Institute news
CIMA president speaks at Sri Lanka and India events
During his visit to Sri Lanka in January, CIMA President and Chair of the Association of International Certified Professional Accountants Amal Ratnayake, FCMA, CGMA, spoke at a dinner for Institute members and at a large-scale graduation event at Colombo's Bandaranaike Memorial International Conference Hall. Later in January he met members and spoke at a CIMA graduation event in Bangalore, in southern India.
At an Oracle CFO roundtable in Sri Lanka, Ratnayake described how the role of finance is being reimagined, using examples from his role as CFO at The Official Community Corporation, a Canada-based online event-driven brand management company for established recording artists.
He said that disruption need not be intimidating: "In fact, with CIMA and the Association at the helm, CFOs ... are better positioned to embrace change and lead our businesses, organisations, communities — and Sri Lanka — to prosperity."
Ratnayake met with the governor of Sri Lanka's central bank, professor W.D. Lakshman, D.Phil. Their discussion included how financial literacy could be enhanced in Sri Lanka, and CIMA initiatives to ensure its members stay relevant in the era of rapid technological change.
He also spoke to more than 200 students at Sri Lanka's largest CIMA tuition provider, Wisdom Business Academy in Colombo, and met leading employers.
On 16 January, Ratnayake rang the Colombo Stock Exchange bell to open the day's trading and as a mark of CIMA's centenary.
Warsaw welcome for members and students
Institute Deputy President Nick Jackson, FCMA, CGMA, welcomed new CIMA members and recognised high-achieving students at the annual 2019 CIMA Awards Night and Christmas Party in Warsaw in December.
Jackson told members and students: "We're more than accountants. We need to be much more in the era of digital. ... It's really important that we recognise the evolution of our institution so that we thrive into the next 100 years — not just thinking what it was but what it will be."
He was joined by other guests of honour: the UK's ambassador to Poland Jonathan Knott, FCMA, CGMA (see "Relationship-Building Advice From a Career Diplomat", FM magazine, Dec. 2019); and Marek Szydlowski, vice-chair of the American Chamber of Commerce in Poland.
Finance Transformation: The Human Perspective
Using a global survey and case studies of good practice from leading global organisations, joint research by the Association of International Certified Professional Accountants and KPMG International looks at whether, in an increasingly digital world, the people perspective is being neglected as businesses transform their finance functions.
The research — Finance Transformation: The Human Perspective — involved 678 senior finance and HR professionals from 44 countries. It can be read at insights.cgma.org.
The CGMA Competency Framework
The Association of International Certified Professional Accountants has recently published a guide to using the updated 2019 CGMA Competency Framework and spreadsheet tool, together with explanatory videos to implement competency improvement.
The updated CGMA Competency Framework expanded the previous four skill areas to five: technical, business, people, leadership, and digital. It is designed to help employers and finance professionals understand the knowledge and skills needed for management accounting roles.
The guide, tool, and videos can be found at cgma.org.
Important changes to Members in Practice Rules
CIMA's Members in Practice Rules have changed. The updated rules came into effect on 1 March 2020. Please see the Members' Handbook (available at cimaglobal.com) for a copy of the rules and further information.
Why have the rules been updated?
Anti-money-laundering supervisory bodies, such as CIMA, have been informed by the Office of Professional Body Anti-Money Laundering Supervision that they must improve the effectiveness of their supervisory processes. Updating the Member in Practice Rules is part of that work. The changes will impact all members working in practice, as well as any members providing accounting services, even though not registered as a member in practice.
In the past, CIMA has sometimes found it difficult to take swift or effective steps to deal with the small number of noncompliant members. The changes to the rules are designed to streamline and strengthen CIMA's regulatory powers, enabling it to give better support to the great majority of members who work within the rules.
Members who do not comply pose a risk to the public and harm the reputation of all CIMA members. For members to retain the confidence of the public, it is vital that CIMA has regulatory processes that are fit for purpose.
What are the key changes?
Rules 6 and 8 set out the key regulatory requirements for members in practice. Should a member not meet those requirements, we will notify them that they have a further 28 days in which to comply. Under the new rules, failure to comply within that timeframe could result in one or more adverse consequences:
- Cancellation of a member in practice application or renewal application;
- A fixed financial penalty;
- Suspension of the member's practising certificate; and
- Referral into CIMA's disciplinary procedures.
Any member whose practising certificate is suspended or withdrawn must immediately stop holding himself or herself out as a member in practice and using the Institute's logo.
Under Rule 2, as a result of changes to the AML legislation, offering Trust or Company Services has been added to the list of activities included in the definition of accounting services. Any members offering such services will be required to register as members in practice.
CIMA's Members in Practice Panel was consulted on the changes, which were then approved by CIMA's Professional Standards Committee.
CIMA members receive awards
Harpreet Virdee, ACMA, CGMA, managing director of Capita's Polish operations, has been awarded an OBE in the Queen's 2020 New Year's Honours List, predominantly for his charitable work as trustee for the City Sikhs Foundation. Founded in 2010, City Sikhs is a network for British Sikh professionals with more than 7,000 members.
Martin Roberts, FCMA, CGMA, Ph.D., has received a Sheffield Hallam University Vice Chancellor's Award for Inspirational Teaching for his work as senior lecturer in accounting and finance at the university. The vice-chancellor's award is made to individuals who have been awarded three times Inspirational Teacher of the Year — a student-nominated and independently judged award that Roberts won in 2013, 2015, and 2019.
Updated CPD regulations have now come into force
In the February issue of FM, members were notified of the upcoming changes to the regulations governing CPD. These changes came into force on 1 March 2020.
All members are required to undertake CPD, which is an important part of the guarantee of professionalism that CIMA membership imparts. To ensure that our CPD monitoring remains robust, fair, and targeted, Regulations Part 1 13 — 18 (which govern CIMA's CPD monitoring requirements) have been updated.
So that you are aware of the changes and how they impact you, please read the updated Regulations and further guidance in the Members' Handbook (available at cimaglobal.com).
Undertaking CPD and being monitored for compliance is what sets professional accountants apart from the unqualified or unregulated. Please ensure that all your contact details are up to date with CIMA so that we can contact you should you be selected for CPD monitoring. If you are selected, you must submit your record to CIMA using the Competency and Learning website (available at competency.aicpa.org) or confirm you work for an accredited employer (visit cimaglobal.com).