An Overview and Insight into the New ICAN Professional Syllabus 2021, plus download link
The Institute of Chartered Accountants of Nigeria (ICAN) launched a new Professional Examination Syllabus on 25th of September 2020.
A paper on an overview and Insight into the New ICAN Professional Syllabus, was presented by Dr Innocent Okwuosa PhD, FCA, Chairman of the Syllabus Review Committee.
Below are extracts from the Paper and link to download a copy of the ICAN Professional Examination Syllabus 2021
Notable Points
- Annual Review of the syllabus as opposed to 5 years
- Technological disruptions are affecting the accounting profession
- IFAC’s mantra is now “Future ready accountants”
- Soft skills increasingly required by accountants to effectively perform
- New local developments for accountants, Finance Act 2019 and CAMA 2020
- Incorporate skills sets required by accountants to cope with technological disruptions in a digital age and prepare future ready accountants.
Overview of the new syllabus
The new Syllabus will maintain 15 subjects in line with benchmarked syllabi of international accountancy profession, with the following structure:
- Foundation – 4 subjects
- Skills – 6 subjects
- Professional – 5 subjects
Taxation has been moved from Foundation level to Skills level, in line with the requirements of the Finance Act, 2019.
Foundation and Skills Syllabus
| 2019 Syllabus | 2021 Syllabus |
|---|---|
| Foundation | Foundation |
| Taxation | – |
| Business Management and Finance | Business Management & Finance |
| Financial Accounting | Financial Accounting |
| Management Information | Management Information |
| Business Law | Business Law |
| Skills | Skills |
| Financial Reporting | Financial Reporting |
| Audit & Assurance | Audit and Assurance |
| – | Taxation |
| Corp. Strategic Management & Ethics | Corp. Strategic Management & Ethics |
| Performance Management | Performance Management |
| Public Sector Accounting & Finance | Public Sector Accounting & Finance |
Professional Syllabus
Professional level remains unchanged with the following subjects;
- Corporate Reporting
- Advanced Audit & Assurance
- Strategic Financial Management
- Advanced Taxation
- Case Study
Structure of Examination
Foundation – Existing structure maintained
Section A: Twenty (20) compulsory multiple choice questions which shall cover the entire contents of the syllabus. This section shall make up 20% of the total marks.
Section B: six (6) open-ended questions (essay, computational or scenario-based) carrying 20 marks each of which candidates will be required to answer any 4.
Skills and Professional Levels
Section A. One 30 marks compulsory scenario-based question from the core topic of the subject.
Section B. 3 questions of 20 marks each and candidates will be required to attempt any 2 questions.
Section C. 3 questions of 15 marks each and candidates will be required to attempt any 2 questions.
Pass mark remains 50% for each subject.
Study Materials
Update of existing Study Texts
Review of the following Study Texts:
- Business Law;
- Advanced Taxation; and
- Taxation.
New Study Texts
There will be a general Study Text to cover the following areas:
- Skills sets for technological disruptions; and
- Soft skills.
Examination models
The professional examination of the Institute will hold three times a year, ie March, July and November.