Presentation on theme: "WHAT IS NEW IN THE NEW ICAN PROFESSIONAL SYLLABUS 2014?"— Presentation transcript:
1 WHAT IS NEW IN THE NEW ICAN PROFESSIONAL SYLLABUS 2014? BY ABUBAKAR UMAR FAROUK, ACA LECTURER, DEPT OF ACCOUNTANCY, SCHOOL OF MANAGEMENT STUDIES KANO STATE POLYTECHNIC
2 INTRODUCTIONThe Institute of Chartered Accountants of Nigeria (ICAN) commissioned experts from the Institute of Chartered Accountants of England and Wales (ICAEW) under a project supported by the World Bank to review its professional qualification.
3 INTRODUCTION cont’dThis is in line with its mandate as provided by the Parliament act No. 15 of 1965The Act empowers the Institute, among others, to:Determine what standards of knowledge and skill are to be attained by persons seeking to become members of the accountancy profession; andTo raise those standards from time to time as circumstances may permit.
4 OBJECTIVESTo regulate the profession of accountancy in Nigeria based on the dynamics of the time and in line with the prevailing International standards of the professionTo synchronise ICAN examination syllabus with International Education StandardsTo provide befitting and subsidized learning materials to the Institute’s teeming students
5 OBJ cont’dTo support tuition houses to enable them provide sound trainingTo benchmark itself with the top eight accountancy professional bodies in the world Chartered Accountants Group of Eight (CAGE)Enhance delivery in an increasingly competitive environment
6 THE NEW SYLLABUSThe new syllabus is designed to produce Chartered Accountants equipped with the required expertise to deal with a wide range of complex and often unpredictable issues and situations not only in the Nigerian context but globally.It is designed in the form of learning content and competencesThe syllabus complied with the International Educational Standards and Guidelines issued by the International Federation of Accountants (IFAC)It is made up of three levels
7 THE NEW LEVELSThe foundation Level provides manageable core contents and competencesThe Skills Level emphasises on the application of the acquired knowledge in business situations by further developing and expanding the competences already achieved in the Foundation Level.The Professional Level is aimed at developing students ability and competence to make professional evaluations and judgements on complex business scenarios/situations
8 THE REVIEW PROCESSFull curriculum based review of ICAN ACA Professional QualificationBenchmarking of ICAN syllabus with International comparators and IFAC IES requirementsStakeholders consultations and meetings withEmployersTuition housesTertiary Educational InstitutionsICAN Staff and Members
9 THE REVIEW PROCESS cont’d Desk based review of syllabuses and examinationsWorkshops and conferences forTrain the trainersExaminations setting workshopEducation and Training Directorate workshop
10 CHANGES Syllabus Examinations and assessment procedures Examination Structure and timingLearning materialsTuition provisionPathways to entry
12 LEVELS Levels are reduced from four to three Title of the levels changed to:Foundation Level, Skills Level and Professional LevelCandidates can register for any number of subjects in any level but have to successfully complete a level before jumping to the next level
13 Old Syllabus Structure: 4 Levels 15 Subjects FOUNDATION LEVELINTERMEDIATE LEVELPE I LEVELPE II LEVELFundamentals of Fin acctingCosting & Q TInformation TechnologyPublic Sector Accting & FinCorporate & Biz LawTaxationManagement AccountingFin Reporting & EthicsEconomics & Biz EnvironmentAudit & AssuranceFinancial AccountingStrategic Fin MgtNILBiz Comm. & Res MethodologyAdvanced Audit & AssuranceAdvanced Taxation
14 New Syllabus Structure: 3 Levels 16 Subjects FOUNDATION LEVELSKILLS LEVELPROFESSIONAL LEVELQT in BusinessFin ReportingCorporate ReportingFin AcctingAudit and AssuranceAdv Audit and AssuranceMgt InformationTaxationStrategic Fin MgtBus LawPerformance MgtAdv TaxationBus and FinanceMgt, Gov and EthicsCase Study-PSA and Fin
15 Some Changes in the Syllabus Biz Comm & Res Methodology, Inf Tech and Economics droppedMgt, gov & ethics introducedTaxation moved from Intermediate level to Skills levelPSA & Fin moved from PE II to Skills levelEthics removed from FRE to Mgt Gov & EthicsMgt Acct adjusted and renamed Performance MgtCost Acct merged with Inf Tech and named Mgt InfQT moved from Intermediate level to Knowledge level and named QT in Biz
16 SUBJECTS 1. DROPPED Economics and Business Environment Business Research and Methodology2. INTRODUCEDBusiness and FinanceManagement, Governance and EthicsCase Study3. SUBMERGEDInformation Technology and Cost Accounting now Management InformationEthics taken from Financial Reporting and Ethics now added to Management and Governance
17 SUBJECTS Contd 4. TITLES CHANGED Management Accounting now Performance ManagementFinancial Reporting now Corporate Reporting5. MOVEDPublic Sector Accounting and Finance from PEII (final level) to Skills (middle level)6. INCORPORATEDInternational Financial Reporting Standards (IFRS)International Public Sector Accounting Standards (IPSAS)
18 SUBJECTS Contd 7. WEIGHTINGS Each Subject is subdivided into four parts under appropriate sub headings and percentage weighting is allocated for each part accordingly to assist students and tutors for a better preparation and allow for flexibility in setting questions by examiners8. CREDIT HOURSHours are not allocated per diet but per week in conformity with best practices and to ensure appropriate grading of ICAN certificate
19 SOME NEW TOPICS Business Finance Basic models for business analysis Role of Accountancy Profession in Business and SocietyManagement InformationImpact of social media on organisationsBusiness LawRole of an Accountant as an expert witness in computer fraud situations
20 SOME NEW TOPICS Contd Taxation Transfer Pricing Tertiary Education Tax Financial Accounting, Financial Reporting, Corporate Reporting, Audit and assurance and Public Sector Accounting and FinanceApplicable StandardsApplication of Information TechnologyPublic Sector Audit
21 EXAMINATIONS Examination structure Examination period Question Patterns
23 Exam Structure: Foundation Level Two SectionsSection A:Twenty Multiple Choice Questions to attempt all. One mark for each question (20 marks)Section B:Six Essay Questions to attempt four. 20 marks for each question (80 marks)
24 Exam structure: Skills and Professional levels Three SectionsSection AOne compulsory Question 30 marksSection BThree Questions to attempt two. 20 marks for each question (40 marks)Section CThree Questions to attempt two. 15 marks for each question (30 marks)
25 3 Day Examination Period TIMEFOUNDATION LEVELSKILLS LEVELPROFESSIONAL LEVELTuesday9.00am to12 noon2.00 pm to 5.00 pmFinancial AccountingManagement InformationFinancial ReportingTaxationCorporate ReportingAdvanced TaxationWednesday9.00 am to 12 noon2.00pm to 5.00pmQuantitative Techniques in BusinessBusiness and FinancePerformance ManagementAudit and AssuranceStrategic Financial ManagementAdvanced Audit and AssuranceThursdayBusiness Law-Management Governance and EthicsPublic Sector AccountingCase Study(9.00am to 1.00pm)
26 Question Patterns Foundation Level Illustrative Exam Verbs Knowledge State= express clearly the detailsDefine= give an exact meaningList= make a listComprehensionExplain= make clear or intelligibleDescribe= communicate key featuresIllustrate= use an example to explain describe somethingDistinguish= highlight the differences between two thingsIdentify= recognise, establish or select after consideration
27 Question Patterns cnt’d Skills Level Illustrative exam verbsApplicationApply= show practical useDemonstrate= exhibit by practical means or prove with certaintyReconcile= show they are consistent/compatibleSolve= identify an answer to somethingCalculate= ascertain mathematically
28 Question Patterns cnt’d AnalysisPrioritise= show in order of priority or sequence of actionCompare and contrast= show similarities and/ or differencesDiscuss= use argument to examine in detailInterpret= describe in intelligible and familiar terms
29 Question Patterns cnt’d Professional level illustrative exam verbsAnalysisAnalyse= examine the structure in detailCategorise= separate into defined divisions/ classesConstruct= compile or build upProduce= createEvaluationRecommend= propose a course of actionEvaluate= appraise or assess the value ofAdvise= inform, notify or counsel
30 LEARNING MATERIALS Improvements Core components Learning materials tailored to the syllabus; heading by headingSeamless transition from syllabus to learning materials to examinationsNo recommended textsLess emphasis on librariesCore componentsStudy textsTwo question banks; one for circulation to students and another separate tutorial question bank for tuition providersPast examination papersPilot examination papersMock examination
31 TUITION PROVISION Policies Encourage consolidation among tuition providers for the formation of big and strong tuition housesEncourage full time training to ensure good coverage of the syllabusGrade tuition houses to encourage better service delivery and healthy competitionCreate synergy for ICAN, Tuition houses and firmsDevelop strong and very close relationship with tertiary institutions and regulatory bodies
32 PATHWAYS TO ENTRY End of conversion course arrangement New exemption structureTransitional arrangements have been worked outAll other exemptions are subject by subject
34 Exemption Structure cont’d 8CITN41059ATS, CIBN, CISBN, ACSA0410MSc BSc from related or no BSc, Inst of Insurance30311BSc in related area202
35 Transition Arrangement in Brief OLD SYLLABUSSTATUSTO WRITELEVELAFTER MAY 2014KNOWLEDGE LEVELSKILLS APPLICATION LEVELPROFESSIONAL LEVELTOTALFoundationPassed26513Intermediate-49PE I7PE IIReferredPSAF if not passed+1
36 Some ImplicationsCase Study has now been added to all PE II referred studentsMgt., Gov & Ethics is also added to PE I passed studentsPE II students with reference in PSAF will have to clear it at the Skills Level.
37 CONCLUSIONThis presentation is organised by the Institute to ensure that all stakeholders have a good understanding of the new package which is aimed at further simplifying ICAN examinations, improving pass rate, maintaining high standard and quality and complying with the Accountancy profession International Standards and best practices.
38 Thanking you for your attention! ThanksThanking you for your attention!