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ICAN 2020  professional examination Syllabus: Here are the contents

ICAN 2020 professional examination Syllabus: Here are the contents

ICAN 2020 professional examination Syllabus: Here are the contents. – When it comes o professional accounting in Nigeria, talk ICAN. And, now if you are preparing to write the exams, here is the syllabus. This post brings to you the requirements for admission in the form of learning outcomes and competencies. The structure of the syllabus which are into Foundation, Skills and Profession are well articulated here. The examination structure and guide to the examination is also highlighted.

Furthermore, do you want to be a professional student of the institute? And therefrom qualify as a Chartered Accountant/ Here are all you need to do. We had published in our earlier publications, the admission requirements. Included in this brief is the exams time table. Please rad on.

The professional examination

The professional examination comprises fifteen subjects with ethics embedded in each subject. This syllabus, which takes effect from March 2021 examination, has been designed to ensure that on completion, the newly qualified ICAN – ACA would have developed the necessary technical knowledge and skills with the ability to discuss, analyse and evaluate a variety of complex business cases in often unpredictable business environment exercising professional judgement to present and communicate better solutions. In addition, the newly qualified ACA would have developed the necessary business and professional ethical values to deal with and make informed judgements on complex, ethical and professional issues.

The requirements for ICAN

ACA qualification are set out in this syllabus in the form of learning outcomes and competencies. The fifteen subjects are grouped into three levels: Foundation; Skills; and Professional.

The contents of the Foundation level subjects provide for simple learning outcomes that form the building blocks for the higher-level subjects. There re four subjects at this level which may be taken in any order. The examination at this level may be paper-based or computer-based.

The Skills level builds on the foundation knowledge. And, in fact, takes students to a higher-level knowledge, developing further, their skills and competencies. The emphasis is on application of skills to business situations. There are six subjects at this level and candidates are at liberty to attempt them in any order.

In addition, the Professional level consisting of five subjects takes candidates to the level where they have to make professional judgments. And evaluations based on more complex business situations linking competencies acquired at the Foundation and Skills levels. Case Study, at this level, develops students’ ability to discuss, analyse and evaluate different business scenarios with a view to proffering solutions which re articulated in form of business reports.

All students must satisfy each of the four components of ICAN. ACA professional accountancy qualification before being admitted into membership.

Furthermore, the Institute of Chartered Accountants of Nigeria is a founding member of the International Federation of Accountants (IFAC). This syllabus has drawn input from and complies with the International Education Standards and Guidelines issued by International Panel on Accounting Education (IPAE)


With effect from March 2021 diet, the professional examination of the Institute under this syllabus consists of the following three levels: Foundation; Skills; and Professional.

Code Subject Abbreviation
A1. Business, Management and Finance BMF
A2. Financial Accounting FA
A3. Management Information MI

Skills Business Law BL
Code Subject Abbreviation
B1. Financial Reporting FR
B2. Audit and Assurance AA
B3. Taxation TAX
B4. Performance Management PM
B5. Public Sector Accounting and Finance PSAF
B6. Corporate Strategic Management and Ethics CSME

Code Subject Abbreviation
C1. Corporate Reporting CR
C2. Advanced Audit and Assurance AAA
C3. Strategic Financial Management SFM
C4. Advanced Taxation ATAX
C5. Case Study CS


The examination structure is as stated below:

Foundation level
Each paper in Foundation level shall consist of two sections A and B

Section A: Shall comprise 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: Shall comprise six open-ended questions (essay, computational or scenario-based) carrying 20 marks each of which candidates will be required to answer any 4.

Furthermore, is Skills and Professional levels
Examination at these levels will be in two sections.

Section A. A 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.

Case Study. 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.

Duration: Each paper will be for three hours with additional fifteen minutes reading time, except Case Study which will be for four hours including reading time.

Pass mark: The pass mark for each ICAN examination subject is 50%.


Skills and competencies
The following are the skills and competencies required at the different levels of the examination:

Level Competencies
Foundation: Knowledge and understanding
Skills: Analysis and interpretation
Professional: Evaluation and exercise of professional judgement

Guide to examination assessment
ICAN reserves the right to examine any topic in the syllabus at any examination diet. All new standards and laws may be examined after six months from the date of issue.



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