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Qualified Chartered Accountants In Here..pls Help The 2013 ICAN Aspirants!!!. / Professional Accountants, Let's Meet Here / What Is The Average Pay Of Chartered Accountants In Nigeria (1) (2) (3) (4)

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Re: Accountants' Forum. by Ufeolorun(m): 11:09pm On Feb 03, 2012
smiley
I am not discouraging it,really, just felt he needs to give an insight into why he is considering ICAN after ACCA.A strong local accountancy body is very necessary for the development of members and the profession at large.Whether ican is doing enough,thats another thing.
Maybe worth doing who knows wink for reasons i stated in my last comment and above

mycvclinic:

@Ufeolorun,

Your response made me LOL because I plan to gain ICAN qualification after my ACCA (writing my final papers this year).

To be honest I know I will not really learn anything new in the conventional sense. . . but perhaps just to satisfy the nationalist in me.

It's one thing I plan on doing and somehow I can't explain exactly why.

It only makes sense in my head.



Re: Accountants' Forum. by Veevien(f): 8:55pm On Feb 09, 2012
hello, am an accounting graduate about to write my Ican exams. just wanted to ask if any body in the house cud give me specific areas of concentration
Re: Accountants' Forum. by gabriel88(m): 11:25am On Feb 10, 2012
i need help guyz
Re: Accountants' Forum. by komkom4all: 4:36pm On Feb 10, 2012
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Re: Accountants' Forum. by kay1983: 2:48pm On Feb 12, 2012
I am in ACCA level 2 wit 8 papers 2 qualify. Money has slowed me down.i av 6 yrs 2 complete it but i urgently need a professional qualificatn 2 get a better job.am thinkin of ICAN.can anybody advise me.my current job does nt give me time to read.pls help
Re: Accountants' Forum. by jide_ola(m): 5:57pm On Feb 15, 2012
My name is Jide, i have OND,and HND uper credit in accounting  (The Polytechnic,Ibadan).Am also an AAT,pls i need job
Re: Accountants' Forum. by blank(f): 9:42am On Feb 16, 2012
Still no one talking about IFRS, okay o.
Re: Accountants' Forum. by woyeld: 12:22am On Feb 18, 2012
Kudos to all guru's in the house, i'm suprised for not seen any1 talk about accounting software in the profession. This days accounting softwares as dominate 70% of the work of an accountant in an organisation. can any1help wit tally erp9 tutorial
Re: Accountants' Forum. by Jarus(m): 11:14am On Feb 18, 2012
We use oracle ERP in our company and it's a great tool. All we do is feeding the modules transaction data and running the necessary programmes and reports. You check the reasonability and output and do some others checks(on very rare occasions, you may have system errors). We invested multi million Naira into this.
Re: Accountants' Forum. by orisebawo(m): 6:55am On Feb 21, 2012
Nice Topic,

The ERP package is an important tool fortoday's accounting but there is no such thing as a one size fits all package, for instance i have worked in different companies using excel and they arenever the same, this is because the system you get depends on the business requirement you give to the software company e.g Oracle SAP etc, no doubt the interfaces might be similar but the functionalities will differ, while you have some oracle package that have the Oracle financial, procurement and Hr all linked, you have some without the HR function and some will only the Financials and projects, while some will have the OFA which makes it easier to extract information from the ledger others don't have this facilities.

It all boils down to what the company is ready to spend on IT and what advantages it will derive from it, you will be surprised that there are FTSe 100 companies that don't a financial project package and have to depend on Excel to drive the process.

For the gentleman that has finished ACCa and wants to do ICAN, well it is a good idea and there are many things you will learn that isn't included in ACCA, for example the Nigerian tax rule and the legal framework is different from what you would have learnt in ACCA, ICAN does a one week conversion course, without ICAN I don't think you can sign off a financial report in Nigeria, for your information there less than 34,000 ICAN members in a country of 160 million.
Re: Accountants' Forum. by MENA247(f): 8:04pm On Feb 24, 2012
Nice thread,
I am also an accountant, Chartered with ICAN, Have about 3years plus experience in my kitty but with service companies. Accountants should know(especially d young ones) that the life and times of every organisation lies in their hands. Accounting goes beyond just keeping records, I feel more emphasis should be placed on the advisory role of accountants
What is d effect of this purchase on cashflow?
When will the company break even?
What will be d effect of this New product line?
When accountants answer these and many more questions their relevance will be felt in organisations.
Re: Accountants' Forum. by dayus4real: 2:13am On Mar 02, 2012
pls people i need info. on ACA[color=#990000][/color]
Re: Accountants' Forum. by ruffhandu: 11:37am On Mar 09, 2012
mycvclinic:

@Ufeolorun,

Your response made me LOL because I plan to gain ICAN qualification after my ACCA (writing my final papers this year).

To be honest I know I will not really learn anything new in the conventional sense. . . but perhaps just to satisfy the nationalist in me.

It's one thing I plan on doing and somehow I can't explain exactly why.

It only makes sense in my head.




Please can anyone who's a banker and stays in Lagos help me source for ACCA 2012 study materials, I would want to sit for F1 and F2 this June. I need your response please.
Re: Accountants' Forum. by sharp man(m): 11:25am On Mar 16, 2012
jen_ny: Hi All,

Im an ACCA member qualified early last yr, I want to get ur views on d need for ICAN qualification. The conversion course+induction+TCI is about 230k, my company wont pay and I really need a gd reason to cough out this kind of money and I really cant see any for now. Please advice Thanks,

I'll advise you look for the 230k (it's now 280k) and finalize your ICAN membership. The info i have now is that the Direct Membership course that will hold in April will be the last. I believe that ICAN wants to stop the direct membership program. The implication is that you may need to write exams to gain ICAN membership. So you do not have the luxury of waiting to be buoyant.

Whether you need the ICAN qualification depends on the type of job you do. If you want to have a career in Public Practice, meaning you want to eventually own your Audit firm that is empowered by law to carry out Statutory Audit, then you need a local qualification that is recognized. ACCA is not but ICAN is.
Re: Accountants' Forum. by Omo'ba: 1:18pm On Apr 02, 2012
Hello Fellow Accountants,
I'm new on this forum, an ACCA student member in my professional level. Please, I need advice on how to go about my PER returns from someone who is already Qualified. Thanks.
Re: Accountants' Forum. by komkom4all: 4:25pm On Apr 03, 2012
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Re: Accountants' Forum. by Bosariayo: 7:23pm On Apr 03, 2012
Am sarafadeen,i grad. from ibpoly, accountancy department,i am awaiting serves by july.pls i want u 2 advice me on how 2 plan my services year i.e my expectation,exams i may sit 4 when at serve and how i can derive maximum benefit at service both financially and educational wise.
Re: Accountants' Forum. by jen_ny(f): 9:53pm On Apr 03, 2012
Tanx every1 for ur comments I've decided not to tk d ICAN conversion course dis year cus of d cost, will hold on till next year n see wat d new process wil be. I'm hopng max 2 exams to write which shldnt cost me more than 50k

1 Like

Re: Accountants' Forum. by akomoledee: 9:35am On Apr 06, 2012
Good to be here,please I just want to venture into ICAN,intendin to write Nov 2012 exam,I nEed advice on how to register and prepare for d exam successfully,I'm in Lagos please help?
Re: Accountants' Forum. by Dereformer(m): 9:37pm On Apr 06, 2012
Please, i need info on the levels of exemption i can get in registering for ACCA. I have the following qualifications: HND(Acct), ACA. My main concern is to get a Bsc(Applied Acct). Do you think it will be faster to get a Bsc by registering with a university on part-time basis?
Re: Accountants' Forum. by naijatoday: 10:03am On Apr 10, 2012
please can someone tell me how much KPMG, E&Y and Deloitte (Akintola williams) pay their entry level trainee auditors.

Thanks in advance
Re: Accountants' Forum. by donroxy(m): 9:34am On Apr 11, 2012
Any M.Sc Accounting holder in the house....

Pls, any idea on how d pre-entry examination look like esp (unilorin). Thnks!!!!
Re: Accountants' Forum. by ritze(m): 10:01am On Apr 11, 2012
Please, i need info on the levels of exemption i can get in registering for ACCA. I have the following qualifications: HND(Acct), ACA. My main concern is to get a Bsc(Applied Acct). Do you think it will be faster to get a Bsc by registering with a university on part-time basis?[/quote]
As an ACA holder, you are exempted from the whole F' level
You are to write the final stage alone
Since you want the B.sc, you need to opt in for OBU
You will be compelled to write 3 paper in the 2nd stage which are
Financial Reporting(F7)
Financial Management(f8)
Performance Mgt(f5)

1 Like

Re: Accountants' Forum. by Dereformer(m): 8:33pm On Apr 11, 2012
Thanks ritze, please what is OBU? The Bsc(applied accounting) is it recognised in Nigeria and will it be accepted for an Msc? Please how do i register, get exemptions, and also have the materials? I really need your guidance.
Re: Accountants' Forum. by Mustay(m): 10:30pm On Apr 11, 2012
Dereformer: Thanks ritze, please what is OBU? The Bsc(applied accounting) is it recognised in Nigeria and will it be accepted for an Msc? Please how do i register, get exemptions, and also have the materials? I really need your guidance.

Most of these questions have their answers on ACCA's website. For OBU, your 2 questions have a YES answer.

For exemptions, check -

https://portal.accaglobal.com/accrweb/ faces/page/public/accreditations/ enquiry/main/EnqInstitutionsTable.jspx
Re: Accountants' Forum. by Moyola(f): 5:40pm On Apr 16, 2012
cool
Re: Accountants' Forum. by ratio4real(m): 5:28pm On Aug 29, 2012
Jarus: There are various aspects of accounting. I handle Fixed Assets Accounting for my organization and I have full knowledge of Fixed Assets Accounting, but it is very narrow.
I also handle Tax, which is more interesting and diverse. I enjoy Tax more.

So you may ask questions about these two areas and others.

please i would aprc8 if u can help sheared light on this:
its abt VAT & WHT.
wen a customer for instance doesnt pay VAT on ur goods or services sold to him, bt withold tax,wat will be the effect at the end of the day wen u are abt remitting tax to the authorities.
to b more clearer....if VAT is not paid on a goods or service bt @ the end of the year wen filling returns, that particular service or goods will not b excempted from paying VAT. please i will b happy if u can help
Re: Accountants' Forum. by komkom4all: 6:42pm On Aug 29, 2012
woyeld: Kudos to all guru's in the house, i'm suprised for not seen any1 talk about accounting software in the profession. This days accounting softwares as dominate 70% of the work of an accountant in an organisation. can any1help wit tally erp9 tutorial
ya bro, I am tallyerp.9 accounting software expert. I do Installation, implementation, training and also offer technical support to clients.
You can reach me through this number 08121204756
thanks
Re: Accountants' Forum. by Goldenskin: 8:54pm On Sep 01, 2012
ratio4real:

please i would aprc8 if u can help sheared light on this:
its abt VAT & WHT.
wen a customer for instance doesnt pay VAT on ur goods or services sold to him, bt withold tax,wat will be the effect at the end of the day wen u are abt remitting tax to the authorities.
to b more clearer....if VAT is not paid on a goods or service bt @ the end of the year wen filling returns, that particular service or goods will not b excempted from paying VAT. please i will b happy if u can help

Ɣ☺u should enforce the payment of VAT by the customer. It's part of the bill and they do not have a right to exclude it from payment. In the case of an audit by the FIRS, a flat rate of 5% will be applied on your turnover and if there is any variance, penalty and interest will be applied to the amount outstanding.

I like this group. Am a chartered accountant and I qualified in 2010.
Re: Accountants' Forum. by ratio4real(m): 8:01pm On Sep 03, 2012
Goldenskin:

Ɣ☺u should enforce the payment of VAT by the customer. It's part of the bill and they do not have a right to exclude it from payment. In the case of an audit by the FIRS, a flat rate of 5% will be applied on your turnover and if there is any variance, penalty and interest will be applied to the amount outstanding.

I like this group. Am a chartered accountant and I qualified in 2010.

thanks so much i truely appr8 ur answer!
Re: Accountants' Forum. by Oluwalala(m): 8:22am On Sep 11, 2012
What's suppin here!
Re: Accountants' Forum. by b03liberty(m): 12:23am On Dec 02, 2012
Jarus: ACCOUNTING ENTRIES:
Let me touch on the 3 main accounting areas, which are Acquisition or addition, depreciation and disposal.
Other actvities that may require accounting entries like reclassification

ACQUISITION/ADDITION
Ribadu 2011 Plc acquired a 14KVA Generator to power its Lagos office at Jarus road at the cost of 200,000 ex-VAT, from BakareAAT Enterprises. The Genset was delivered and installed on September 12, 2010. As the Fixed Asset Accountant or Financial Accountant of Ribadu 2011 Plc, treat this.

Solution:
1, Raise the accounting entries
DR: Asset a/c(Plant & Machinery a/c in this case because Genset is a P&M item) 210,000(according to [b]SAS [/b]3 - Accounting for Property, plant & equipment, you are meant to capitalize VAT on fixed assets with the cost)
2, CR: Bank a/c  with 210,000

Your FAR wil be updated as follows:
DESCRIPTION: 14 KVA Genset
SUPPLIER: BakareAAT Ent.
LOCATION: Lagos office, Jarus Road
MAJOR CATEGORY: Plant & machinery
MINOR CATEGORY: Generator
DATE IN SERVICE: 12/09/2010
LIFESPAN IN YEARS: 8 (Depending on company policy)
LIFEPSPAN IN MONTHS: 96
COST: 210,000
DEP METHOD: Straight line
ACCDEP: -
YTD DEP: -
etc

In large, highly automated organization like mine, you imput all these while registering the asset, but the system generates the FAR, which is up  to date. In small organizations, you enter this manually by excel.

You will need to keep hard documents like BakareAAT's invoice,delivery note, payment voucher etc, which teh auditors will review at year-end. 
SAS has been replaced by IAS

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