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 about 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 opportune to reconsider and refresh it so as to align it with current condition of information and to make it progressively pertinent to the current requests of businesses and customers. The activity of the Chartered Accountant has become progressively refined in light of the impacts of globalization, improvements in data innovation and the intricacy of the advanced business organisation.The cutting edge contracted bookkeeper, for example, not just communicates an assessment on the exactness and decency of fiscal reports, yet in addition educates the executives on the practicality with respect to speculation ventures, cha rge matters and renders specific warning administrations, and so forth. By and large, he is called upon to serve the country as an individual from a unique 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 prospectus 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 down to earth abilities prerequisites of the possible expert bookkeepers with others which are for the most part of the hypothetical or reasonable nature and in this way 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 Reporting 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 an entrenched setting for a survey and change. The accompanying new highlights and developments stick out. A four-section structure of 16 papers altogether. †¢ Fusion and joining 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 in this way intended to infer additionally impor tance and collaborations. For instance, it isn't remarkable 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 reachable taking in results from Part to Part.This ought to halfway determination the issues related with the situation of somewhat qualified competitors in industry and on different projects. †¢ A progressively sound, simple to-fit and actualize, graduate transformation and exception plot has been consolidated. It is trusted that this will spur higher evaluation up-and-comer entrantsâ€degree and certificate holders â€to obtain adequate bookkeeping skill and accelerate their possible expert capability. †¢ All understudies have ten (10) years from the date of enrollment inside which to finish all the assessments of the Institute of Chartered Accountants (Ghana).After the ten (10) year s time span 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 detailing or relational abilities, accordingly empowering contender to value the general real factors of the business condition and to utilize warning aptitudes all the more successfully. †¢ Introduction of some increasingly significant projects and fitting titles †the New Business Strategy is progressively about administration, settling on bookkeepers vital choices creators. 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 a wide target and expected execution result as expressed beneath. Moreover, inside each subject at any Part, the schedule inclusion just as the point by point howeve r explicit destinations and learning results are expressed. The expansive goal and learning results of the four (4) Parts are as per the following: PART 1 †¢ 4 fundamental/establishment papers. Arrangement of essential standards and information required to comprehend the Business Environment. Section 2 †¢ Four (4) customary center papers. †¢ Test of specialized mastery expected of a cutting edge bookkeeper. †¢ Acquisition of foundation information and abilities important for compelling execution at center administration level. Section 3 †¢ Four (4) center papers. †¢ Emphasis on business cases, methodology and warning aptitudes. Section 4 †¢ Four (4) center papers. †¢ Emphasis on business cases, technique 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 competitor who comes up short has the choice of changing this paper in ensuing assessments till his /her candidature lapses. Establishment of Chartered Accountants, Ghana 3 Proposed Sylabus for ICAG Qualifying Examinations PROFESSIONAL PART 1 PAPER 1. 1: Financial Accounting Fundamentals 1. Goals AND LEARNING OUTCOMES This paper is intended to empower competitors gain and acknowledge principal 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 readiness of monetary statements.To guarantee that understudies have a sound comprehension of the strategies of twofold section bookkeeping and can apply its standards in recording exchanges, changing money related records and getting ready non-complex budget reports. Ready to recognize and address exclusions and mistakes in bookkeeping records and fiscal summaries. Ready to indicate the segments of fiscal summaries and plan and present non-complex records for sole m erchants, associations and constrained organizations. Indicate why a substance keeps up budgetary records and gets ready monetary statements.Identify the wellsprings of data for the planning of bookkeeping records and fiscal summaries. Record and record for exchanges and occasions bringing about salary, costs, resources, liabilities and value as per the suitable premise of bookkeeping and the laws, guidelines and bookkeeping measures relevant to the fiscal reports. Set up a preliminary equalization from bookkeeping records and recognize the employments of the preliminary parity. Plan accounts and budget summaries from inadequate records. Comprehend the various bases of getting ready budget summaries. Apply some global monetary announcing standards.Define the subjective attributes of money related data and the key bases of bookkeeping FORM OF EXAMINATION The assessment will be a three-hour paper comprising of five mandatory inquiries. (All the five inquiries must be replied. ) 3. Pro spectus WEIGHTING GRID This matrix shows the general weightings of points inside this subject and should direct the relative investigation time spent on each. The imprints accessible in the evaluation will compare to the weightings beneath. 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 (physical assets 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 specific exchanges Introduction to fiscal reports investigation TOTAL WEIGHTING (%) 0 15 2 0 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