CMA SRI LANKA AND SAFA HOST INTERNATIONAL SEMINAR ON ELECTRICITY SECTOR COST MANAGEMENT
The Institute of Certified Management Accountants of Sri Lanka (CMA Sri Lanka), in collaboration with the South Asian Federation of Accountants (SAFA), hosted an international seminar on ‘Implementing Cost Records, Cost Accounting and Cost Audit for the Electricity Sector in South Asia’ on 12 October at the Taj Samudra, Colombo.
The seminar brought together finance, accounting, energy and regulatory professionals from Sri Lanka, India, Pakistan and Bangladesh to explore how effective cost management can improve electricity-sector efficiency, financial accountability and pricing.
The inaugural session featured welcome remarks by Prof. Lakshman R. Watawala, President of CMA Sri Lanka, followed by an address by Mahendra Jayasekera, Chairman of the CMA Sri Lanka Cost and Management Accounting Standards Board (CMASB), on cost accounting standards, records and compliance. SAFA President Mohammed Humayun Kabir shared regional perspectives on financial transparency, operational efficiency and competitive pricing.
The keynote address, delivered by Damitha Kumarasinghe, Director General of the Public Utilities Commission of Sri Lanka (PUCSL), examined electricity-sector restructuring, regulatory oversight and the pursuit of greater productivity and least-cost supply.
Technical sessions explored mandatory cost records, cost accounting and audit practices, drawing on experiences from South Asian countries. Presentations examined the relevance of cost audits in electricity distribution, costing across thermal power, fuel, coal, hydro and renewable energy, and the role of cost control in power generation and tariff setting.
Sri Lankan experts focused on generation-sector costing and the cost and pricing structures of electricity distribution, highlighting the importance of accurate cost information in improving efficiency and protecting consumer interests.
The programme also featured a presentation on INSCOST, a cost management, governance, disclosure and assurance framework for India’s insurance sector, broadening the discussion on cost accountability across industries.
A panel discussion brought together industry and regulatory representatives to examine practical challenges in implementing effective cost management frameworks. The seminar concluded with a valedictory session focused on the way forward for the electricity sector, featuring Special Guest of Honour Prof. Lalith Chandralal, Chairman of PUCSL, and reflections from regional accounting and regulatory leaders.
The forum highlighted the importance of transparent cost accounting, effective regulatory oversight and disciplined expenditure management in improving power-sector performance, supporting competitive tariffs and reducing energy-cost pressures on businesses and consumers.
