ICASL recognised by Europe's largest accounting body

The Institute of Chartered Accountants of Sri Lanka (ICASL), the country's national accountancy body, has been recognised by the Institute of Chartered Accountants of England and Wales (ICAEW) for its professional stage examinations, after completing a review of its arrangements for credit.

Members of the ICASL now need only to complete an aptitude test, the ICAEW's advanced stage and relevant training to obtain membership to the UK's most prestigious accounting body.

After passing the aptitude test which addresses the differences between Sri Lankan and UK Tax, Audit and Law and the ICAEW's advanced stage, ICASL members who complete a three-year training contract in an ICAEW approved training office will posses a qualification recognised worldwide, easily enabling them to gain practice or engage in business anywhere in many parts of the world.

Under the extended recognition granted to ICASL, members will receive credit for Accounting, and will also be eligible to claim five additional credits in Business Finance, Business Management, Financial Reporting, Audit and Assurance, and Taxation. Credit for the Taxation and Audit and Assurance papers is dependant on the completion of the Tax and Audit elements of the ICAEW's aptitude test.

Credit for the Financial Reporting element of the aptitude test will be available to members of the ICASL. The ICASL is hopeful of getting further exemptions under the new examination structure.

The President of the ICASL, Indrajith Fernando said: "This recognition is very important for ICASL members as it widens the opportunity for Sri Lankans to practice or get involved in business, specially to over 25% of the membership already in many parts of the world. It is a reflection of the high standards set by the ICASL and its continuing commitment to offer its members an opportunity to be recognised in the international arena."

He said the arrangement with ICAEW was reciprocal, enabling the ICAEW members to become members of ICASL subject to completing the Tax and Law papers.

The two institutes are also examining possibilities for further cooperation and other areas for mutual recognition. ICASL has re-affirmed its wish to work with ICAEW on promoting the latter's IFRS

(International Financial Reporting Standards qualification) and Corporate Finance qualification in Sri Lanka.

The ICASL has also asked ICAEW to consider offering both the Aptitude tests and the Advanced Stage in Sri Lanka. This would give ICASL members an opportunity to gain an international qualification locally.