...continuing from Part 1...
Tackling Financial Accounting
These days Financial Accounting (FA) has proven to be a bit difficult. This is not unconnected with the recent adoption of the International Financial Reporting Standard (IFRS) by the Nigerian Government in 2012. Most ICAN candidates were drawn aback as there were limited materials to prepare for the exams.
The only new thing that happened to FA is the approach the examiners have adopted. The focus is now on the standards. You must familiarize yourself with the standards that relates to published accounts and group accounts.
The FA syllabus is divided into major topics; Group Accounts, Published Account, Bankruptcy, Interpretation of accounts, Miscellaneous Accounts and Specialized Accounts. Note that I didn't mention standards. The reason is that from IAS 1- 41 to IFRS 1 - 13, they all talk about the major topics I listed above.
Your major concern should be to understand, Group, Published, interpretation and Bankruptcy Accounts and all the standards relating to them. You should spend more time in these areas. As for Specialized and Miscellaneous Accounts that contains up to 25 sub-topics, you should spend less time on them. The reason is because, only one question will come from this areas in a diet and chances are you'll spend too much time trying to understand them. The point is this: you don't have all the time to read all that miscellaneous and specialized accounts.
Handling Information Technology (IT)
IT is perhaps the easiest of the four subject in PE1. No wonder the pass rate is usually on the high side every other time.
The age we are now is the information age. You must know something about computers to be relevant in this era. Get to know hardware, software, internet, Servers, database, cloud, networking, etc and how all these can help you as an accountant. Get to know also accounting packages and excel.
The beautiful thing about reading IT is that you're also reading to answer one question from the other three (3) subjects. That's because each subject has at least one question from IT.
...to be concluded in part 3...
Tackling Financial Accounting
These days Financial Accounting (FA) has proven to be a bit difficult. This is not unconnected with the recent adoption of the International Financial Reporting Standard (IFRS) by the Nigerian Government in 2012. Most ICAN candidates were drawn aback as there were limited materials to prepare for the exams.
The only new thing that happened to FA is the approach the examiners have adopted. The focus is now on the standards. You must familiarize yourself with the standards that relates to published accounts and group accounts.
The FA syllabus is divided into major topics; Group Accounts, Published Account, Bankruptcy, Interpretation of accounts, Miscellaneous Accounts and Specialized Accounts. Note that I didn't mention standards. The reason is that from IAS 1- 41 to IFRS 1 - 13, they all talk about the major topics I listed above.
Your major concern should be to understand, Group, Published, interpretation and Bankruptcy Accounts and all the standards relating to them. You should spend more time in these areas. As for Specialized and Miscellaneous Accounts that contains up to 25 sub-topics, you should spend less time on them. The reason is because, only one question will come from this areas in a diet and chances are you'll spend too much time trying to understand them. The point is this: you don't have all the time to read all that miscellaneous and specialized accounts.
Handling Information Technology (IT)
The age we are now is the information age. You must know something about computers to be relevant in this era. Get to know hardware, software, internet, Servers, database, cloud, networking, etc and how all these can help you as an accountant. Get to know also accounting packages and excel.
The beautiful thing about reading IT is that you're also reading to answer one question from the other three (3) subjects. That's because each subject has at least one question from IT.
...to be concluded in part 3...
Pls I just fiinished my degree bsc accounting dis year 2013 and I want to pursue ICAN pe1 immediately, especially want to combine it wit my nysc service year(2014), pls how feasible is that? I jus need advice my Oga! kindly update ur blog
ReplyDeleteThat's a very good plan. You should start the preparation right away. Get all the packs and pathfinders. If you've not registered with ICAN, do that asap. Call 070 8853 1500 if you need further clarifications on the registration process.
ReplyDeleteAbout updating the blog, I'm working on it. I will post it very soon.
Thank you.
Pls I also see from ur profile dat ure well grounded on accounting packages ,peachtree etc... How can I go about dat cos I know I.T is so necessary in life esp in ones CV.... I stay @ Abj incase of trainings...
ReplyDeleteAlso how much does d entire ICAN PE process cost, asuming I take both exams within d one year span...?
DeleteYou'll need to call my number to arrange for the training. As for the cost for ICAN PE1,
DeleteRegistration cost is about 8k,
Exemption cost is about 41k
Subscription/development fees about 8k
Exam fees is about 40k (4papers)
The lecture fees ranges from 25k -50k depending on your location.
My contact is 070 8853 1500 or mouconsult@live.com.
Cheers.
how do i get PE1 packages???? here is my email... osujichiamaka@yahoocom plssss kindly send me the soft copy
ReplyDeleteHello Frances, please visit www.ican-ngr.org. Then go to the download section. You can download all relevant material you'll need.
Deletebless you.
Someone posted this:
Delete"...plz whats d difference btw ACCA and ICAN, my coursemates advised to me to go ACCA, dat ICAN is messed up...d only fn i knw bout ACCA is dat itz very expensive..plz which is best "
Here's my reply:
The difference lies in their locations. ACCA is based in the UK with wider acceptance all over the world (but not in the US). ICAN is based in Nigeria with some influence in Africa and other parts of the world.
The trust is I don't think any of them is better than the other, it all depends on the individual and what they want to do with the certification. Mind you, in Nigeria, there are no discriminations between the two certificates and they are treated as one and the same by employers.
If you've plans to travel to the UK for work then it'll be wise to choose acca.
Cheers!
MR SUNDAY,
ReplyDeleteThank you very much for this timely info. I'm planning to write PE1 may this year. I believe reading those miscellaneous accounts is what accounts for the tough time experienced by students in FA. So you mean only one is selected every diet out of 25 sub-topics? And about the pathfinders, how much will it cost me to download the four from ICAN site? Lastly, what ACCA materials can you recommend for preparing for ICAN?
Hi Marvis, thank you.
DeleteIt'll not cost you more than your MB to download the pathfinders from ICAN website.
As for ACCA Material, I didn't use any for mine, but you can get the ACCA equivalent of the ICAN paper (s) you intend to write.
But at times I CAN surprises students with questions from specialized accounts and miscellaneous accounts while picking only one question from group accounts. e.g sinking funds, hire purchase, leasing, farmer's accounts, voyage accounts e.t.c are all miscellaneous/ specialized accounts.
ReplyDeleteIt's very unlikely that you'll have more than one question from Miscellaneous/specialized accounts. check your pathfinders to confirm.
Deletepls what is the registration process for ICAN
ReplyDeleteI REALLY HAVE TO KNOW
WHAT IS THE REQUIREMENT FOR ICAN REGISTRATION AND HOW MUCH IS THE FEE
ReplyDeleteMr Sunday is right about the way ICAN sets their questions,I've studied the pathfinder from d beginning to the end,its mostly about these standards. I would like Mr sunday to pls explain this...is it the standards that shd be studied or the accounts related to the standards e.g SAS18 Cashflow...is it preparation of cashflow that shd be studied or the explanation of the cashflow?thanks.
ReplyDeleteHow do you study the accounts without knowing the Standards? Don't study either in isolation.
Delete@Olufemi, you need to study both and there are good book that has synchronised both.
I have checked my pathfinders FA- truly questions were set from Publish accounts, bankruptcy, and group accounts. But ICAN still set more than one questions from miscellanous and speacilized accounts. e.g November 2010 pathfinder- sinking funds and hire purchased accounts were set.
ReplyDeleteThank you sir, very interesting, pls. what area will i read up on IFRS & IAS and how will i get my reading materials on the examination area of concentration
ReplyDeletei like your blog it helps a lot.
ReplyDeletepls what book can i read now to get a synchronize details standard and account to prepare for this may exam
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ReplyDeleteplease my oga,do the lecture fees expire annually?
ReplyDelete