuing social, and governance-related matters as
The CA Sri Lanka National Conference employment opportunities overseas, well.
which serves as a vibrant platform to CA Sri Lanka’s Overseas Chapters too
foster active debate on topical matters are expanding their member capacity STRENGTHENING REPORTING
pertaining to the accounting profession, building activities. In what is perhaps the FRAMEWORKS
has long been regarded as a key catalyst most ambitious capacity building initiative Stemming from the launch of the NFR
in our member capacity building agenda. undertaken to date, our Middle East Guidelines, the historic CA Sri Lanka
The 43rd National Conference was held Chapter kicked off plans to host CA Sri Annual Report Awards was also rebranded
in October 2022 and attracted over 2,000 Lanka’s first-ever International Conference after 55 years and the 56th edition was
CA members, industry leaders and other in Dubai in early 2023. unveiled at the TAGS Awards 2022. The
dignitaries. We also hosted the first ever rebranding goes much deeper than a mere
Regional Conference in Galle, followed by The special member recognition scheme visual change, with TAGS representing the
a second one in Kandy, through which we launched in 2022 was another notable acronym for Transparency, Accountability,
were able to fine tune our capacity building initiative. The scheme which was targeted Governance and Sustainability - the four
activities to suit the needs of CA members specifically towards CA members who pillars around which the rebranding was
in these areas. are game changers in their respective conceptualised to showcase CA Sri Lanka’s
fields, proved to be especially popular desire to raise the standards of corporate
The Annual Research Symposium provided among our worldwide member base. reporting in line with global standards.
yet another opportunity for our members Following a rigorous evaluation of many In this regard, the TAGS Awards moves
to understand emerging challenges that applications received, we awarded the away from the traditional financial-centric
could potentially influence the future of Best Entrepreneur, the Best CFO and Best reporting format followed for the past 55
the profession. Key research findings on emerging CFO. years of the competition, in favour of a
contemporary issues facing the Accounting new more holistic approach to corporate
and Finance Profession took center stage, Further many networking events were reporting. Ultimately, the newly rebranded
with a group of well-versed researchers organized during the year to facilitate TAGS Awards will become a platform
sharing their insights on Challenges in networking among members of the where organisations are evaluated for both
IFRS Implementation and Non-Financial Institute. financial and non-financial performance
Reporting, Forensic Education and as well as for embracing digitalisation and
Corporate Governance and Socio-Economic SETTING STANDARDS transformation amidst increasing demands
& Environmental Development. As the sole authority for issuing of and expectations from investors and
Accounting and Auditing standards in shareholders as well as society.
As part of our holistic approach to member the Country, CA Sri Lanka made specific
capacity building, we strive to create proclamations to update several Accounting It is indeed very encouraging to see the
ecosystems to support global recognition standards to provide guidance to assist record number of entries received for
and mobility of CA members through the entities in preparation of financial the TAGS awards 2022, which suggests
mutual recognition arrangements (MRA) statements to report the effects arising local entities have the capability and more
with various global bodies. Our MRA’s with from the prevailing economic conditions on importantly, the willingness to embrace the
the Institute of Chartered Accountants of business and financial results. next level of corporate reporting.

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