Ica Gh Syslabus

Goals and Expected Performance Outcome of each part THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) Syllabus for ICAG Qualifying Examinations ACCRA 2009 Institute of Chartered Accountants, Ghana 1 Proposed Sylabus for ICAG Qualifying Examinations Contents Introduction Features and Inovations of the New Scheme Objectives and Expected Performance Outcomes of Each PART 1. 1. 2 1. 3 1. 4 Financial Accounting Fundermentals Business Management Economics Management Information Systems PART 2. 1 2. 2. 3 2. Quantitative Tools in Business Audit and Internal Review Business and Corporate Law Principles and Practice of Taxation PART 3. 1 3. 2 3. 3. 4 Financial Reporting Public Sector Accounting Cost and Management Accounting Financial Management PART 4. 1 4. 2 4. 3 4. 4 Advanced Financial Reporting Advanced Audit and Professional Ethics Corporate Strategy and Governance Advanced Tax Planning and Fiscal Policy Review of Qualifying Examinations Syllabus May 2010 Proposed Transitional Arrangements 1 2 3 4 11 17 25 32 37 42 50 55 61 68 73 80 86 98 108 115 116 2 Institute of Chartered Accountants, Ghana Financial Accounting FundamentalsINTRODUCTION After almost four years of sorting out assessments on the current prospectus of the Institute of Chartered Accountants (Ghana), proficient program, the first was held in May 2005, it is presently viewed as fitting and convenient to change and update it so as to align it with current condition of information and to make it progressively applicable to the current requests of managers and customers. The activity of the Chartered Accountant has become progressively advanced as a result of the impacts of globalization, improvements in data innovation and the multifaceted nature of the cutting edge business organisation.The current sanctioned bookkeeper, for example, not just communicates a supposition on the exactness and reasonableness of fiscal reports, yet in addition informs the executives on the practicality with respect to speculatio n ventures, charge matters and renders specific warning administrations, and so forth. By and large, he is called upon to serve the country as an individual from an uncommon examination board. So as to play out these capacities respectably, he needs to have gained capability in bookkeeping hypothesis and practice. The new prospectus would be analyzed in May 2010. The new schedule endeavors to meet the double objectives of the plan through the subject structure and coverage.The 16-subject, 4-level-structure assessment joins subjects which address the handy aptitudes necessities of the expected proficient bookkeepers with others which are predominantly of the hypothetical or reasonable nature and along these lines fills in as a decent establishing for the Professional Accountant. Rundown OF NEW STRUCTURE Exhibit 1: Chart of New Examination Scheme 1. 1. 2 1. 3 1. 4 Financial Accounting Fundamentals Business Management Economics MIS and Business Systems 3. 1 3. 2 3. 3. 4 Financial Repor ting Public Sector Accounting Cost and Management Accounting Financial Management PART 1PART 3 PART 2 PART 4 2. 1 2. 2. 3 2. 4 Quantitative Tools in Business Audit and Internal Review Business and Corporate Law Principles and Practice of Taxation 4. 1 4. 2 4. 3 4. 4 Advanced Financial Reporting Advanced Auditing and Professional Ethics Corporate Strategy and Governance Advanced Taxation and Fiscal Policy Institute of Chartered Accountants, Ghana 1 Proposed Sylabus for ICAG Qualifying Examinations FEATURES AND INNOVATIONS OF THE NEW SCHEME This new plan was created on a settled setting for a survey and change. The accompanying new highlights and advancements stick out. A four-section structure of 16 papers altogether. †¢ Fusion and mix of certain courses. This is intended to energize an integrative learning approach and to limit the negative of the â€Å"tunnel vision† subject-by-subject preparing. The mix of related courses is consequently intended to infer all the more significance and cooperative energies. For instance, it isn't extraordinary to discover fundamentally the same as questions and necessities on â€Å"Budgeting and Variance Analysis† in both the old [i. e. Current] Management Accounting and Cost Accounting papers. †¢ Clearly characterized and feasible taking in results from Part to Part.This ought to mostly resolve the issues related with the situation of halfway qualified up-and-comers in industry and on different projects. †¢ An increasingly discerning, simple to-fit and actualize, graduate transformation and exclusion plot has been fused. It is trusted that this will rouse higher evaluation applicant entrantsâ€degree and certificate holders â€to gain adequate bookkeeping fitness and accelerate their inevitable expert capability. †¢ All understudies have ten (10) years from the date of enlistment inside which to finish all the assessments of the Institute of Chartered Accountants (Ghana).After the ten (1 0) years time frame any understudy who has not finished the assessments of the Institute won't be qualified to take the assessments. †¢ Better spotlight on business [financial] procedure and revealing or relational abilities, along these lines empowering possibility to value the general real factors of the business condition and to utilize warning aptitudes all the more adequately. †¢ Introduction of some increasingly significant projects and fitting titles †the New Business Strategy is progressively about administration, settling on bookkeepers key choices producers. Expanded accentuation on business warning abilities at the last Part 4. 2 Institute of Chartered Accountants, Ghana Financial Accounting Fundamentals OBJECTIVES AND EXPECTED PERFORMANCE OUTCOME OF EACH PART Each of the 4 Parts of this assessment plot has an expansive goal and expected execution result as expressed beneath. Also, inside each subject at any Part, the prospectus inclusion just as the defini te yet explicit targets and learning results are expressed. The wide goal and learning results of the four (4) Parts are as per the following: PART 1 †¢ 4 essential/establishment papers. Arrangement of essential standards and information required to comprehend the Business Environment. Section 2 †¢ Four (4) customary center papers. †¢ Test of specialized ability expected of a cutting edge bookkeeper. †¢ Acquisition of foundation information and aptitudes fundamental for viable execution at center administration level. Section 3 †¢ Four (4) center papers. †¢ Emphasis on business cases, procedure and warning abilities. Section 4 †¢ Four (4) center papers. †¢ Emphasis on business cases, methodology and warning aptitudes. Result and Interpretation The pass mark is half. The outcomes will be distributed as â€Å"pass† or â€Å"fail.A applicant who comes up short has the alternative of revamping this paper in resulting assessments till his/h er candidature lapses. Establishment of Chartered Accountants, Ghana 3 Proposed Sylabus for ICAG Qualifying Examinations PROFESSIONAL PART 1 PAPER 1. 1: Financial Accounting Fundamentals 1. Destinations AND LEARNING OUTCOMES This paper is intended to empower up-and-comers get and acknowledge major bookkeeping information in associations. Toward the finish of the course, the up-and-comer ought to have the option to: Demonstrate sound information and comprehension of bookkeeping standards, ideas and their application in the planning of monetary statements.To guarantee that understudies have a sound comprehension of the strategies of twofold passage bookkeeping and can apply its standards in recording exchanges, modifying budgetary records and getting ready non-complex fiscal summaries. Ready to recognize and address exclusions and mistakes in bookkeeping records and budget reports. Ready to determine the segments of budget reports and get ready and present non-complex records for sole merchants, organizations and constrained organizations. Indicate why an element keeps up monetary records and gets ready money related statements.Identify the wellsprings of data for the planning of bookkeeping records and budget summaries. Record and record for exchanges and occasions bringing about pay, costs, resources, liabilities and value as per the proper premise of bookkeeping and the laws, guidelines and bookkeeping measures material to the budget reports. Set up a preliminary parity from bookkeeping records and recognize the employments of the preliminary equalization. Get ready records and budget reports from fragmented records. Comprehend the various bases of planning fiscal reports. Apply some worldwide budgetary revealing standards.Define the subjective attributes of money related data and the essential bases of bookkeeping FORM OF EXAMINATION The assessment will be a three-hour paper comprising of five necessary inquiries. (All the five inquiries must be replied. ) 3 . Schedule WEIGHTING GRID This framework shows the general weightings of points inside this subject and should control the relative investigation time spent on each. The imprints accessible in the evaluation will liken to the weightings underneath. 4 Institute of Chartered Accountants, Ghana †¢ 2. Money related Accounting FundamentalsHowever, there may be slight varieties in certain occurrences as they fill in as a guide in particular. Prospectus COVERAGE Conceptual Framework of Accounting, Maintaining Financial Records Principles of Double Entry and Books of Prime Entry Adjustments to Accounting Records and Financial Statements Accounting for non-current Assets (effects and intangibles) Preparation of Financial Statements including Cash Flow Preparation of Financial Statements for Non-benefit Making Organizations, Preparation of Financial Statements from Incomplete Records Accounting for particular exchanges Introduction to fiscal reports investigation TOTAL WEIGHTING (%) 0 15 20 15 10 100 Institute of Chartered Accountants, Ghana 5 Proposed Sylabus for ICAG Qualifying Examinations PAPER 1. 1 Financial Accounting Fundamentals MAIN TOPIC SYLABUS CONTENT (Cont