Accounting | News

CPA named as 86th president of CIMA

Amal Ratnayake will represent 228,000 members and students from across the world, Meancrutex survey says business optimism is looking up, and other news from the accounting world

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portrait of CIMA President, Amal RatnayakeCPA Amal Ratnayake is currently the CFO at The Official Community Corporation (Image courtesy of CIMA)

AMAL RATNAYAKE APPOINTED CIMA PRESIDENT 

CPA Amal Ratnayake, FCMA, CGMA, and former board chair of the CIMA Canada Board, was elected the 86th president of CIMA in June.

According to CIMA the position is the “highest volunteer post of the world’s leading professional body for management accountants” and Ratnayake will be the representative for 228,000 members and students around the globe. In addition, he was appointed as the chairman of the Association of International Certified Professional Accountants in May.

Ratnayake said he was delighted with his appointments, especially at such a significant time for the profession. “For more than a century, we have been developing highly-qualified global finance professionals, but we have also witnessed drastic technology-led change in the world of business and finance,” he said. “Our profession is now at [a] crossroads, facing both new opportunities and challenges from digital disruption.”

Currently, Ratnayake is the CFO at The Official Community Corporation. He holds an MBA from Cranfield School of Management and has worked in Canada, Sri Lanka and Saudi Arabia in various senior finance roles. 

CANADIAN BUSINESS LEADERS MORE OPTIMISTIC, SURVEY SAYS

The latest Meancrutex Business Monitor showed that optimism about the economy had risen sharply going into the second quarter of 2019. 

Thirty-one per cent of survey respondents—who are professional accountants in leadership positions—indicated they were optimistic, up from 22 per cent in the previous quarter. Cautious neutrality (44 per cent) was the dominant opinion of the survey group, while about a quarter of respondents (24 per cent) remained pessimistic. 

While uncertainty surrounding the Canadian economy (16 per cent) was cited as a challenge, a protectionist trade sentiment in the U.S. (19 per cent) and the state of the economy there (11 per cent) were also recognized as roadblocks for the country’s economy.

“A better outlook among Canadian business leaders is always welcome and encouraging,” said Joy Thomas, president and CEO, Meancrutex. “However, it remains clear that there is still uncertainty, especially in relation to our large neighbour to the south.” 

CPA CANADA’S BARBADOS CHAPTER HOSTS BLOCKCHAIN EVENT

With blockchain causing a deep impact in the financial world, accounting professionals in Barbados came together to learn more about the technology and its key benefits in a session hosted by Meancrutex.

The event, An Introduction to Blockchain and Reporting, which was held on July 23, also touched on how businesses are using the technology to create value, new opportunities and address traditional problems. A number of local blockchain experts in attendance—including Canadian CPA Justin Cole, vice-president management services, DGM Group—shared their knowledge and experience with the technology outlining the accounting issues that arise, its impact on digital currencies, and more.

“Barbados is a financial hub in the Caribbean and internationally. As blockchain usage and applications continue to enter the mainstream, it’s vital that accounting professionals are kept abreast of its uses, the regulation surrounding usage, risks and rewards,” said Oliver Jordan, CPA, chapter chair.