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ICAN Public Sector Accounting and Finance Notes

Accounting, budgeting and financial control in government and public bodies. This course follows the ICAN syllabus in 84 topics. All 84 are published, each with detailed notes, worked examples, exam tips and ICAN-style practice questions.

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Topics in ICAN Public Sector Accounting and Finance

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Topics in ICAN Public Sector Accounting and Finance, grouped by syllabus section
No.TopicRead
Regulatory and conceptual frameworks of public sector accounting23 topics20% of marks
1The nature, objectives and users of public sector accountingRead note
2The constitutional and regulatory framework of public sector accountingRead note
3Concepts, principles and bases of public sector accountingRead note
4Funding principles and public versus private sector accountingRead note
5The Fiscal Responsibility Act and the Fiscal Responsibility CommissionRead note
6The medium-term expenditure frameworkRead note
7Revenue, expenditure, debt and savings under the Fiscal Responsibility ActRead note
8The EFCC, the ICPC and corruption offencesRead note
9The code of conduct for public officers, the Bureau and the TribunalRead note
10The Public Accounts Committee, the courts and extractive industries transparencyRead note
11Government contracts: tenders boards and tender procedureRead note
12The Public Procurement Act 2007: principles, methods and offencesRead note
13IPSAS 11: construction contractsRead note
14IPSAS 12: inventoriesRead note
15IFAC, the IPSASB, PAFA and the African Professionalisation InitiativeRead note
16Professional pronouncements and features of a good government accounting systemRead note
17The Pension Reform Act 2014: scope, retirement benefits and savings accountsRead note
18Pension regulation: the Commission, administrators and custodiansRead note
19Pension investment, offences, PTAD and deficiencies of the ActRead note
20IPSAS 39: employee benefitsRead note
21IPSAS 49: retirement benefit plansRead note
22Treasury Single Account, IPPIS, GIFMIS and other public finance systemsRead note
23The National Chart of Accounts and financial reporting formatsRead note
Planning and budgeting8 topics20% of marks
24Purposes of the budget and budgeting methods in NigeriaRead note
25PPBS, performance, periodic, flexible and rolling budgetsRead note
26Base estimates, committed growth and problems of public budgetingRead note
27Budget preparation, approval, reserves and supplementary estimatesRead note
28Personnel cost and overhead cost budgetsRead note
29The Ministry of Budget and Planning, the revenue budget and cash budgetingRead note
30Budgetary control in the public sectorRead note
31IPSAS 24: presentation of budget information in financial statementsRead note
Reports and audit40 topics20% of marks
32Public accountability and fiscal transparencyRead note
33The IMF code, Transparency International and the Open Budget IndexRead note
34Enhancing public accountability and the factors against itRead note
35The Accountant-General and the Auditor-GeneralRead note
36Accounting officers, imprest holders and revenue collectorsRead note
37Government revenue sources and collection agenciesRead note
38FAAC, RMAFC and the revenue-sharing bodiesRead note
39VAT, the Consolidated Revenue Fund and other government fundsRead note
40Control of government revenue and expenditureRead note
41Vouchers and payroll accounting in the public sectorRead note
42The cash office, cash book and bank reconciliationRead note
43Advances, imprest and deposit accountsRead note
44Monthly transcripts and self-accounting unitsRead note
45Stores classification, control and accountingRead note
46Loss of stores, boards of survey and government lossesRead note
47Cash management and borrowing guidelinesRead note
48Statutory financial statements of government on the cash basisRead note
49Local government organisation, revenue and administrationRead note
50Local government expenditure and final accountsRead note
51IPSAS 1, 2 and 3: financial statements, cash flows and accounting policiesRead note
52Notes to the financial statements and qualitative characteristics of reportingRead note
53IPSAS 33: first-time adoption of accrual basis IPSASRead note
54IPSAS 34: separate financial statements and statements of ministries and agenciesRead note
55Parastatals and public enterprises: income, expenditure and accountingRead note
56Hospital accounting and development and property corporationsRead note
57Interpreting public sector financial statements and ratiosRead note
58IPSAS 4, 5 and 10: exchange rates, borrowing costs and hyperinflationRead note
59IPSAS 14 and 20: events after the reporting date and related partiesRead note
60IPSAS 43: leasesRead note
61IPSAS 16 and 45: investment property and property, plant and equipmentRead note
62IPSAS 19, 21 and 26: provisions and impairmentRead note
63IPSAS 27 and 31: agriculture and intangible assetsRead note
64IPSAS 28, 30 and 41: financial instrumentsRead note
65IPSAS 32 and 35: service concession arrangements and consolidated statementsRead note
66IPSAS 18, 36, 37 and 38: segments, associates and joint arrangementsRead note
67IPSAS 40: public sector combinationsRead note
68IPSAS 42, 44 and 46: social benefits, assets held for sale and measurementRead note
69IPSAS 47, 48 and 50: revenue, transfer expenses and mineral resourcesRead note
70Public sector audit: legal framework, types and objectivesRead note
71Public sector audit: process, internal audit, assurance and INTOSAIRead note
Public finance10 topics20% of marks
72Public finance, public goods and the public sectorRead note
73The rationale, functions and methods of government intervention in the economyRead note
74Public revenue and revenue allocationRead note
75Public expenditure: growth, classification and principlesRead note
76Public debt: deficit financing, types and instrumentsRead note
77External debt, debt burden, borrowing policy and debt managementRead note
78Fiscal federalism and expenditure assignmentRead note
79Tax assignment and intergovernmental grantsRead note
80Project appraisal in the public sectorRead note
81The business cycle, public private partnerships and privatisationRead note
Public finance management and accountability1 topic10% of marks
82The ICAN Accountability Index: pillars and indicatorsRead note
Sustainability and sustainable development2 topics10% of marks
83The Sustainable Development Goals and their implementation in NigeriaRead note
84Sustainability reporting in the public sectorRead note

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About ICAN Public Sector Accounting and Finance Notes

These are the 84 Public Sector Accounting and Finance topics, in teaching order, across 6 syllabus sections. The first note is “The nature, objectives and users of public sector accounting” and the last is “Sustainability reporting in the public sector”. Reading them all takes about 20 hours. At an hour a day, that is about 3 weeks.

What you will learn
  • Explain the laws, IPSAS and concepts that govern public sector accounting (20% of marks)
  • Prepare and control government budgets (20% of marks)
  • Prepare public sector financial reports under IPSAS, and explain public sector audit (20% of marks)
  • Explain how government raises, spends and borrows money (20% of marks)
  • Explain how public money is managed and accounted for (10% of marks)
  • Discuss sustainable development and its place in public finance (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.

  1. Treasury Single Account, IPPIS, GIFMIS and other public finance systems 6 questions
  2. Project appraisal in the public sector 6 questions
  3. Pension investment, offences, PTAD and deficiencies of the Act 5 questions
  4. Public revenue and revenue allocation 5 questions
  5. External debt, debt burden, borrowing policy and debt management 5 questions

Frequently asked Questions about Public Sector Accounting and Finance

What is ICAN Public Sector Accounting and Finance?

Accounting, budgeting and financial control in government and public bodies. It is a Skills level paper.

Are the Public Sector Accounting and Finance notes free?

Yes. All 84 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.

Is IPSAS covered?

Yes. IPSAS runs through many topics, alongside public budgeting, public finance and government reporting. Four sections carry 20% of marks each, so spread your revision evenly.

How many topics are in Public Sector Accounting and Finance?

There are 84 topics in 6 syllabus sections, in teaching order. Each has a summary, worked examples, exam tips and practice questions.

Which section carries the most marks in Public Sector Accounting and Finance?

Four 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 Public Sector Accounting and Finance?

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 Public Sector Accounting and Finance 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.