ICAN Financial Reporting Notes
Financial Reporting is where you learn to prepare company accounts under IFRS. All 69 topics follow the ICAN syllabus in order, each with detailed notes, worked examples, exam tips and practice questions. Read them free.
Topics in ICAN Financial Reporting
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About ICAN Financial Reporting Notes
These are the 69 Financial Reporting topics, in teaching order, across 7 syllabus sections. The first note is “The regulatory framework” and the last is “Technology in financial reporting”. Reading them all takes about 15 hours. At an hour a day, that is about 2 weeks.
What you will learn
- Explain the IASB, IFRS adoption, CAMA 2020 and the rules behind financial reporting (10% of marks)
- Apply IFRS to revenue, leases, financial instruments, property, inventory and tax (15% of marks)
- Prepare a full set of company financial statements, including cash flows (20% of marks)
- Consolidate the financial statements of a parent and its subsidiaries (20% of marks)
- Calculate ratios and judge the performance and position of a company (15% of marks)
- Explain the IFRS sustainability disclosure standards and what they require (10% of marks)
- Apply ethics, and explain how technology is changing financial reporting (10% of marks)
What ICAN asks most
These topics came up most often in the Pathfinder past questions mapped to these notes. A question that covers several topics counts for each one. Start here if you are short on time.
- IAS 16 (ii): revaluation, derecognition and disclosure 6 questions
- The Conceptual Framework (i): objective, users and qualitative characteristics 5 questions
- IAS 16 (i): recognition, cost and depreciation of property, plant and equipment 5 questions
- IAS 2: inventories 5 questions
- The regulatory framework: IASB, IFRS adoption and FRC Nigeria 4 questions
Frequently asked Questions about Financial Reporting
What is ICAN Financial Reporting?
Preparing and presenting financial statements under accounting standards. It is a Skills level paper.
Are the Financial Reporting notes free?
Yes. All 69 topics are free to read online. You pay only to keep them as PDF and Word, which come in the course pack with the full question bank and marking guides.
Do the notes cover IFRS 18 and the sustainability standards?
Yes. IFRS 18 and the IFRS sustainability disclosure standards both have notes. Sustainability reporting carries 10% of marks, and the financial statements of a simple group carry 20%.
How many topics are in Financial Reporting?
There are 69 topics in 7 syllabus sections, in teaching order. Each has a summary, worked examples, exam tips and practice questions.
Which section carries the most marks in Financial Reporting?
Two sections tie at 20% of marks each, so none dominates. Spread your time across all of them.
Can I practise with past questions?
Yes. Every topic has ICAN-style practice questions with marking guides. Where past ICAN questions exist, a Pathfinder section lists them by diet and year, so you can try the real thing.
What mark do I need to pass Financial Reporting?
ICAN papers are normally passed with 50%. Confirm the current rule on the official ICAN portal, because the Institute can change it.
Are the notes up to date?
They follow the ICAN Skills level syllabus, so they are the same for every diet. Found a mistake? Tap Tell us on any topic and we will check it.
Are these notes from ICAN?
No. Accountants.ng is independent of ICAN. ICAN publishes the official syllabus, study text and past papers, so use our notes alongside them.
How do I study Financial Reporting without getting overwhelmed?
Take one topic at a time. Read it, try the practice questions, then check the marking guide. Move through the sections in order, and give extra time to the sections with more marks.