Friday, September 25, 2020

What you need to know about ICAN 2021 New Syllabus



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


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; 


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.

ICAN is yet to release study packs for this updated syllabus. Students are advised to use the 2019 study packs (see link above) together with other materials in preparation for the exams pending the time ICAN releases updated study packs (if any). Subscribe to this blog with your mail to get updates on this.

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

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 as at the time of writing this blog. Best wishes.


  1. Pls Mr. Adedamola Otun, so does these study packs currently on your site covers the new adjustment made by ICAN?
    If so, can I download and start reading for my exams.
    Thank you, sir

  2. Pls will there be any changes in the 2019 revised PM ICAN study pack in the upcoming 2021 New Edition/syllabus? Tnx

  3. What happened to someone that has passed taxation at the foundation level, now that it has been shifted to skill please?

    1. You will be exempted from taxation because you did foundation

  4. Pls how do I get the new packs?thanks

  5. please add me to your whatsapp group if any +2347061503392

  6. Pls add me to the WhatsApp group if any


  8. Would also like to be involved in any whatsapp group available. 08138923872 - my contact.

  9. Update the google drive with latest Study packs..U still have the old study packs on there with green colored cover page

    1. Both the old and the new study packs are on the Google drive. If you check the headings, I indicated those that are new (2019 syllabus) and those that are old (2014 syllabus)

  10. For those asking to join the WhatsApp platform, you can reach us on 09062535228.

  11. Sir, if you I have AAT certificate, how many papers will I be exempted now from skills level and what are they?

  12. How do I subscribe to this blog?

    1. If you are using your phone, click on the "view web version" that is directly above my profile below. On the right side, you will see a box where you can input your email and subscribe.

  13. Hello Mr Otun, please how can I get the new study text in preparation for March 2021 diet.

  14. Hello Mr Otun, would love to join a whatsapp group if any.

    And how can I subscribe to the blog

    1. You can chat us on WhatsApp at 09062535228 to be added to the Group. To subscribe, click the "view web version" below. You will see a subscribe button by the right where you can input your mail.

  15. please will i write taxation in march 2021skills level? i have bsc in accounting and i have paid for exemption 3 years ago

  16. Pls I will like to confirm when may diet is likely to hold in May, SECOND OR THIRD WEEK

  17. good day, can i register for ican and later set for the exam or would the registration be forfeited if someone has not gotten examination fee

  18. Will taxation be added to students that have registered for skills before the new syllabus?

  19. I have hnd in accounting, can I be exempted in taxation under skill level

  20. Please I want to register for Ican please I need help cos I am confused

  21. I have HND in Accounting and the school was accredited by I can .I paid for exemption fees and apply for exemption at Skill level but my student examination status still showing me foundation level. What can I do?

  22. I am Corper presently serving in Ondo state, I wish to register for ICAN. How will I go about it. Thanks

  23. I can I register for ICAN ,I live at Ibadan and have Bsc in accounting.