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CA Sri Lanka

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What is CPD?

Continuing Professional Development (CPD) is the means by which members of respective professions develop, maintain, improve and broaden their knowledge and skills and develop the personal qualities required to uplift their professional development.

CPD is a platform which provides continuous development of professional knowledge, in the form of skills, values, ethics and attitudes, and the competence necessary to improve the knowledge required in career development.

CPD enables professionals to ensure that their knowledge, skills and practices are current, complete and adequate for the roles being performed. CPD is also a way forward to ensure personal career development through more advanced learning activities.

CPD is a lifelong process that should be planned by considering both current and future skills required in those respective professions.

Within this definition, multiple purposes of CPD can be observed:

  • CPD helps to enhance knowledge and skills and be up-to-date in your career.
  • CPD improves and broadens knowledge and skills and supports future professional development.
  • CPD develops personal qualities and skills necessary to execute professional and technical duties.

Correct professional values, ethics and attitudes that are characteristic of a professional act is the foundation for professional competence. Professional knowledge relates to those topics that make up the subject of accountancy as well as other business disciplines, all of these, constitute the essential body of knowledge for professional accountants.

Professional skills are the ability required to apply professional knowledge, professional values, ethics and attitudes appropriately and effectively within a professional context.

Is CPD compulsory for all Institute members?
Globally, IFAC requires all member bodies, to ensure that their members develop and maintain competence relevant and appropriate to their respective work and professional responsibilities. Therefore CPD is compulsory for all members of the Institute. Members should also ensure they are on par with their fellow accountants across the globe.

What is the minimum CPD requirement?
The minimum CPD required by the Institute is set out below. Members are required to comply with both the annual and the three-year rolling requirement.

Annual requirement 3 year rolling requirement
Verifiable 10 60
Non-Verifiable 10 60
Total 20 120

Annual and three year rolling CPD requirements:
CA Sri Lanka members are expected to cover the requirements below:

  1. A minimum of 20 CPD hours every year and
  2. A minimum of 120 CPD hours in every rolling 3-year period of which 60 hours or equivalent learning units should be verifiable.

CPD for Fellowship
All members of the Institute applying for Fellowship are required to be fully compliant with the CPD guidelines of the Institute. A minimum of five years of work experience after admission to Associate Membership is required for admission to Fellowship and 120 completed CPD hours. The assessment process for Fellowship will include a review of compliance with CPD requirements for the preceding five year period.