Institute of Chartered Accountants of Nigeria, ICAN, is the most recognized Accounting professional body in Nigeria. It is widely recognized with its resourceful qualified professional members and students that are still in the process of becoming Chartered Accountants.
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ICAN was created by an Act of Parliament No. 15 of 1 September 1965 from existing accounting and auditing organizations. At time of foundation, ICAN had 250 members.
ICAN has the mission statement: "To Produce World-Class Chartered Accountants, Regulate and Continuously Enhance Their Ethical Standards and Technical Competence in the Public Interest". It has headquarters in Lagos. By 2003 ICAN had over 12,000 members. In August 2004 the ICAN began providing training on Information Technology for its members.] On 11 May 2011, ICAN admitted 1,494 new members who had successfully passed their qualifying examination, bring total membership to 32,722.
ICAN has based its practices on those of British chartered accountancy institutes. Nigeria adopted International Accounting Standards with little modification. ICAN is a member of the International Accounting Standards Committee (IASC) and periodically adopts IASC standards. Any deviation from these standards must be disclosed in a company's financial statements. In the 1990s ICAN was dominated by members holding qualifications from the London-based Association of Chartered Certified Accountants (ACCA). Although the ICAN claimed complete independence of the ACCA, it was under attack for defending the status quo in accountancy practices and for suppressing changes to address local requirements.
In August 2010 the Federal Government approved migration to International Financial Reporting Standards (IFRS).
In order to register as a student with the Institute, an applicant must hold an acceptable qualification. Recognised degree of any University or Higher National Diploma of any Polytechnic.
Every applicant will be required to produce the following:
Satisfactory evidence of his/her name, age and character
Certified photocopies of educational cerificates
One certified passport size photograph.
Applicants must comply with the conditions set forth by ICAN and must pay the applicable Non-Refundable registration fee.
Annual Subscription: This becomes payable immediately upon registration for the year of registration and thereafter on 1st January of each year of registered studentship.
Structure of the new syllabus
The new syllabus introduced in November 2019 consist of the following three levels:
KNOWLEDGE LEVEL
APPLICATION / SKILLS LEVEL
PROFESSIONAL LEVEL
Dates of Examinations
The examinations are held twice each year in May and November.
Closing dates of entries for exams are April 30th and October 31st respectively.
Credit System
Candidates writing the examinations may register for any number of papers at a level and shall be credited with each paper passed. However, they are expected to complete the examination at a level before attempting papers at a higher level.
Candidates are not allowed to combine two levels of the examinations
Candidates are mandatorily required to complete all parts of the Institute’s qualifying examination within a period of ten years from the date of sitting the examination for the first time. In the event of a student not completing the examinations within the period of ten years, he/she is deemed to have forfeited all the papers and credited to him/her.
For further information on the ICAN Qualification, please visit: www.ican-ngr.org.