ICSAN Financial Accounting study plan

Explain the objective and qualitative characteristics of financial information under the Conceptual Framework, including relevance, faithful representation and the enhancing characteristics

Identify the elements of financial statements and state the recognition criteria for assets, liabilities, income and expenses

Outline the regulatory framework for Nigerian financial reporting, distinguishing the roles of the Financial Reporting Council of Nigeria, IFRS and IFRS for SMEs

Apply the accounting equation to record transactions and demonstrate how each transaction affects assets, liabilities and capital

Distinguish accounting concepts and conventions such as going concern, accruals, consistency, prudence and business entity, and identify the concept breached in given scenarios

Record transactions in the books of prime entry and post them to the nominal ledger, maintaining the duality of every entry

Balance off ledger accounts and extract a trial balance that agrees

Classify errors as errors of principle, omission, commission, original entry, reversal and compensating errors

Use a suspense account to correct errors that cause a trial balance imbalance and draft the corrected statement of financial position position

Prepare a statement showing the effect of corrections on profit

Prepare a bank reconciliation statement starting from the cash book or bank statement balance, treating unpresented cheques, uncredited deposits, bank charges and standing orders

Adjust the cash book for items not yet recorded and reconcile the revised balance to the bank statement

Prepare receivables and payables control accounts and reconcile them to the list of ledger balances

Compute depreciation using straight-line and reducing-balance methods, including part-year charges and disposal entries

Account for accruals, prepayments and provisions, including doubtful debts and the allowance for doubtful debts adjustment in the income statement

Prepare an income statement and statement of financial position for a sole trader from a trial balance with year-end adjustments

Prepare an appropriation account and partners' current and capital accounts under both fixed and fluctuating capital methods

Account for partnership admission, retirement and goodwill adjustments in the capital accounts

Prepare a manufacturing account and compute cost of goods manufactured

Reconcile opening and closing capital by preparing a statement of affairs where records are incomplete

Prepare a statement of financial position and statement of profit or loss for a limited liability company in accordance with IAS 1 presentation requirements

Account for share capital, share premium, dividends and retained earnings, and present the statement of changes in equity

Apply IAS 16 to property, plant and equipment, including revaluation surplus and depreciation on revalued amounts

Compute earnings per share and basic adjustments for ordinary and preference shares

Distinguish current from non-current liabilities and assets and present them correctly

Compute profitability, liquidity, efficiency, gearing and investor ratios from published financial statements

Interpret ratio movements, identifying causes and limitations of ratio analysis

Prepare a statement of cash flows using the indirect method under IAS 7, adjusting for non-cash items and working capital movements

Classify cash flows into operating, investing and financing activities and reconcile opening to closing cash

Evaluate a company's cash generation and liquidity using both ratios and cash flow information

Apply ratio findings to a comparative two-year analysis and recommend actions to management

Explain the objectives and users of public sector and not-for-profit accounting and how they differ from profit-oriented reporting

Prepare a receipts and payments account and an income and expenditure account for a not-for-profit organisation

Account for subscriptions in arrears and in advance, life membership and special funds

Distinguish cash accounting from accrual accounting in public sector entities and describe the role of the auditor-general

Describe the use of accounting software, spreadsheets and cloud systems in the accounting cycle and identify controls over computerised accounting

Explain the threats to independence and the fundamental principles of professional ethics, and apply them to given scenarios

Revise the cash flow statement and ratio areas where practice scores were weakest

Complete a timed full-length mock examination under exam conditions

Review every mock error and produce a targeted correction list by domain