ICAN Syllabus Summary for Nov 2025 Curled out by: Kabiru Yusuf Aremu, ACA (08169069670) From:

rom: Apex Professional Associates

ICAN New Syllabus Summary – Nov 2025

Public Sector Accounting and Finance (PSAF)

Content and % Weight

A. Regulatory and conceptual framework of Public Sector Accounting 20%

B. Planning and Budgeting 20%
C. Report and Audit 20%
D. Public Finance 20%
E. Public Finance Mgt and Accountability 10%
F. Sustainability and sustainable development 10%

A. REGULATORYAND CONCEPTUAL FRAMEWORKS OF PUBLIC SEC ACCOUNTING - 20%

1. The constitutional and regulatory frameworks of public sector accounting

(a) Discuss the importance of the constitutional, legislative and regulatory contexts of public sector
accounting with specific emphases on:
(i) The constitutional provisions on revenue, revenue allocation and public expenditure (federal, states and
local governments);
(ii) The provisions of the Finance (Control and Management) Act of 1958 (as amended); and
(iii) Financial regulations (instructions) for federal and state governments and financial memoranda for local
government councils.

(b) Discuss the provisions of:

(i) Fiscal Responsibility Act, 2010 in relation to:
· The medium-term expenditure framework (MTEF);
· The annual budget;
· Budget execution and achievement of targets;
· Savings and assets management;
· Transparency and accountability; and
· Enforcement.

(ii) Public Procurement Act, 2007 (as amended) in relation to:

· Fundamental principles of procurement;
· Organisation of procurement;
· Procurement methods (goods and services);
· Special and restricted methods of procurement;
· Procurement of consultants (services);
· Disposal of public property; and
· Offences.

(iii) IPSAS 11- Construction Contracts; and

(iv) IPSAS 12 - Inventories.

(c) Assess ethical issues in public sector accounting in respect of functions and powers (offences and
penalties) of the following bodies:
(i) Economic and Financial Crimes Commission (EFCC);

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ICAN Syllabus Summary for Nov 2025 Curled out by: Kabiru Yusuf Aremu, ACA (08169069670) From: Apex Professional Associates

(ii) Independent Corrupt Practices and Other Related Offences Commission (ICPC);
(iii) Code of Conduct Bureau (CCB);
(iv) Code of Conduct Tribunal (CCT);
(v) Public Accounts Committee (PAC); and
(vi) Courts.

2. Public sector accounting concepts and pronouncements

(a) Discuss:
(i) Accounting concepts, bases and principles relevant to public sector accounting;
(ii) Concept of funds, its relationship to the entity concept and its implications for income measurement
and valuation;
(iii) Professional pronouncements on public sector accounting by the United Nations, the International
Committee on Public Sector Financial Management and International Federation of Accountants
(IFAC) through IPSAS Board;
(iv) Pan African Federation of Accountants (PAFA) African Professionalisation Initiatives (API) in the
public sector; and
(v) Standardisation of federal, state and local governments reporting formats in Nigeria.

(b) Discuss Pension Reform Act, 2014 (as amended), in respect of:
(i) Objectives;
(ii) Rates of contribution to the scheme;
(iii) Exemption from the scheme;
(iv) Retirement benefits;
(v) Retirement savings account;
(vi) Transitional provisions for the public sector;
(vii) Pension fund administrators (PFA) and pension fund custodians (PFC);
(viii) Investment of pension fund; and
(ix) Offences, penalties and enforcement powers.

(c) Discuss IPSAS 39 - Employee Benefits

(d) Assess emerging issues in the Nigerian public sector in relation to:
(i) Government Integrated Financial Management Information System (GIFMIS);
(ii) Integrated Payroll and Personnel Information System (IPPIS);
(iii) University Transparency and Accountability Solution (UTAS);
(iv) Treasury Single Account (TSA);
(v) Accounting Transaction Recording and Reporting System (ATRRS); and
(vi) Open Treasury Portal

(e) Discuss Finance Acts, 2019, 2020, 2021 and 2023 in respect of:
(i) Objectives;
(ii) Ease of doing business;
(iii) Compensation for loss of employment;
(iv) Withdrawal of incentives;
(v) Enhancement of fiscal stability; and
(vi) Promotion of sustainable development.

B. PLANNING AND BUDGETING - 20%

1. Discuss the:
(a) Importance of planning and budgeting in the public sector; and

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ICAN Syllabus Summary for Nov 2025 Curled out by: Kabiru Yusuf Aremu, ACA (08169069670) From: Apex Professional Associates

(b) Objectives and the use of annual budget in the public sector.

2. Evaluate types of budget:

(a) Line–item budgeting system;
(b) Traditional/incremental budgeting system;
(c) Planning programming budgeting system (PPBS);
(d) Programme performance budgeting system (PPBS); and
(e) Zero–base budgeting system (ZBB).

3. Distinguish amongst rolling, development and perspective plans.

4. Discuss the steps in the budgeting process and budgetary control.
5. Discuss IPSAS 24 - Presentation of Budget Information in Financial Statements.

C. REPORT AND AUDIT - 20%

1. Accounting and financial reporting
(a) Present and evaluate the public sector accounting processes in relation to:
(i) Treasury cash book and transcripts;
(ii) Cash management policies and borrowing guidelines;
(iii) Types of voucher and their uses;
(iv) Bank reconciliation statements;
(v) Subsidiary accounts - deposits, advances and imprest;
(vi) Journal entries for loss of public funds;
(vii) Vote book and expenditure control; and
(viii) Revenue control procedures.

(b) Discuss the roles of the following bodies:

(i) Federation Accounts Allocation Committee (FAAC);
(ii) Joint Allocation Account Committee (JAAC);
(iii) Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC); and
(iv) Ministry of Finance Incorporated (MOFI).

(c) Prepare and explain the following:

(i) Federation Account;
(ii) Federal public sector independent revenue; and
(iii) Charges to the Consolidated Revenue Fund (CRF).

(d) Explain the roles of revenue collection agencies, such as:

(i) Federal Inland Revenue Service (FIRS);
(ii) State Internal Revenue Service (SIRS);
(iii) Local Government Revenue Authorities;
(iv) Nigerian Upstream Petroleum Regulatory Commission (NUPRC)
(v) Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA);
(vi) Nigeria Customs Service (NCS); and
(vii) Nigerian National Petroleum Company Limited (NNPL) – (CBN as collecting agent).

(e) Assess revenue collection and monitoring procedures.

(f) Discuss the International Public Sector Accounting Standards (IPSASs) on cash basis in relation to its
structure, objectives, responsibility, characteristics, and components.

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ICAN Syllabus Summary for Nov 2025 Curled out by: Kabiru Yusuf Aremu, ACA (08169069670) From: Apex Professional Associates

(g) Prepare statutory financial statements for federal, state and local government treasury in accordance
with cash basis IPSAS, in respect of the following:
(i) Cash Flow Statement;
(ii) Statement of Consolidated Revenue Fund;
(iii) Statement of Capital Development Fund;
(iv) Notes to the accounts;
(v) Performance reports;
(vi) Statistical reports; and
(vii) Accounting policies.

(h) Discuss IPSAS 33 - First-time Adoption of Accrual Basis IPSAS.

(i) Discuss IPSAS 34 - Separate Financial Statements.
(j) Discuss the applicable International Public Sector Accounting Standards (IPSAS) on accrual basis in
relation to the definitions, applications, recognition, measurement and disclosures:
(k) Prepare statutory financial statements for federal, state and local government treasury in accordance
with Accrual Basis IPSAS 33 in respect of the following:
· Cash Flow Statement;
· Statement of financial performance (Consolidated Revenue Fund);
· Statement of financial position (statement of assets and liabilities);
· Statements of changes in net assets/equity;
· Comparison of budget and actual amounts; and
· Notes to the accounts.

2. Accounting for public sector organisations and government business entities.

(a) Discuss the general nature of and differences among public sector organisations:
(i) Organisations without the features of a private company, such as Independent National
Electoral Commission (INEC), Niger Delta Development Commission (NDDC), etc; and
(ii) Government business entities (i.e. hybrid organisations that have features of private companies
and public organisations, such as Nigerian Ports Authority (NPA), Central Bank of Nigeria
(CBN), Nigerian Security Printing and Minting Company (NSPMC) Ltd, Securities and
Exchange Commission (SEC), etc.

(b) Discuss financial provisions of enabling laws for relevant utilities, authorities, parastatals, boards,
corporations, agencies and tertiary educational institutions.

(c) Prepare the financial statements of relevant utilities, authorities, parastatals, boards, corporations,
agencies and tertiary educational institutions in accordance with Accrual Basis IPSAS, considering the
following:
(i) Statement of financial position;
(ii) Statement of financial performance;
(iii) Statement of changes in net assets/equity;
(iv) Cash flow statement; and
(v) Notes to the accounts.

3. Public Sector Audit

(a) Discuss the following:
(i) Legal requirements for audit in the public sector and the roles of the Accountant-General and
Auditor General;
(ii) Process of appointing auditors in the public sector;
(iii) Basic steps in the process of auditing public sector financial statements;

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ICAN Syllabus Summary for Nov 2025 Curled out by: Kabiru Yusuf Aremu, ACA (08169069670) From: Apex Professional Associates

(iv) Concept of public accountability in the public sector;

(v) Financial guidelines for the operation of the public sector;
(vi) Financial responsibilities of public sector officers;
(vii) Nature and types of financial control in the public sector;
(viii) Financial control institutions within the public sector (including their functions and
procedures), in respect of:
· Ministry of Finance;
· Office of the Auditor-General for the Federation;
· Office of the Accountant-General of the Federation;
· Budget office;
· Expenditure control unit; and
· Fund section.
(ix) Roles of national and state assemblies, and local government councils in
(i) financial management and control;
(x) Financial management and virement procedures;
(xi) Application of International Standards of Supreme Audit Institutions (ISSAI), standards for
assurance and audit and their relationship with International Standards on Auditing (ISA's);
(xii) Performance audit or Value-for-money audit;
(xiii) Risk based audit; and
(xiv) Environmental audit.

D. PUBLIC FINANCE - 20%

1. Evaluate the roles of the public sector in relation to the:
· Performance of the Nigerian economy; and
· Objectives of fiscal responsibilities.
2. Discuss the main sources of revenue and capital finance.
3. Justify the importance of grants as a source of revenue to federal, state and local governments.
4. Assess and evaluate the expenditure and revenue frameworks of public finance in relation to:

(a) Public expenditure:

(i) Efficient provision of public goods:
· v Deriving the efficiency contribution; and
· v Problems in achieving efficiency.
(b) Public goods:
(i) Justify government intervention in the provision of public goods; and
(ii) Evaluate how government spending creates positive externalities in provision of public goods.

5. Discuss the National Privatisation Policy (NPP) with respect to:

(a) Public versus private provision;
(b) Public versus private production;
(c) Public goods and public choice; and
(d) Bureau of Public Enterprises (BPE).
6. Assess borrowing policy and public debts in the context of:
(a) Funded and unfunded debts;
(b) Debt burden;
(c) Deficit financing (to tax or to borrow?);
(d) External loans: multilateral, Paris Club, London Club, promissory notes and others; and
(e) Central Bank of Nigeria Ways and Means Financing.
7. Evaluate debt management strategies in relation to:
(a) Loans pooling and consolidation;
(b) Loan re-scheduling;

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ICAN Syllabus Summary for Nov 2025 Curled out by: Kabiru Yusuf Aremu, ACA (08169069670) From: Apex Professional Associates

(c) Debt-equity swap; and

(d) Debt forgiveness.
8. Evaluate and discuss principles and practice of federalism (fiscal federalism, fiscal capacity and needs
in multi-level public sector structures).

9. Evaluate intra-public sectorial fiscal relations and Nigeria's experience with revenue allocation.

10. Appraise projects in the public sector, using:

(a) Cost-benefit analysis;
(b) Cost-outcome analysis; and
(c) Cost-effectiveness analysis.
11. Discuss the nature, causes and types of externalities.

12. Discuss emerging issues in Nigerian Public Finance Management.

E. PUBLIC FINANCE MANAGEMENT AND ACCOUNTABILITY - 10%

1. Discuss the role of ICAN Accountability Index (ICAN-AI) in public finance management and
accountability covering the following:
(a) Policy based fiscal strategy and budgeting;
(b) Budget credibility;
(c) Management of assets and debts;
(d) Probity, accountability, transparency and disclosures;
(e) Controls in budget execution, accounting and reporting; and
(f) External audit and legislative scrutiny.

F. SUSTAINABILITYAND SUSTAINABLE DEVELOPMENT - 10%

1. Discuss the United Nations Sustainable Development Goals (SDGs).

2. Discuss the Federal Government's Sustainable Development Goals.
3. Discuss sustainability reporting in the public sector.

Applicable IPSAS – Standards

· IPSAS 1- Presentation of Financial Statements

· IPSAS 2 - Cash Flow Statements
· IPSAS 3 - Accounting Policies, Changes in Accounting Estimates and Errors
· IPSAS 4 - The Effects of Changes in Foreign Exchange Rates
· IPSAS 5 - Borrowing Costs
· IPSAS 9 - Revenue from Exchange Transactions
· IPSAS 10 - Financial Reporting in Hyperinflationary Economies
· IPSAS 13 - Leases
· IPSAS 14 - Events After the Reporting Date
· IPSAS 16 - Investment Property
· IPSAS 17- Property, Plant and Equipment
· IPSAS 18- Segment Reporting
· IPSAS 19- Provisions, Contingent Liabilities and Contingent Assets
· IPSAS 20- Related Party Disclosures
· IPSAS 21- Impairment of Non-Cash-Generating Assets
· IPSAS 22- Disclosure of Financial Information About the General Government Sector
· IPSAS 23 - Revenue from Non-Exchange Transactions (Taxes and Transfers)

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ICAN Syllabus Summary for Nov 2025 Curled out by: Kabiru Yusuf Aremu, ACA (08169069670) From: Apex Professional Associates

· IPSAS 26 - Impairment of Cash-Generating Assets

· IPSAS 27 - Agriculture
· IPSAS 28 - Financial Instruments: Presentation
· IPSAS 29 - Financial Instruments: Recognition and Measurement
· IPSAS 30 - Financial Instruments: Disclosures
· IPSAS 31 - Intangible Assets
· IPSAS 32 - Service Concession Arrangements: Grantor
· IPSAS 35 - Consolidated Financial Statements
· IPSAS 36 - Investments in Associates and Joint Ventures
· IPSAS 37 - Joint Arrangements
· IPSAS 38 - Disclosure of Interests in Other Entities
· IPSAS 40 - Public Sector Combinations
· IPSAS 41 - Financial Instruments (replaced IPSAS 29)
· IPSAS 42- Social Benefits
· IPSAS 43 - Leases (replaced IPSAS 13 - effective date January 1, 2025)
· IPSAS 44 - Non-current Assets Held for Sale and Discontinued Operations - effective date January 1,
2025
· IPSAS 44- Non-current Assets Held for Sale and Discontinued Operations - effective date January
1,2025
· IPSAS 45 - Property, Plant and Equipment (Replaced IPSAS 17 - effective date January 1, 2025)
· IPSAS 46 - Measurement (effective date January 1, 2025)
· IPSAS 47 - Revenue (replaced IPSAS 9 and IPSAS 23 - effective date January 1, 2026
· IPSAS 48 - Transfer Expenses - effective date January 1, 2026)
· IPSAS 49 - Retirement Benefit Plans - effective date January 1, 2026)

Guide to examination assessment

a) ICAN reserves the right to examine any topic in the syllabus at any examination diet.
b) New standards and laws may be examined after six months from the dates of issue, even if the effective
date is in the future.