What you need to know about ICAN New Syllabus

 

FREQUENTLY ASKED QUESTIONS (FAQ)

What is the ICAN exam?

• The Institute of Chartered Accountants of Nigeria (ICAN) was established by Act of Parliament No. 15 of 1965 and saddled with the responsibility of setting standards of knowledge and skill required to become a member of the accountancy profession; and also to maintain a register of its members that have earned the rights to practice as accountants and auditors.

What has changed from 2019 to 2021 ICAN Syllabus?

• Taxation has been moved from Foundation level to Skills level
• The new syllabus incorporates changes with respect to Finance Act 2019
• The new syllabus incorporates changes with respect to the provisions of Companies and Allied Matters Act (CAMA) 2020

Download the Finance Act Newsletters as provided by the Big 4 audit firms and the CAMA Bill/Documents below:

Finance Act

CAMA

When will ICAN exams hold?

• The examination of the Institute will now hold three times a year: March, July and November.

What are the levels/stages in the ICAN exam?

• There are three levels in the ICAN Professional exams (All courses in each level have to be passed before a student can sit for the next level):

Level 1: Foundation level

Level 2: Skills level

Level 3: Professional level

Click link to download the study pack, pathfinder (past questions and answers) and syllabus for the courses in each of the levels above.

What are the Courses in the Foundation level?

• There are now four (4) courses in the March 2021 foundation level syllabus: 

Business, Management and Finance; 

Financial Accounting; 

Management Information; and 

Business Law.

What are the Courses in the Skills level?

• There are now six (6) courses in the March 2021 skills level syllabus: 

Financial Reporting; 

Audit and Assurance; 

Taxation;

Corporate Strategic Management & Ethics; 

Performance Management; and 

Public Sector Accounting and Finance.

To download/gain access to books, websites and videos for your financial reporting and corporate reporting (IFRS resources), see below short video. Subscribe and turn notification on for weekly updates.

What are the Courses in the Professional level?

• There are five (5) courses in the professional level: 

Corporate Reporting; 

Advanced Audit and Assurance; 

Strategic Financial Management; 

Advanced Taxation; and 

Case Study.

What is ICAN Exam structure?

• Foundation level

Each paper consists of 2 sections: A and B

Section A: 20 compulsory multiple choice questions making 20 marks

Section B: 6 open-ended questions (essay, computational or scenario-based) 20 marks each. Candidates will be required to answer any 4.

• Skills and Professional levels

Each paper consists of 3 sections: A, B and C

Section A: one 30-mark compulsory scenario-based question on the core area of the subject. 

Section B: 3 questions of 20 marks each and candidates will be required to attempt any two.

Section C: 3 questions of 15 marks each and candidates will be required to attempt any two.

Note that for Case Study subject taken at Professional level, the paper is tested thus: This will be a scenario-based paper, consisting of a pre-seen and an unseen part, which will require candidates to write a report based on two requirements from the case. 

What is ICAN pass mark? 

• The pass mark for each paper is 50%

What is ICAN exam duration?

• Each paper is for three hours with additional fifteen minutes reading time, except Case Study which is for four hours including reading time.

See link below to access study packs released by ICAN

ICAN STUDY PACKS

Download an ICAN presentation with respect to the new syllabus. Click below:

Overview and Insight to ICAN New Syllabus

Disclaimer: Kindly read through the ICAN March 2021 syllabus as released by the Institute for better understanding. The above is to enable you have a bit of understanding of what is required. Best wishes.