University accounting graduates to be exempted from 10 subjects as ICAN unveils new syllabus

The Institute of Chartered Accountants of Nigeria (ICAN) says accounting graduates from universities will be exempted from 10 subjects instead of seven under the normal accreditation scheme.

The institute said it has launched a new syllabus for its professional examination which will take effect from March 2021.

According to a statement signed by Bunmi Owolabi, ICAN head of corporate communications, the new syllabus was developed in line with the institute’s resolve to continue to produce future-ready chartered accountants with skills and competencies desired by the market.

Onome Joy Adewuyi, ICAN president, who unveiled the new syllabus, said the revised syllabus captures subjects on emerging technologies that are disrupting the accounting profession, such as blockchain technology, artificial intelligence, machine learning and internet of things.

Adewuyi explained that new trends in the Nigerian environment such as the finance act 2019 and the new companies and allied matters act (CAMA 2020) also made the review necessary.

The ICAN president said the current syllabus was reviewed in 2018 but the rapidly changing environment necessitated a revisit of the status quo from the five-year policy of the syllabus review to a more regular one that proactively responds to the demands of the market.

According to the statement, the review also necessitated the restructuring of various levels of the Institute’s examinations to reflect the new changes in the syllabus and equally expanded the contents of the various subjects against the backdrop of the new normal.

“While retaining 15 subjects, there are now four subjects at the foundation level as against the former five; six at skills as against five; and retained the five subjects at the professional level,” she said.

ICAN also said it has signed a mutual cooperation agreement (MCATI) with two universities which means that accounting students in these universities will learn using the integrated accounting curriculum of ICAN, National Universities Commission (NUC) and National Board for Technical Education (NBTE).

The universities are Adeleke University Ede, Osun state and the Federal University, Nekede, Owerri, Imo state.

This brings the number of tertiary institutions under ICAN’s scheme to 23.