WHAT IS NEW IN THE NEW ICAN PROFESSIONAL SYLLABUS 2014?

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

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

14. New Syllabus Structure: 3 Levels 16 Subjects

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

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

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 • 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

34. Exemption Structure cont’d

35. Transition Arrangement in Brief

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. Thanks Thanking you for your attention!