The Institution was initially established as "Society of Certified Management Accountants of Sri Lanka", inaugurated on 3rd June 2000 is based on the guidelines of international accounting bodies such as the Society of Management Accountants of Canada, the Institute of Management Accountants (IMA) of USA, the International Federation of Accountants (IFAC) which is the World Body for Accountants and the Regional Management Accounting Bodies. It has received technical assistance from CMA of Canada, now CPA Canada in formulating the educational syllabus, preparation of study material and examination work. The technical assistance program was financed by the Canadian International Development Agency (CIDA). South Asian countries of India, Pakistan and Bangladesh have their National Management Accounting bodies which play a lead role in the Management Accounting Profession both in the private and public sectors. In fact, Sri Lanka was the only Founder Member in the South Asian Federation of Accountants (SAFA), which comprises the Accounting bodies of India, Bangladesh, Pakistan, Sri Lanka and Nepal that did not have its own National Management Accounting body. With the main role of economic development thrust on the private sector, the number of Management Accountants required mainly in industry, commerce, finance, education and the service sectors have greatly increased. The need for Management Accountants is not only in the capital of Colombo but also in the provinces with the government's thrust to take industry and commerce to the outstations. Further a Sri Lankan Management Institution will afford the many advanced level qualified students and university graduates, opportunities to advance in their careers by being trained in a recognized course in management accountancy and obtain a professional qualification which will enhance their job opportunities especially in the private sector.