Page 68 - CA Sri Lanka Integrated Annual Report 2023

VALUE CREATION REPORT

The Master of Public Financial Accountants (CAPA), delivered the Challenges
Management (MPFM) degree keynote address, sharing his insights During the year, socio-economic
programme was launched with on current developments in public difficulties in the country posed a primary
Ministry approval in mid-2023. sector accounting and reporting in the challenge, leading to constraints on
international arena. the government budget. This directly
h Strategic Partnership and impacted capacity-building and training
Professional Advancements h Best Annual Report and Accounts programmes, resulting in reduced
Awards Ceremony 2023
In 2023, APFASL and CIPFA allocations for such initiatives and
(UK) formed a strategic alliance, On 4th December 2023, APFASL restricting comprehensive training
extending the MOU until 2025. This hosted the seventh annual BARA opportunities for members.
collaboration offers members with awards at BMICH, Colombo,
enhanced professional development honouring winners from 238 Limited donor funds forced the
and international recognition. 48 entries based on 2022 financial Association to prioritize immediate
members were granted "Affiliate" accounts. The awards aim to elevate humanitarian needs over long-term
status with CIPFA (UK), granting financial accounting standards in Sri training, leading to the rationing of
access to a renowned public sector Lanka, enhancing public financial available funds. Consequently, the
financial qualification, showcasing a management quality. Evaluated per Master of Public Financial Management
commitment to excellence and global Ministry of Finance guidelines and degree programme planned for 2023 was
standards. SLPSAS, the competition spans postponed to 2024.
twelve categories encompassing
h Annual Conference 2023 central and local government Despite challenges, the APFASL remained
institutions. committed to its mission, exploring
APFASL successfully hosted the virtual training options and advocating
APFA/CPFA Annual Conference for increased support for professional
2023 on the 3rd of October 2023 h Gold Awards 12 development. Active engagement with
with the participation of over h Silver Awards 17 stakeholders underscored the importance
100 members and esteemed h Bronze Awards 12 of sustained investment in public
invitees. The conference featured financial management education, despite
influential research papers, which Additionally, 154 entities received budgetary constraints.
were extensively discussed, “compliance” recognition, while 41
highlighting the nation’s financial were acknowledged for their active
landscape. Distinguished guests “Participation” in the competition.
and speakers like Mr. Suresh Shah,
Chairman of CTC Ltd and Head of
the SOE Restructuring Unit of the Future Outlook
Ministry of Finance, graced the
occasion. Mr. Brian Blood, CEO of Looking ahead to 2024, APFAFL is optimistic about focusing on revitalizing the MPFM
the Confederation of Asia Pacific programme, tackling training backlogs, and advancing professional development
for public servants. Reflecting on 2023, our dedication to promoting excellence in
public financial management remains steadfast. We extend sincere thanks to our
members, partners, and stakeholders for their unwavering support, anticipating both
opportunities and challenges as we strive for excellence.

66 CA Sri Lanka Integrated Annual Report 2023