Friday, September 25, 2020

What you need to know about ICAN 2021 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.
However, based on the Council of the Institute's meeting with respect to 2021 ICAN examination, the Council approved the suspension of the three (3) diet professional examinations due to COVID-19 pandemic. Consequently, the two (2) diet professional examinations, that is, May and November diets come into effect immediately. Thus, the institute will be conducting its examinations only in May and November 2021 until further notice. Hence, next diet examination therefore holds in May 2021.

Also, the 2021 new syllabus will no longer be applicable until November 2021 diet. As a result, the 2019 syllabus applies to the May 2021 diet. This implies that the May 2021 diet examination will be based on the November 2019 syllabus while November 2021 diet examination will be based on the March 2021 syllabus.

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.

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.

Lecture videos for ICAN. Click flyer for a clearer view.

Chat us on WhatsApp at 09062535228 to get details on the above flyer with respect to lecture videos at an affordable price.



22 comments:

  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

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

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

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

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

    ReplyDelete
  6. Pls add me to the WhatsApp group if any
    08088768826

    ReplyDelete
  7. PLS LIKE HOW MUCH WOULD IT COST ME IN TOTAL TO WRITE SKILLS AND PROFESSIONAL LEVEL, THANK YOU.

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

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

    ReplyDelete
    Replies
    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)

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

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

    ReplyDelete
  12. How do I subscribe to this blog?

    ReplyDelete
    Replies
    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.

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

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

    And how can I subscribe to the blog

    ReplyDelete
    Replies
    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.

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

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

    ReplyDelete
  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

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

    ReplyDelete