To counter the changing dynamics of the corporate world, and face increasing challenges with the onset of digital disruption, big data, automation and robotics, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), launched a new curriculum in Colombo last week, coinciding with the Institute’s diamond jubilee.
“Today is another milestone in professional education at CA Sri Lanka. I am proud to be a part of that team. We are celebrating our 60th anniversary this year and in this journey, members and all councils and past presidents have made enormous efforts to bring CA Sri Lanka to this standard. We must thank everyone who has worked hard to bring the institute to this level. Today, CA Sri Lanka members are known as a brand of unique and versatile professionals with the ability to steer any business successfully,” President, CASL, Jagath Perera said.
The new curriculum was developed not only to fulfill national demands, but also to benchmark with global standards. Curriculum 2020 outlines how CA Sri Lanka plans to equip young accountants with skills they need for the 21st century.
“Plans are also afoot to make every new member of the Institute a graduate by offering the CA Sri Lanka BSc. Applied Accounting Degree and modalities have been discussed. This will be announced after we finalise arrangements,” he said.
Curriculum 2020 will mould revolutionary Chartered Accountants by instilling strong business intelligence, IT and leadership skills to help revive corporate Sri Lanka, he said.
Chief guest Managing Director/CEO of Cargills Bank and former Chairman of the Ceylon Chamber of Commerce, Rajendra Theagarajah said, “We see an important piece of development and as someone coming from the industry, I am delighted to see the elements of business factored into the new curriculum which I believe will develop a new breed of Chartered Accountants in the future.”
The new curriculum offers three exit routes, the Certified Business Accountant (CBA), Certified Corporate Accountant (CCA), and the Associate Chartered Accountant (ACA).
Chairman of the Curriculum Task Force, Chaaminda Kumarasiri said, “What we aspire to achieve here is to ensure that students who exis any of the three levels are qualified all-rounders and not half-baked products. A student who completes the CBA qualification can engage as an accountant in the SME sector, while a CCA can serve as an accountant in a large organisation. An ACA will not only be CFO compatible in a larger organisation, but also an all-rounder, who will spearhead the success of the organisation as a business leader.
“With the new curriculum, the Institute aims to regain the status quo of the Chartered Accountant by going beyond a traditional number cruncher, to a future ready, trusted business partner. Our primary aim is to develop a curriculum which provides a competitive advantage to the student, making them different from the rest,” he said.
The curriculum is structured around three pillars; Professional Experience, Professional Knowledge and Professional Skills and is offered at Business Level I and II, as well as Corporate Level and Strategic Level. Curriculum 2020 has been developed to meet the increasing demands of employers as well as present and future market needs.
For the first time, the new curriculum offers specialisation in Actuarial Science, Data Analytics, Finance, Taxation, Governance Risks & Controls and Entrepreneurship. The new curriculum also meets International Education Standards (IES) set by the International Federation of Accountants (IFAC), the global accountancy body.
An important feature of the new curriculum is its increasing emphasis on digital technology as well as the introduction of computer-based assessments and availability of an e-learning platform for students. Another highlight of the new curriculum which will come into effect next year, is that it incorporates speech craft, business writing, entrepreneurial and business acumen for the benefit of students following the Chartered Accounting program.