ICAN CAP-III study plan

Map the full Advanced Financial Reporting syllabus into a one-page topic checklist and rate your confidence (1-5) on each item before studying

Apply IFRS recognition and measurement rules to consolidations: compute goodwill, non-controlling interest and gain on bargain purchase for a two-tier group scenario you construct yourself

Prepare consolidated statement of financial position and statement of profit or loss adjustments for intra-group sales, unrealised profit in inventory and depreciation on fair value uplifts

Explain the treatment of associates, joint arrangements and step acquisitions, writing journal entries for each

Solve 15 consolidation computational items under timed conditions and log every error by cause

Analyse financial instruments under IFRS 9: classify debt and equity instruments using the business model and cash flow characteristics tests

Compute expected credit loss allowances and effective interest amortisation for a bond issued at a discount

Apply IFRS 15 five-step revenue model to a multi-element contract with variable consideration and a financing component

Explain deferred tax arising from consolidation adjustments and compute the deferred tax liability on fair value uplifts

Draft disclosure notes for leases under IFRS 16 including right-of-use asset and lease liability roll-forward

Interpret IAS 36 impairment testing for cash-generating units including allocation of goodwill impairment and reversal rules

Distinguish adjusting from non-adjusting events under IAS 10 and apply going concern assessment indicators

Analyse a set of financial statements for earnings management red flags and document five specific indicators with the accounting standard breached

Explain the auditor's responsibilities regarding other information and the auditor's report structure under ISA 700 and ISA 701

Apply materiality determination under ISA 320 to a scenario and justify benchmark and percentage choice

Design an audit plan for a group audit under ISA 600 covering component materiality, scoping and instructions to component auditors

Evaluate audit evidence sufficiency for estimates and related disclosures under ISA 540 including bias indicators

Assess internal control deficiencies and classify them by significance, drafting management letter points with recommendations

Apply ISA 570 going concern procedures and draft the appropriate audit report modification with justification

Distinguish types of audit opinions and select the correct one for six short scenarios

Compute chargeable income and tax payable for a company applying capital allowances, balancing adjustments and loss relief rules

Apply transfer pricing principles to a related-party transaction and document an arm's length justification

Explain withholding tax obligations on cross-border payments and compute the tax and remittance deadlines

Compare tax planning structures (debt versus equity financing, lease versus purchase) and quantify the after-tax cost of each

Identify tax avoidance versus legitimate planning using the general anti-avoidance principles in the applicable tax law

Build a balanced scorecard for a divisionalised company with four perspectives, two measures each and targets

Compute and interpret ROI, residual income and EVA for two divisions and explain why rankings differ

Evaluate capital investment appraisal under uncertainty using sensitivity, scenario and adjusted present value techniques

Compute the weighted average cost of capital including the effect of a change in gearing on the cost of equity

Assess working capital management performance using the cash conversion cycle and recommend three concrete actions

Evaluate financing options (rights issue, bond issue, bank facility) and compute the theoretical ex-rights price and dilution effect

Analyse business valuation using discounted cash flow and market multiples, reconciling the two results

Apply the ICAN Code of Ethics to five ethical dilemmas, identifying threats and safeguards using the conceptual framework

Explain the duties of directors and the role of the audit committee in financial reporting oversight

Assess corporate governance failures in a case and map them to specific governance principles breached

Apply data analytics techniques to a journal entry testing scenario, specifying the tests and expected exception reports

Explain controls over emerging technology risks including cloud, cybersecurity and automated decision-making

Complete two full timed mock examinations under exam conditions and mark them against the marking guide

Consolidate an error log across all domains and re-attempt every item answered incorrectly

Revise the highest-weight domain summaries and rehearse exam time allocation per section