Reflections The official digest of CIMA Sri Lanka Issue 1 2020 CIMA turned 100 in 2019!

Let’s reflect on CIMA’s glorious history.

CIMA was first established as The Institute of CIMA has adapted through the years to Cost and Works Accountants in 1919. Starting stay relevant to member needs, and a from only 17 members, the Institute reached an significant number of these changes active base of 1,000 members by 1936. It opened happened over the last decade. In 2012, its first international office in South Africa in 1955, CIMA introduced the Chartered Global subsequently appointing an Overseas Affairs Management Accountant® (CGMA®) Committee to advise on its development as an designation in partnership with the international body. American Institute of CPAs (AICPA).

The Institute gained the Royal Charter in 1975 Five years later, CIMA and AICPA joined and changed its name to The Chartered Institute together to form The Association of of Management Accountants, reaching an active International Certified Professional member base of 50,000 merely 13 years later. Accountants (The Association), the largest Today, CIMA has over 237,000 members and and most influential professional students worldwide, and operates in 177 accounting body in the world with over countries. 650,000 members in 179 countries.

Centenary celebrations in Sri Lanka

We commenced our centenary celebrations in February 2019, with the centenary cocktail held at Cinnamon Grand Colombo. The occasion was graced by CIMA President 2018 - 2019 Steven Swientozielskyj FCMA, CGMA along with the participation of Past Presidents, Corporate Partners and our members. The celebrations Honoring our pioneer member Centenary cake being cut by Prof. Furkhan Prof. Furkhan and President Steven included the launch of CIMA Sri Lanka’s corporate partners and recognition of the contributions made by CIMA Sri Lanka’s pioneering members. The occasion also saw the official induction of Ms. Manohari Abeyesekera as the Chairperson of the Country Network Panel for the year.

Recognition of Global Council and Corporate Partners 2019 Association Board / RAP representatives Amal Ratnayake FCMA, CGMA Rifka Ziyard FCMA, CGMA CIMA President Chair - CIMA Sri Lanka Network Panel 2020 I am so proud of the vibrant CIMA community in Sri Lanka It is with profound pleasure that we launch ‘Reflections’ and I extend a that is supported by so many activities and engagement events warm welcome to the readership. The year 2019 was a special year for organized by the local CIMA chapter. In fact, this community of CIMA being the ‘centenary year’ and we are pleased to recollect the CIMA members and students is the largest outside of the UK, and significant moments from 2019. My sincere appreciation to Ms. Manohari I am privileged to have my roots here in this lovely country. Abeyesekera, immediate past chair and the rest of the members of the I started my first accounting job here, and because of my CIMA Country Network Panel, the members of the sub committees together with qualification, it has taken me to many places around the world the CIMA Sri Lanka office staff led by Ms. Zahara Ansary, Country Manager, where my career has flourished. Today, I have settled in Toronto, on the efforts made throughout the year to make 2019 a vibrant centenary but Sri Lanka always holds a very special place in my heart. I’m year. immensely grateful to have had the opportunity to visit Sri Lanka The members of the Country Network Panel together with the CIMA in my capacity as President of CIMA in January this year. Sri Lanka staff are excited of the activities/events we have lined up for the In addition to serving as President of CIMA, I am also Chair of year 2020. These will enable our members to keep pace with the changes the Association of International Certified Professional and avail opportunities to upskill. Further, we will focus on providing Accountants, which brings together the members of CIMA and assistance to CIMA students and exam completes to enhance their the American Institute of CPAs (AICPA) as the most influential employability and to provide guidance to achieve success. body of professional accountants. I am keen that our members Over the years, CIMA has produced many high performers, who hold the and students in Sri Lanka continue to thrive and help their highest positions in the corporate world and we wish to recognize these businesses succeed in these times of seismic change. members who are continuously triumphing in all levels across different In a world that’s changing so fast mainly because of technology, industries. Our efforts will focus on the evolving needs of the corporate CIMA will continue to reinvent and reimagine the future. We are world and to assist our members to meet such expectations. committed to keeping all our members and students at the While we reminisce the past year, we look forward to another momentous forefront of cutting-edge skills that are fit for sustainable year which will contribute immensely to our members, profession and business success. We’ve been around for 100 years, and we society as a whole. envisage that the next 100 years will be challenging but exciting as we continue to fulfil our promise of powering trust, opportunity and prosperity for everyone.

Manohari Abeyesekera FCMA, CGMA Zahara Ansary, ACMA, CGMA Immediate Past Chair - CIMA Sri Lanka Network Panel Country Manager CIMA Sri Lanka It is with pleasure that I pen these words on the inaugural CIMA 2019 saw a flurry of activity at CIMA, in lieu of the Centenary year. Launching Reflections. the year with the Centenary Cocktails, we’ve completed many Centenary CIMA being the leading management accountancy body in the Pledge activities in the past year in addition to our flagship, member diversity, world, has evolved over the years to remain as a prestigious collaborative and CPD events. 2020 had a great start with our President management accountancy qualification. 2019 was a special year Amal Ratnayake’s visit to Sri Lanka. This digest has been created specifically for CIMA, as we celebrated our Centenary. On this milestone, CIMA to update you on such activities conducted and to encourage you to be Sri Lanka is doubly proud as the current CIMA Global President engaged with CIMA. Mr Amal Ratnayake is also a fellow Sri Lankan. In February 2019, We understand that remaining relevant in times of significant change is CIMA in Sri Lanka celebrated its Centenary at a gala ceremony at important. Being a part of The Association of International Certified Cinnamon Grand which was patronized by our members, where Professional Accountants (The Association), powered by CIMA and the we also recognised our Corporate Partners. American Institute of CPAs, we bring to you the opportunity to keep Our Member Engagement Sub Committee had a successful Quiz yourselves updated with our various CPD events that will help you succeed. held at Next Innings, Dutch Hospital in August followed by our An exciting new career portal www.mycareer.aicpa-cima.com has just been flagship CIMA Business Leaders’ Summit organised by the Member launched featuring tools on résumé writing and interview coaching, as well Development Sub Committee in September at Shangri - La. The as career advice, including how to determine your worth or ways to better Stakeholder Relations Sub Committee partnered with Sri Lanka advocate in the workplace. Telecom in organizing a CXO Forum in October 2019. In November, Our exam completes are encouraged to obtain their membership soon to be the CIMA Engagement Sub Committee took our members on a a part of the CIMA family which entails event invites and a variety of visit to the Yala National Park. Our Student Development Sub opportunities to reskill and grow. They as well as ACMAs hoping to be Committee embarked on an internship program, providing FCMAs now have additional support available at the local office. Reach out opportunity to our young students to be employed in prestigious to [email protected] for details. organizations. This year too, we will have exciting events and activities for the CIMA CIMA had also taken steps to celebrate important national events, community in Sri Lanka. Check your emails and the CIMA Facebook page to celebrate diversity amongst our membership - Ifthar, Poson, regularly for more updates. Christmas in 2019 and Thai Pongal in 2020. I trust that our members, both young and old would enjoy this update and continue to reach out to us. Contributing to the global dialogue

As the country hosting the largest concentration of CIMA students and members, outside the UK, we are extremely proud to present Sri Lankan CIMA members who are contributing towards the development of the global accounting profession by serving on the CIMA Council, the Board of the Association of International Certified Professional Accountants and the Association’s Middle East, South Asia and North Africa (MESANA) Regional Advisory Panel.

Obtaining CIMA membership in 1993, Ratnayake served on the CIMA Canada Board and was appointed Board Chair in 2012. From 2013 - 2017 he served as CIMA Council representative for the Americas, and chaired CIMA Global Markets Committee from June 2015 to December 2016.

In 2017, he joined the of the Association of International Certified Professional Accountants. Ratnayake is a globally reputed transformation leader and strategic CFO, with an established track record in driving financial and structural transformation in businesses.

He is currently the CFO at The Official Community Corporate, an online event-driven brand management company for established recording artists. He holds an MBA from the Cranfield School of Management.

Amal Ratnayake FCMA, CGMA CIMA President, Association of International Certified Professional Accountants Board Chair and Management Accounting Board Chair.

Melanie J Kanaka FCMA, CGMA Suresh R.I. Perera FCMA, CGMA Shahan Peiris FCMA, CGMA Head, Finance and Administration at World Bank Principal, Tax & Regulatory, Head, Credit Risk Management Services, (Sri Lanka and Maldives) KPMG Sri Lanka Citi Bank CIMA Global Council Member, CIMA CIMA Council Member. Association of International Certified Professional Standards Committee Chair, Professional Accountants MESANA Association of International Certified Regional Advisory Panel Member. Professional Accountants Board Director.

Rifka Ziyard FCMA, CGMA Manohari Abeyesekera FCMA, CGMA Director - Tax & Regulatory, Director KPMG Sri Lanka Hayleys Group Services / Fentons Limited CIMA Network Panel Sri Lanka Chair CIMA Network Panel Sri Lanka and Association of International Certified Immediate Past Chair, Professional Accountants MESANA CIMA Global Member Engagement Regional Advisory Panel Member. Committee Member.

CIMA Sri Lanka Network Panel 2020

Seated (L to R) – F X Ranjit Pereira FCMA CGMA, Rifka Ziyard FCMA CGMA (Chair), Amal Ratnayake FCMA CGMA (CIMA President), Manohari Abeyesekera FCMA CGMA (Immediate Past Chair) and Asitha Jayamaha ACMA CGMA (Vice Chair)

Standing (L to R) – Mahesha Amarasuriya FCMA CGMA, Chamila Cooray FCMA CGMA, Rajeev Aloysius FCMA CGMA, Venkkat Ramanan FCMA CGMA (Regional Vice President), Reshahn Uzman ACMA CGMA, Prashani Illangasekera ACMA CGMA and Zahara Ansary ACMA CGMA (Country Manager) CIMA President's visit 2020

CIMA Top 20 employers

1. MAS Holdings Private Ltd 2. Central Bank of Sri Lanka 3. DFCC Bank PLC 3. John Keells Holdings PLC 5. Hayleys PLC 6. Ernst & Young Sri Lanka 7. WNS Global Services Private Limited 8. KPMG Sri Lanka 8. National Development Bank Plc 10. Dialog Axiata PLC 11. HSBC Sri Lanka 12. Brandix Apparel Limited 12. Pricewaterhouse Coopers Sri Lanka 14. HSBC Global Service Centre Sri Lanka 15. Acuity Knowledge Partners 15. Hemas Holdings PLC 17. PLC 18. Aitken Spence PLC 19. Bank Sri Lanka 20. 20. Commercial Bank Of Ceylon PLC 20. Sri Lankan Airlines Limited Member engagement 2019

Sri Lanka Forward forum CIMA Centenary pledges Art camp and sing-along session at SERRIC CIMA Sri Lanka together with Celebrating ethnicities and cultures Acclivity Training and Leo Burnett The CIMA team in partnership with Bharti CIMA in Sri Lanka will organize multiple held a forum in June themed ‘Sri Lanka Airtel Lanka, Atlas Sri Lanka, Nations Trust cultural activities in celebration of our Forward’ addressing how businesses Bank, Ceylon Biscuits Limited, Senaratne centenary year as well as in recognition can recover post the Easter Sunday Insurance Brokers Pvt Ltd, HNB Assurance PLC of our member diversity. attacks. Governor of the Central Bank of and contributions from a few members, held Sri Lanka, Dr. Indrajit Coomaraswamy an art camp and sing-along session for the Poson as well as Ifthar celebrations were delivered the keynote address and Major children at SERRIC, which is also known as held at CIMA with the active participation of General G.V Ravipriya presented an update Senehasa and is managed by the Sri Lankan our members and students. These events on the country’s security situation. This was Army, providing educational and recreational give participants a chance to experience followed by a panel discussion moderated support to special needs children. by Ms. Kasturi C. Wilson, FCMA, CGMA - different cultures and ethnicities. MD, Hemas Pharmaceuticals Pvt Ltd, Techkids code club Hemas Surgical and Diagnostics Pvt. Ltd. CIMA Quiz Night 2019 and Hemas Logistics and Maritime Cluster. The Techkids Code Club was held in June, in Organised by the Member Engagement The event included the following panellists: partnership with SLASSCOM, as one of our Committee, and chaired by Mr. Asitha Jayamaha Centenary pledges. The initiative featured a Dr. Parakrama Dissanayake - Deputy this was a resounding success with teams ‘Train the Trainer’ session, where volunteer Chairman & Managing Director, Aitken battling it out on a night of much fun and Spence. CIMA members were trained followed by two learning. The Quiz was held on the 15 th sessions for the children of CIMA members Mr. Vipula Gunatilleka, FCMA, of August with a full house at Next Innings CGMA - Group CEO, Sri Lankan Airlines. and saw the result of active contributions from with over 130 participants representing member volunteers, namely Mr. Mohamed Mr. Sanath Ukwatte - President, The Hotels 23 teams. Association of Sri Lanka. Shafraz, Mr. Sanjeewa Gurusinghe,

Mr. Mohan Senaratne and Mrs. Zairaa Kaleel. Mr. Shanil Balasuriya – Director / Team ‘Riddler and the Henchmen’ represented Co-Founder, SPA Ceylon. Blood donation drive by Yushan Gunathilake, Mohammed Rikaz, Mr. Abbas Kamurdeen - Chairman, Sameera Malinda, Navaka Navaratne, Federation of Information Technology, th Sri Lanka. This was held on the 25 of June at Nirmal Jayawardana and Nafii Najab, the CIMA premises. The event was well all employees of Dialog Axiata PLC emerged Mr. Sharang Pant – Managing Director, Nielsen Sri Lanka. attended, with volunteers donating 63 victorious. pints of blood. Mr. Chevaan Daniel, Executive Group Director, Capital Maharaja Organization. The Quiz was conducted in collaboration with Next Innings.

Sri Lanka forward forum Ifthar event Centenary pledge event at SERRIC

Sri Lanka forward forum Tech kids code club Quiz Night

Poson Dansal Blood donation campaign Quiz Night Member development 2019

Banking and finance sector Fireside chat

An event named ‘Banking & Finance - The Fireside Chat 2019 with foreign envoys, Other CPD Programmes held Technological Advancements: Opportunities organised by CIMA, ICCSL and Daily FT was held Make an impact with artificial and Challenges’ was held on the 12th of March on the 19 th of March, featuring a closing session intelligence and machine learning 2019 at the CIMA Auditorium. The session with Hon. Prime Minister Ranil Wickremasinghe - Series held in association with Linear Squared featured presentations by Peter D’Almeida and businessman Dammika Perera, on the key - Managing Director and CEO of N-able on challenges and opportunities facing Sri Lanka. Indirect tax implications on ‘Global technological advancement trends The event featured honorary representatives financial services in banking and finance and opportunities from the UK, China, EU, Bangladesh, Malaysia, Art of fraud for Sri Lanka, and Thilak Piyadigama - CEO Indonesia, Netherlands, Canada, Turkey Advanced Microsoft Excel for of on and Switzerland. data analytics ‘Technological developments in Sri Lankan CIMA directors’ annual banking and finance industry – Volatile, Uncertain, Complex tax forum 2019 opportunities realised and challenges faced’. and Ambiguous (VUCA) times The presentations were followed by a Accounting and tax aspects of islamic finance vibrant panel discussion moderated by This was organised to support members - Held in association with AAFI LOLC Group Chief Information Officer following Easter Sunday to encourage Conrad Dias FCMA, CGMA. Lanka Clear ethnic harmony in their organisations, CIMA forum on budget highlights Chief Executive Officer Channa de Silva and engage in constructive conversations and Chief Operating Officer/Chief aid emotional disclosure. The session was The best version of you Information Officer Rohan Muttiah, contributed conducted by Rozaine Cooray, BSc, PgDip, Leadership during VUCA times their valuable insights as panelists. MSc, Organizational Psychologist, Founder – Forté Consultancy, and included a RPA and the future of finance Navigating credit risk discussion on leadership and decision Speechcraft making during VUCA times, awareness of our Discussing the emerging trends in Risk Women, career & professionalism own biases and enabling growth in teams Management and harmonization of BASEL and families among others. This event was International tax Credit Risk Management with SLFRS 9, the held free of charge to provide counseling The top 10 skills you’ll need In 2020 local financial standard equivalent to the IFRS, for our members. this was a timely topic to discuss the challenges faced by the financial services sector.

Banking and finance event Fireside chat Fireside chat

Credit risk event Forum on budget Fireside chat

Credit risk event Top 10 skills for 2020 Counselling session CIMA Business Leaders’ Summit 2019

CIMA’s flagship event in Sri Lanka, the annual Leading the shift over 100 years Transformation of the economic, CIMA Business Leaders’ Summit, was finance and business landscape concluded successfully on the 4 th and 5 th Hindustan Unilever CFO and Executive of Sri Lanka of September at Shangri-La Colombo. The Director Finance and IT Srinivas Phatak, summit which was organized by the commented on how Unilever had survived SDB Bank PLC Chief Executive Officer Thilak Member Development Committee of the the test of time through an ongoing focus Piyadigama and Lanka Clear Ltd. CEO / Country Network Panel, headed by on its strategic priorities which were aimed General Manager Channa De Silva discussed Ms. Rifka Ziyard, was held under the timely towards holistic and shared value creation. the transformation and digital disruption theme — ART of leading the shift: This was followed by a panel discussion. taking place in the financial services sector. Adaptability, Resilience and Transformation. Towards an era of modern leadership Transformation - the path to achieving the extraordinary The inauguration was held under the The key presentation was delivered by UCL patronage of Chief Guest — State Minister Director and Boston Consulting Group This session featured 5 presentations on of Finance, Eran Wickremaratne and Guest Malaysia Senior Partner / Managing Director emerging and disruptive technologies and of Honour — Sarah Hulton, British High Zarif Munir who emphasised the need to the opportunities presented to companies Commissioner to Sri Lanka. In his address, develop leadership capabilities in in transforming their business models and Minister Wickremaratne highlighted the withstanding disruption and embracing stakeholder value propositions. importance of the general public change. Two more presentations followed, demanding accountability from those in one by Alyna Haji Omar on empowering ART of leading the shift - power and emphasised the need for women and the other by a panorama view substantial reforms in the public sector. Aritha Wickremasinghe on building This session consisted of a panel discussion inclusive leadership. The keynote address was delivered by featuring 5 leading entrepreneurs and Mr. T.V.T Chari, former CFO at Axiata Group Professional negligence and the business personalities in the country who Bhd and focused on digital disruption and Accountancy profession discussed their respective success stories transformation required in business with focus on aspects such as strategy, President’s Counsel Dr K Kanag Isvaran, models, driving innovation and success. management styles, culture, people and spoke on the principles underlining liability processes. arising out of professional negligence, with The thought leadership sessions were held a special focus on the Accounting and on the 5 th of September with contributions The event also saw the launch of an RPA Auditing profession. from over 20 visiting and local speakers center of excellence by CIMA in collaboration representing diverse industries. Most with UI Path and Eguardian Lanka. sessions comprised of a presentation followed by a panel discussion. Members on the move

Our members continue to be at the forefront of Sri Lanka’s corporate sector, leading and transforming organisations. Key member appointments in recent times include the following:

Ms. Aroshi Nanayakkara Mr. Channa Gunawardana Non-Executive Director Chief Executive Officer PLC Dankotuwa Porcelain PLC

Mr. Clive Rodrigo Mr. Dinesh Weerakkody Managing Director / Country Manager Non-Executive Director Bata Sri Lanka Abans Retail Holdings

Mr. Gihan Cooray Mr. Manjula De Silva Deputy Chairman Secretary General and CEO John Keells Holdings PLC Ceylon Chamber of Commerce Sri Lanka

Mr. Nilam Jayasinghe Mr. Rasitha Gunawardana Non-Executive Director Chief Executive Officer / General Manager Bank of Ceylon People's Bank

Ms. Sherin Cader Mr. Sriyan de Silva Wijeyeratne Director Chairman PLC Employees' Trust Fund Board Sri Lanka

Mr. Suren Fernando Mr.Vipula Gunatilleka Chief Executive Officer Chief Executive Officer MAS Holdings Sri Lankan Airlines

Opportunities to lecture

We have ten CIMA registered tuition providers at present. There are many interested colleges awaiting to offer the CIMA professional qualification, looking for CIMA members with the best lecturing talent, specially to teach the Cert BA level. If you are interested in being actively engaged as a lecturer, either full time or part time, helping our students progress in their studies, do let us know! If you're interested, email your CV to: [email protected] Important messages to our CIMA fraternity

Members Exam complete students Students Professionals across all industries are Obtain your ACMA, CGMA designation Completing each level of the CIMA recognizing the need to embrace a by attending the Zoom Face to Face qualification opens up improved career mindset of life-long learning. We interview assessments. This method, opportunities. Gaining the CGMA regularly organize quality, CPD where exam complete students meet an designation will also give you a head start programs that enhance the knowledge assessor to discuss their application, in the corporate world. We provide online and skills of our members. We hope you happens to provide feedback and results revision sessions as well as industry make use of the new virtual CPDs on on the same day. analysis for case studies. Speak to us to offer at www.cgma.org help you progress.

CIMA 2019 syllabus update Corporate business leaders challenge Developed based on the Future of Finance research, This competition for working professionals with considering the latest in technology, feedback from an MBA, had teams of four, competing for a employers and 5500 professionals, the updated grand prize of GBP 10,000. This was designed to syllabus has exciting content relevant for future test business acumen, whilst providing a professionals, including digital skills and a fast-track route to success with CIMA. module on Managing Finance in the Digital World.

CIMA toastmasters club High tea for exam complete students The 14 th installation of The Chartered This event saw CIMA qualified business Institute of Management Accountants leaders provide advice and guidance, that (CIMA) Sri Lanka Toastmasters’ Club was encouraged self-development and growth over held in grand style on 31st July 2019 at the monetary gains. Exam complete students CIMA Auditorium in Sri Lanka. Ms. Shanika attending the session were encouraged to obtain Gunasekera, ACMA, CGMA, took over as their CIMA membership, to be considered part president. of the CIMA family. CGMA Leadership Academy

The Global CGMA Leadership Academy was held in Kuala Lampur Malaysia from the 3 rd to the 6 th of September 2019. The intensive four-day programme catered exclusively to ACMAs and focused on strategy, building a succession plan for the accounting profession and self-leadership. Offering multi-faceted benefits to attendees, employers and the profession as a whole, the programme was designed to engage attendees in the discussion of Competency, Context, Collaboration and Community.

The event was officiated by Barry Melancon CPA, CGMA, CEO of the Association and saw the participation of the below CIMA members:

Charini Dass ACMA, CGMA, Damith Pallewatte ACMA, CGMA, Hasheem Samsudeen ACMA, CGMA, Janitha Udawatta ACMA, CGMA, Januka Nanayakkara ACMA, CGMA, Mohamed Fiaz Mohamed Rimaz ACMA, CGMA and Nirodha Ambanpola ACMA, CGMA, were the participants from Sri Lanka who attended the programme.

CIMA CXO Forum

The annual CXO forum held at the Hilton Colombo Residences, was themed as “Thriving in a Digital Economy”, and had a focus on how the inevitable transformation towards a digital economy, would compel CXOs to revamp the strategies they intend to pursue in the business landscape that they operate in.

The keynote speakers at the event were Mr Shyam Govindan and Mr Mayunk Rausaria, partners of Deloitte Touche Tohmatsu India LLP. The panel discussion which was moderated by Mr. Peter D’ Almeida – MD / CEO of N*Able, comprised of Mr. Kiththi Perera – CEO of Sri Lanka Telecom, Professor Chandrika Wijeratne – Vice Chancellor of University of Colombo, Mr. Shiran Fernando - Chief Economist, Chamber of Commerce and Mr. Bhanuka Harischandra – Founder / Chief Growth Officer of Surge Global.

This was organized by the Stakeholder Relations Committee chaired by Mr. Rajeev Aloysius with Mr. Januka Nanayakkara as the Project Lead. CIMA Student Society The Student Society organizes a range of events for the CIMA fraternity throughout the year. These range from Sports to Intellectual tussles and Social events that enable participants to network within the CIMA community as well as put to use some of the things they have learnt through the qualification such as exercises for building character, strategy skills, leadership and teamwork. CIMA Mind Challenge, Sports Day and Catalyst are their key events.

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March 2020 © 2020 Association of International Certified Professional Accountants. All rights reserved. CGMA and Chartered Global Management Accountant are trademarks of the Association of International Certified Professional Accountants and are registered in the United States and other countries. The Globe Design is a trademark owned by the Association of International Certified Professional Accountants. For information about obtaining permission to use this material other than for personal use, please email [email protected]. All other rights are hereby expressly reserved. The information provided in this publication is general and may not apply in a specific situation. Legal advice should always be sought before taking any legal action based on the information provided. Although the information provided is believed to be correct as of the publication date, be advised that this is a developing area. The Association, AICPA, and CIMA cannot accept responsibility for the consequences of its use for other purposes or other contexts. The information and any opinions expressed in this material do not represent official pronouncements of or on behalf of the AICPA, CIMA, or the Association of International Certified Professional Accountants. This material is offered with the understanding that it does not constitute legal, accounting, or other professional services or advice. If legal advice or other expert assistance is required, the services of a competent professional should be sought. The information contained herein is provided to assist the reader in developing a general understanding of the topics discussed but no attempt has been made to cover the subjects or issues exhaustively. While every attempt to verify the timeliness and accuracy of the information herein as of the date of issuance has been made, no guarantee is or can be given regarding the applicability of the information found within to any given set of facts and circumstances.

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