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WHAT IS NEW IN THE NEW ICAN PROFESSIONAL SYLLABUS 2014?

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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 INTRODUCTION The 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’d This is in line with its mandate as provided by the Parliament act No. 15 of 1965 The 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; and To raise those standards from time to time as circumstances may permit.

4 OBJECTIVES To regulate the profession of accountancy in Nigeria based on the dynamics of the time and in line with the prevailing International standards of the profession To synchronise ICAN examination syllabus with International Education Standards To provide befitting and subsidized learning materials to the Institute’s teeming students

5 OBJ cont’d To support tuition houses to enable them provide sound training To 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 SYLLABUS The 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 competences The 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 LEVELS The foundation Level provides manageable core contents and competences The 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 PROCESS Full curriculum based review of ICAN ACA Professional Qualification Benchmarking of ICAN syllabus with International comparators and IFAC IES requirements Stakeholders consultations and meetings with Employers Tuition houses Tertiary Educational Institutions ICAN Staff and Members

9 THE REVIEW PROCESS cont’d
Desk based review of syllabuses and examinations Workshops and conferences for Train the trainers Examinations setting workshop Education and Training Directorate workshop

10 CHANGES Syllabus Examinations and assessment procedures
Examination Structure and timing Learning materials Tuition provision Pathways to entry

11 SYLLABUS Pre-2010 2010 2014 Levels 5 4 3 Subjects 19 15 16

12 LEVELS Levels are reduced from four to three
Title of the levels changed to: Foundation Level, Skills Level and Professional Level Candidates 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 LEVEL INTERMEDIATE LEVEL PE I LEVEL PE II LEVEL Fundamentals of Fin accting Costing & Q T Information Technology Public Sector Accting & Fin Corporate & Biz Law Taxation Management Accounting Fin Reporting & Ethics Economics & Biz Environment Audit & Assurance Financial Accounting Strategic Fin Mgt NIL Biz Comm. & Res Methodology Advanced Audit & Assurance Advanced Taxation

14 New Syllabus Structure: 3 Levels 16 Subjects
FOUNDATION LEVEL SKILLS LEVEL PROFESSIONAL LEVEL QT in Business Fin Reporting Corporate Reporting Fin Accting Audit and Assurance Adv Audit and Assurance Mgt Information Taxation Strategic Fin Mgt Bus Law Performance Mgt Adv Taxation Bus and Finance Mgt, Gov and Ethics Case Study - PSA and Fin

15 Some Changes in the Syllabus
Biz Comm & Res Methodology, Inf Tech and Economics dropped Mgt, gov & ethics introduced Taxation moved from Intermediate level to Skills level PSA & Fin moved from PE II to Skills level Ethics removed from FRE to Mgt Gov & Ethics Mgt Acct adjusted and renamed Performance Mgt Cost Acct merged with Inf Tech and named Mgt Inf QT moved from Intermediate level to Knowledge level and named QT in Biz

16 SUBJECTS 1. DROPPED Economics and Business Environment
Business Research and Methodology 2. INTRODUCED Business and Finance Management, Governance and Ethics Case Study 3. SUBMERGED Information Technology and Cost Accounting now Management Information Ethics taken from Financial Reporting and Ethics now added to Management and Governance

17 SUBJECTS Contd 4. TITLES CHANGED
Management Accounting now Performance Management Financial Reporting now Corporate Reporting 5. MOVED Public Sector Accounting and Finance from PEII (final level) to Skills (middle level) 6. INCORPORATED International 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 examiners 8. CREDIT HOURS Hours 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 Society Management Information Impact of social media on organisations Business Law Role 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 Finance Applicable Standards Application of Information Technology Public Sector Audit

21 EXAMINATIONS Examination structure Examination period
Question Patterns

22 Examination structure
LEVEL MULTIPLE CHOICE SCENARIO /ESSAY BASED Foundation Yes Skills No Professional

23 Exam Structure: Foundation Level
Two Sections Section 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 Sections Section A One compulsory Question 30 marks Section B Three Questions to attempt two. 20 marks for each question (40 marks) Section C Three Questions to attempt two. 15 marks for each question (30 marks)

25 3 Day Examination Period
TIME FOUNDATION LEVEL SKILLS LEVEL PROFESSIONAL LEVEL Tuesday 9.00am to12 noon 2.00 pm to 5.00 pm Financial Accounting Management Information Financial Reporting Taxation Corporate Reporting Advanced Taxation Wednesday 9.00 am to 12 noon 2.00pm to 5.00pm Quantitative Techniques in Business Business and Finance Performance Management Audit and Assurance Strategic Financial Management Advanced Audit and Assurance Thursday Business Law - Management Governance and Ethics Public Sector Accounting Case Study (9.00am to 1.00pm)

26 Question Patterns Foundation Level Illustrative Exam Verbs Knowledge
State= express clearly the details Define= give an exact meaning List= make a list Comprehension Explain= make clear or intelligible Describe= communicate key features Illustrate= use an example to explain describe something Distinguish= highlight the differences between two things Identify= recognise, establish or select after consideration

27 Question Patterns cnt’d
Skills Level Illustrative exam verbs Application Apply= show practical use Demonstrate= exhibit by practical means or prove with certainty Reconcile= show they are consistent/compatible Solve= identify an answer to something Calculate= ascertain mathematically

28 Question Patterns cnt’d
Analysis Prioritise= show in order of priority or sequence of action Compare and contrast= show similarities and/ or differences Discuss= use argument to examine in detail Interpret= describe in intelligible and familiar terms

29 Question Patterns cnt’d
Professional level illustrative exam verbs Analysis Analyse= examine the structure in detail Categorise= separate into defined divisions/ classes Construct= compile or build up Produce= create Evaluation Recommend= propose a course of action Evaluate= appraise or assess the value of Advise= inform, notify or counsel

30 LEARNING MATERIALS Improvements Core components
Learning materials tailored to the syllabus; heading by heading Seamless transition from syllabus to learning materials to examinations No recommended texts Less emphasis on libraries Core components Study texts Two question banks; one for circulation to students and another separate tutorial question bank for tuition providers Past examination papers Pilot examination papers Mock examination

31 TUITION PROVISION Policies
Encourage consolidation among tuition providers for the formation of big and strong tuition houses Encourage full time training to ensure good coverage of the syllabus Grade tuition houses to encourage better service delivery and healthy competition Create synergy for ICAN, Tuition houses and firms Develop strong and very close relationship with tertiary institutions and regulatory bodies

32 PATHWAYS TO ENTRY End of conversion course arrangement
New exemption structure Transitional arrangements have been worked out All other exemptions are subject by subject

33 Exem Exemption Structure
S/N FOUNDATION SKILLS PROFESSIONAL TOTAL 1 ACCA,ICAEW,CPA 4 5 13 2 CIMA UK 3 12 MCA Institutions 09 PhD Accounting 10 BSc & MSc from accredited Inst 08 6 BSc/HND accredited Inst, ATSWA, ANAN, 07 7 Fed Treasury 06

34 Exemption Structure cont’d
8 CITN 4 1 05 9 ATS, CIBN, CISBN, ACSA 04 10 MSc BSc from related or no BSc, Inst of Insurance 3 03 11 BSc in related area 2 02

35 Transition Arrangement in Brief
OLD SYLLABUS STATUS TO WRITE LEVEL AFTER MAY 2014 KNOWLEDGE LEVEL SKILLS APPLICATION LEVEL PROFESSIONAL LEVEL TOTAL Foundation Passed 2 6 5 13 Intermediate - 4 9 PE I 7 PE II Referred PSAF if not passed +1

36 Some Implications Case Study has now been added to all PE II referred students Mgt., Gov & Ethics is also added to PE I passed students PE II students with reference in PSAF will have to clear it at the Skills Level.

37 CONCLUSION This 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!
Thanks Thanking you for your attention!


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