THE INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIAicanig.org/ican/documents/ICAN-2015-FA.pdf · 2016-05-23 · that the 51 st Annual General Meeting of The Institute of Chartered Accountants

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA

Annual Report & Financial Statements2015 2THE INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA

Annual Report & Financial Statements2015 3

Vision StatementTo be a

leading global professional

body.

Mission Statement

To produce world-class chartered

accountants, regulate and continually

enhance their ethical standards

and technical competence in the public

interest.

CONTENTS

3

Notice of Meeting

4 Officers and Council

5 Past Presidents

6 President’s Statement

20 Reports of Committees of Council

« MEMBERSHIP AFFAIRS« ICAN MEMBERS’ BENEVOLENT & EDUCATIONAL

TRUST FUND« ANNUAL ACCOUNTANTS’ CONFERENCE

« ASSOCIATION OF ACCOUNTING TECHNICIANS WEST AFRICA

« MEMBERS’ EDUCATION AND TRAINING COMMITTEE « RESEARCH, TECHNICAL AND PUBLIC POLICY

« PROFESSIONAL PRACTICE MONITORING COMMITTEE« FACULTIES

« STUDENTS’ AFFAIRS DIRECTORATE« STUDENTS’ SPECIAL PROJECT« PROFESSIONAL EXAMINATIONS

« LEGAL SERVICES« PUBLICATIONS AND IMAGE

« FINANCE & GENERAL PURPOSES COMMITTEE

44

Financial Statements




NOTICE of Meeting

51ST ANNUAL GENERAL MEETING

AGENDA

NOTICE IS HEREBY GIVEN that the 51st Annual General Meeting of The Institute of Chartered Accountants of Nigeria will take place at Shell Hall, Muson Centre, Onikan, Lagos on Friday, May 27, 2016 at 10.00 a.m. to transact the following business:-

1. To adopt the minutes of the Annual General Meeting held on May 27, 2015.

2. To receive the Annual Report of Council, Financial Statements for the Year ended December 31, 2015 and the Auditor’s Report thereon.

3. To ratify the Council decision on Registration of Firms and fee payable.

4. To elect members of Council.

5. ToappointtheAuditorsandauthorisetheCounciltofixtheirremuneration.

By order of the Council

ROTIMI A. OMOTOSO, MBA, FCARegistrar/Chief Executive

Dated this ........4th ........day of May 2016.




OFFICERS and Council

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA(Established by Act of Parliament No.15 of 1965)

OFFICERS & COUNCIL 2015–2016President

Samuel Olufemi DERU (Otunba), FNIM, JP, FCA (2002) Vice President

Titus Alao SOETAN (Deacon), FCA (2004)

1st Deputy Vice President Isma’ila Muhammadu ZAKARI (Alhaji), mni, BSc, FCA (2004)

2nd Deputy Vice President Razak JAIYEOLA (Alhaji), BSc, FCA (2005)

Immediate Past President Chidi Onyeukwu AJAEGBU, FCS, MBF, FCA (2001)

Honorary Treasurer Tayo PHILLIPS, MBA, FCA (2005, 2014)

Members Oyemolu Olugbenga AKINSULIRE (Chief), MSc, MBA, FNIM, FCA (2013)

Davidson Chizuoke Stephen ALARIBE (Chief), MA, CFA, MNIM, FCA (2012) Deji AWOBOTU, M.IoD, FCA (2015)

Ibrahim Madugu Abdullahi BABAYO, FCA (2014) Sunday Abayomi BAMMEKE, BSc, FCA (2004)

Adaku Chilaka CHIDUME-OKORO (HRM), BSc, MSc, FCA (2009) Uchenna Ifesinachi EROBU (Mrs.), MBA, FCA (2007) Comfort Olujumoke EYITAYO (Mrs.), mni, FCA (2007)

Tijjani Musa ISA (Mallam), BSc, M.IoD, FCA (2009) Nasiru MUHAMMAD (Hon.), BSc, MSc, FCIT, FCA (2014) Sylvester Chukwudi NWANNA, MSc, MBA, FCA (2015)

Ngozi Monica OKONKWO (Lady), MSc, ACIB, FCA (2011) Nnamdi Anthony OKWUADIGBO (Mazi), BSc, FCA (2007)

Innocent OKWUOSA, MSc, ACIB, FCA (2011) Onome Joy OLAOLU-ADEWUYI (Mrs.), BSc, MSc, FCIB, FCA (2007)

Tajudeen Olawale OLAYINKA, BSc, MBF, FCA (2014) Sam Onyebuchi ONUKWUE, MBA, MSc, FCS, FCA (2014) Etofolam Felix OSUJI (Dr.), mni, MSc, FCTI, FCA (2014)

Hilda Ofure OZOH (Mrs.), MBA, ACIT, FCA (2014) Hart Wahab Odafen OZOYA (Rev.) MBA, ACS, FCA (2013)

Oyebowale Rafiu RAJI, BSc, FCA (2014) Queensley Sofuratu SEGHOSIME (Alhaja), mni, MBA, FCA (2014)

Samuel UKURA, FCA (2014) Haruna Nma YAHAYA (Alhaji), BSc, MBA, ANIM, FCA (2011, 2014)

Registrar/Chief Executive

Rotimi A. OMOTOSO, MBA, FCA

Joint AuditorsPriceWaterhouseCoopers (Chartered Accountants)

UHJ Maaji & Co. (Chartered Accountants)




Past PRESIDENTS

THE ASSOCIATION OF ACCOUNTANTS IN NIGERIA (The Forerunner of the Institute)

1960 – 1961 Akintola WILLIAMS, CBE, CFR, B.Com., FCA1961 – 1962 Akintola WILLIAMS, CBE, CFR, B.Com., FCA1962 – 1963 Frank Cuthbert Oladipo COKER, CFR, B.Com., FCA (Deceased)1963 – 1964 Frank Cuthbert Oladipo COKER, CFR, B.Com., FCA (Deceased)1964 – 1965 Frank Cuthbert Oladipo COKER, CFR, B.Com., FCA (Deceased)


1965 – 1966 Frank Cuthbert Oladipo COKER, CFR, B.Com., FCA (Deceased) 1966 – 1967 Ephraim Adekunle OSINDERO (Otunba), MON, FCA (Deceased) 1967 – 1968 Herbert William BOND, FCA (Deceased) 1968 – 1969 Zacchaeus Oludayo OSOSANYA, FCA (Deceased) 1969 – 1970 Alfred EHREN, FCA 1970–1971 FelixBankoleCARDOSO, FCA (Deceased) 1971 – 1972 Emmanuel Ayodele ODUKOYA (Archdeacon), FCA (Deceased) 1972 – 1973 Musliu Olaiya ANIBABA (Chief), FCA 1973 – 1974 Vincent Obajimi Adebisi OGUNBA, FCA (Deceased) 1974 – 1975 Julius Akinyokun OWOSENI (Chief), FCA (Deceased) 1975 – 1976 Michael Adepoju ADEYEMO (Prof.), MSc (Econs.), FCA (Deceased) 1976 – 1977 Cecil Oyeniyi Olurotimi OYEDIRAN, BSc (Econs.), MFR, FCA 1977 – 1978 Anthony Asuquo ANI (Chief), MON, FCA 1978 – 1979 Arthur Christopher Izuegbunam MBANEFO (Chief, Amb.), (Odu III), MFR, CON, FCA 1979 – 1980 Joseph Akintunde Alaba ADEBAYO (Prince), FCA 1980 – 1981 John Adepoju BALOGUN (Sir), FCA (Deceased) 1981 – 1982 Idris Onaolapo SULAIMON (Alhaji), FCA 1982 – 1983 Olusola FALEYE (Chief), FCA 1983 – 1984 Dolanimi Babafemi Olabamidele OGUTUGA, FCA 1984 – 1985 Johnson Kayode Osiyemi OSINAIKE, FCA (Deceased) 1985 – 1986 Adedoyin Olayide OGUNDE (Otunba), FCA (Deceased) 1986 – 1987 Samie Aremu WILLIAMS, FCA (Deceased) 1987 – 1988 Johnson Olaobaju Olabisi OMIDIORA (Balogun), BSc, OON, FCA 1988 – 1989 Ebenezer Folorunsho OKE (Chief), BSc, FCA (Deceased) 1989 – 1990 Bola KUFORIJI-OLUBI (HH, Otunba Ayora, Dr.) BSc, OON, FCA 1990 – 1991 Michael Ayodeji ONI, BSc, FCA 1991 – 1992 Cornelius Oladipupo Sunday OSENI, BSc, FCA (Deceased) 1992 – 1993 Oluwole Alani ADEOSUN (Chief), BSc, OON, FCA (Deceased) 1993 – 1994 Ismaila USMAN (Mallam), FCA 1994 – 1995 Olutoyin Olusola OLAKUNRI (Chief, Mrs.), OFR, FCA 1995 – 1996 Simeon Olusola OGUNTIMEHIN (High Chief, Sir), OON, FCA 1996 – 1997 Emmanuel Itoya IJEWERE, FCA 1997 – 1998 Agnes Adenike ADENIRAN (Princess), FCA 1998 – 1999 Ike NWOKOLO (Sir), OFR, KSC, FCA 1999 – 2000 Adeboye Olugboyega BADEJO (Chief), FCA 2000 – 2001 Herbert Adewole AGBEBIYI, FCA 2001 – 2002 Ugochukwu Stephen NWANKWO (Chief), MON, FCA 2002–2003 FelixKolawoleBAJOMO (Senator, Chief), mni, FCA 2003 – 2004 Jaiye Kofolaran RANDLE (Bashorun), CFR, FCA 2004 – 2005 Ibironke Mojisola OSIYEMI (Mrs.), FCA 2005 – 2006 Abdul Lateef Adebayo OWOYEMI (Alhaji, Otunba), FCA 2006 – 2007 Catherine Ginikanwa OKPAREKE (Chief, Dr., Mrs.), mni, B.A, MBA, D(Lit.), MNIM, FCA 2007 – 2008 Adebajo Abiodun BABINGTON-ASHAYE (Prince), FCA (Deceased) 2008 – 2009 Richard Uchechukwu UCHE (Chief), PhD, FCA 2009 – 2010 Elizabeth Omeresan ADEGITE (Chief, Mrs.), BSc, MBA, FCA 2010 – 2011 Sebastian Achulike OWUAMA (Major-General retd.), BSc, FCA 2011 – 2012 Francis OJAIDE (Professor), MSc, PhD, OON, FCA 2012 – 2013 Adedoyin Idowu OWOLABI, BSc, MILR, FNIM, FCA 2013 – 2014 Kabir Alkali MOHAMMED (Alhaji), mni, FCIS, CGMA, MFR, FCA 2014 – 2015 Chidi Onyeukwu AJAEGBU, FCS, MBF, FCA (IPP)




Otunba SAMUEL OLUFEMI DERU, FNIM, JP, FCA51st ICAN President




PRESIDENT’s Statement

ECONOMIC REVIEW IN 2015

Distinguished professional colleagues, ladies and gentlemen, it is my great pleasure to welcome you all to the 51st Annual General Meeting of our Institute and to present my stewardship report for 2015/2016 presidential year as well as the Institute’s audited

financialstatementsfortheyearendedDecember31,2015forconsideration and approval.

I shall begin this presentation with a review of the economic environment in which the Institute operated during the presidential year.

AN OVERVIEW OF THE ECONOMYIt would probably take someone outside the economy to

assure Nigerians that the economy would only experiencea turbulent time, but would not collapse. The year 2015 was, indeed, turbulent going by the avalanche of challenges that faced it. The usual apprehension that characterises Nigeria’s elections; the drastic drop in oil price in the international market coupled with the imbalance already created by the insurgency in the North East zone all rolled into being the highest determining factors of stability in the country. The combined factors of decaying infrastructure, foreign exchange crisis, lack of inflowof foreign investment, over dependence on crude oil revenue, policy inconsistency created unstable environment for economic growth. Investors were not sure where the pendulum was going to swing and had to withdraw their funds from the bank and converted them into foreign currencies thereby exacerbating

the pressure on Naira, our local currency, Business activities were largely slow for the better part of the year 2015 due to uncertainties around the general economic policy. It was in the sameyear that thepriceof thenation’smaineconomicexportproduct, crude oil, drastically experienced downward trend inthe international market as a result of decrease in demand for the commodity by USA and other major buyers. The price which stood at an average of $112 per barrel in June 2014 slipped down to $35 per barrel in December 2015 which was far below the budget benchmark of $53 per barrel for 2015.

Consequently, the period under review witnessed the price of dollar to naira stooping to the forces of demand and supply. In view of the direct relationship of price of crude oil to both foreign exchangeearningsofacountryanditsforeignreserve,theCentralBank of Nigeria (CBN) introduced restriction on imports of certain goodsandaccesstoforeignexchangetokeepthedemandforforeignexchangeundercontrol.Yettheslidingpriceofnairainthe foreign market did not abate. The inability of some companies to source input from outside the country and the attendant impact on their outputs and jobs creation had dampening effect on the exchangerateandbyimplication,economicgrowth.Thenaira/US dollar rate rose to N365 in the parallel market, whereas, the official rateremainedatN197. As crude oil prices fell, the gap betweentheinterbankandtheparallelmarketforeignexchangerates widened. Since February 2015, the two rates which were relatively close until mid-2013 set on a strong divergent path with theparallelmarketratebeingabout50%higherthantheofficialrate. Pressure has been put on government to devalue the naira. Opinions are divided on the issue, however as professionals, we support policies which will lead to economic growth with minimal

President Muhammadu Buhari pose with ICAN President, Otunba Olufemi Deru and the ICAN team during their visit to Buhari in Aso Rock





social hardship to the citizens.

The current state of infrastructure still leaves much to be desired. Power supply improved slightly as soon as the new administration was sworn in; only for it to go down two months later. Yet, the distribution companies (DISCOS) were bent on increasing tariff without corresponding improvement in the power supply. That situation affected the running cost and capacity utilisation of majorly of the manufacturing industries. Ultimately,thenation’sGDPwasdeniedtheexpectedcontributionfrom that sector.

It is noteworthy that the government has introduced various measures to plug the leakages in its revenues. One remarkable example is the Treasury Single Account (TSA). We supportthe implementation of the policy. The policy, without doubts has several teething problems and we are hopeful that the initial problems will be overcome. We therefore call on relevant stakeholders to support the government’s initiative to ensure that thebenefitsofTSAareactualised.

Thecall for thediversificationof theeconomycannotcomeat a better time than now when the nation is undergoing several economic and developmental problems. As professionals, we call on the government to look inward and unlock the opportunities in the Micro, Small and Medium Enterprises (MSMEs) which have been globally acknowledged as the engine of growth. This is apt because of its capacity to create jobs, boost production in manufacturing and Agriculture and diversify the economy. I am delighted that the mineral industry is coming to life. We urge government to urgently come up with the relevant white-paper for the mineral industry and consider this together with the Petroleum Industry Bill (PIB) now before the National Assembly.

From the foregoing, we are persuaded that there existsgreat hope for economic prosperity of our dear nation if the fundamentals in terms of leadership, business-friendly policies, provisionofinfrastructuralfacilities,fightagainstcorruptionandinsecurity are put properly in place.

IMAGE OF THE INSTITUTEDuring the period under review, we reinforced the existing

cordial relationship between the Institute and governments at all levels, key players in the mass media and the users of our services. I organised series of press interviews, paid scheduled visits to both the print and electronic media as well as invited gentlemen of the press to the Institute’s events. I also visited many of the Institute’s stakeholders including tertiary institutions, regulatory agencies and corporate bodies. In many weeks in the

last twelve months, the Institute was favourably mentioned in the mass media. This media attention, we believe, has helped significantly to enhance the goodwill and project the image ofthe Institute.

COURTESY VISIT TO THE PRESIDENT OF THE FEDERAL REPUBLIC OF NIGERIAShortly after the opening ceremony of the 45th Annual

Accountants Conference, the President, Commander-In-Chief, Muhammadu Buhari, GCFR, hosted a 25-man delegation of the Institute, led by my humble self, at the presidential villa. During the visit, a number of issues of national interest were discussed. I had the opportunity to present the communiqué of the 2015 FGN’s budget symposium to the nation’s president.

COURTESY VISIT TO THE VICE-PRESIDENT OF THE FEDERAL REPUBLIC OF NIGERIAOn Tuesday, July 28, 2015, I led a delegation of members

of the Institute’s Presidency and some Council members on a courtesy visit to the Vice President of Nigeria, Professor Yemi Osinbajo, SAN, GCON at the Presidential Villa, Abuja. It was atthismeetingwefinalisedour invitationtotheVice-Presidentas a special guest of honour to the 45th Annual Accountants’ Conference.

While recalling his relationship with the Institute as an AssessorfortheLawExaminationsessionsovertwodecades,the Vice-President commended the Institute on its Disciplinary procedures which enforce the compliance by members to the ethical standards guiding their professional conduct.

45th ANNUAL ACCOUNTANTS’ CONFERENCE/50th ANNIVERSARYThe 45th edition of Annual Accountants’ Conference took place

at the International Conference Centre and Sheraton Abuja Hotel, Abuja between the 31st of August and 4th of September 2015. The conference coincided with the 50th Anniversary of our great institute, having received, its enabling Act of Parliament No.15 of 1965, on the 1st of September 1965. The international conference was declared open on Tuesday, 1st September 2015 by His

ICAN President and his entourage with Nigeria’s Vice President, Prof. Yemi Osinbajo during a courtesy call by ICAN





Excellency,PresidentMuhammaduBuhari,GCFR,Commander-in-Chief of the Armed Forces, Federal Republic of Nigeria, ably represented by Mrs. Anastasia Mabi Daniel-Nwobia, Permanent Secretary, Federal Ministry of Finance. A total number of 3,758 delegates including invited guests and resource persons drawn from Africa, Europe and America attended the conference. It is instructive to mention that three serving State ExecutiveGovernors graced the occasion with their physical presence. They were theExecutiveGovernorofGombeState,HisExcellency,Alhaji(Dr.)IbrahimDankwambo,FCA;theExecutiveGovernorofLagosState,HisExcellency,Mr.AkinwummiAmbode,FCA;andtheExecutiveGovernorofOgunState,HisExcellency,SenatorIbikunle Amosun, CON, FCA,.

Goodwill messages were received from the Special Guest of Honour, President Muhammadu Buhari, GCFR. Ms. Olivia Kirtley, President of the International Federation of Accountants (IFAC), Pan Africa Federation of Accountants (PAFA), Association of Accountancy Bodies in West Africa (ABWA) and the Executive Governorsof Gombe, Lagos and Ogun States.

There were three plenary and four workshop sessions during which carefully selected seasoned resource persons drawn from government, industry, academia and the profession made presentations. In particular, the Conference lead paper entitled “Repositioning Nigeria for Sustainable Development: From Rhetoric to Performance” was delivered byHisExcellencyProfessorYemiOsinbajo,SAN,GCON,Vice-President of the Federal Republic of Nigeria on Day Two due to exigenciesofStateduties.

I sincerely appreciate not only the large presence of many Past Presidents at the event, but also for graciously chairing the technical sessions and making contributions on the various topics of discourse. Thank you all once again. The communiqué of the Conference has been widely circulated.

PUBLIC SERVICE SEMINARSSeminars Organised/AttendedWe have continued to vigorously train our members in all

areas of professional activity in order to enhance their technical competence. In this regard, the Institute organised a seminar on “Starting Your Own Firm” as part of capacity building initiatives designed to enable members acquire business management skillstostarttheirownfirms.

The CIBN 2015 Annual Lecture & RoundtableI honoured an invitation from the Chartered Institute of Bankers

of Nigeria to its 2015 CIBN Annual Lecture and Roundtable which took place at Bankers House, Victoria Island, Lagos

on Thursday, June 18, 2015. I was also at SIAO Roundtable Evening held on Tuesday, June 23, 2015 at Four-Point Sheraton Hotel, Lekki, Lagos. The theme for the Roundtable,“Growing the Nigerian Economy in this New Era” was delivered by a renowned Economics Analyst and Consultant, Mr. Bismarck Rewane with other discussants and guests in attendance.

Bell University of Technology Maiden Inaugural LectureI was represented by Mr. Abayomi Bammeke, B.Sc.,

FCA, Council Member at an inaugural lecture held at Bell University of Technology Ota, Ogun State titled “Food Product Development, Quality Assurance and Nutrition: Whither

the Human Senses?”. The lecture was delivered by the Dean, College of Food Sciences, Professor Olugbenga Ben Ogunmoyela.

International Conference on Insolvency The Vice-President

Deacon Titus Alao Soetan, FCA represented me at a two-day International Conference on Insolvency with the theme: “Insolvency Best Practices: A Case for Reform in Nigeria”. The event, organised by the Institute’s Board of Insolvency Re-Engineering Faculty was held at the Ikeja Sheraton Hotel, Lagos. The following papers

were presented by both local and international paper presenters: Insolvency Practice: Opportunities in Emerging Economies. Encouraging Informal Corporate Workouts through Alternative Dispute Resolution and other Flexible Business Rescue Tools. Insolvency for Micro, Small & Medium Enterprises (MSMEs), Using Existing Insolvency Framework to Drive Business Recovery in Nigeria. Sustaining Corporate Entities through Debt Restructuring.

21st Edition of the Nigerian Economic Summit, AbujaThe 21st edition of the Nigerian Economic Summit with

the theme: “Tough Choices: Achieving Competitiveness, Inclusive Growth & Sustainability” was held at the Transcorp Hilton, Abuja between Tuesday, October 13 and Thursday, October15,2015.I,incompanyoftheRegistrar/ChiefExecutive,participated at the workgroup session where we discussed: “Infrastructure, Agriculture & Food Security.”

Federal Inland Revenue Service 2016 Annual RetreatI was represented at the 2016 Federal Inland Revenue

Service Annual Retreat by the Vice-President Deacon Titus Alao Soetan, FCA who delivered my goodwill message as the special guest at the event. The retreat with theme: “Optimising Non-Oil Tax Revenue Collection through Compliance and

Ogun State Governor, Senator Ibikunle Amosun (left); ICAN President, Otunba Olufemi Deru; Representative of President Muhammadu Buhari,

Mrs. Anastasia Mabi Daniel-Nwaobia; and Lagos State Governor, Akinwumi Ambode at the 45th Annual Accountants’ Conference in Abuja





Enforcement” was held at the Congress Hall of Transcorp Hilton Hotel, Abuja.

2015 Akintola Williams Distinguished Lecture SeriesI honoured an invitation

from the organisers of the 2015 Akintola Williams Distinguished Lecture Series held on Thursday, November 22, 2015 at the Agip Recital Hall, MUSON Centre, Onikan, Lagos. The main paper at the Lecture Series titled “Leadership Factors and Good Corporate Governance: Key to National Growth and Development” was delivered by His Excellency,J.KayodeFayemi,former Governor of Ekiti State. Our Revered Past President (Balogun) Olabisi Omidiora, B.Sc., FCA, the Governor of Ogun State, His Excellency, Senator Ibikunle Amosun, FCA,CON and other distinguished guests were also in attendance at the event.

Akintola Williams FoundationI am delighted to report that the Institute has established

Akintola Williams Foundation. Some of the functions and activities of the foundation shall include Annual Lecture to coincide with the doyen’s birthday; award of scholarship; assistance and donation to well deserving organisations whose aims and objectives are in line with the foundation.

2015 Annual Dinner & Awards Invitation from the Chartered Institute of Taxation of Nigeria (CITN) Iwasrepresentedatthe2015CharteredInstituteofTaxation

of Nigeria (CITN) Annual Dinner and Awards, which also featured the conferment of Fellowship status on some of its deserving members.

2015 FGN Budget SymposiumAnnually, the Institute organises post budget symposium

during which it x-rays and analyses the sectorial provisions,fiscal and other policies of the Federal Government’s Budgetand their possible implications for productive economic activities and strategic impact on the citizenry. In line with this established tradition, the Institute organised a symposium titled “Come Back Nigeria: The Nation’s Fiscal Challenges and Way Forward for the New Administration.”

I delivered the keynote address while His Royal Highness, Sarkin Kano, Muhammad Sanusi II, CON, and the Special Guest ofHonour, theExecutiveGovernor of LagosState,Mr.Akinwunmi Ambode, FCA who was represented by his deputy, HerExcellency,Dr.(Mrs.)OlurantiAdebulemadepre-symposiumspeeches.

The symposium which had some Past Presidents and Council

Members of the Institute attracted a galaxy of distinguishedpersonalities, eminent leaders of thought, government policy makers, captains of industry and tested professionals in various fieldsofendeavour.

ZONAL CONFERENCES10th Eastern Districts’ Zonal ConferenceThe 10th edition of Eastern Districts’ Zonal Conference

organised by all the Institute’s District Societies in the Eastern States of the Federation was held in Benin City, Edo State between Monday, July 6 and Thursday, July 9, 2015 with the theme: “Managing the Impact of Dwindling Oil Prices: Local Solutions to Global Challenges”.

The four-day event was loaded with activities which included technical sessions, Districts’ meetings, sports and a pre-conference cultural night hosted in my honour by Benin & District Society.

10th Western Zonal Districts’ Conference The 10th Western Zonal Districts’ Conference, tagged ‘Ijebu

2016’, was held from Tuesday, February 16 to Thursday, February 18, 2016 at the Equity Resort Hotel (former Gateway Hotel), Ijebu Ode, Ogun State. The theme of the zonal conference was “Roadmap to Nigeria’s Economic Recovery: The Roles of Professional Accountants.” The lead paper was delivered by Mr. Sunday Ogungbesan, FCTI, former Acting ExecutiveChairman, Federal Inland Revenue Service. Two (2) plenary sessions and three (3) workshop papers were presented at the three-day event.

Special Conference Dinner Hosted by the Ajalorun of Ijebu-IfeAs part of the activities lined up for the zonal conference,

ICAN 2nd Deputy Vice President, Alh. Razak Jaiyeola (left); ICAN Past President, Senator Kolawole Bajomo; Lagos State Deputy Governor, Dr. (Mrs.)Idiat Adebule; Emir of Kano, HE. Alh. Lamido Sanusi Lamido; ICAN President, Otunba Olufemi Deru, ICAN 1st Deputy Vice President, Alh. Ismaila Zakari; ICAN Registrar/Chief Executive, Mr.

Rotimi Omotoso; and ICAN Council Member, Chief Oye Akinsulire at the Budget Symposium in Lagos





the Ajalorun of Ijebu-Ife, His Royal Majesty, Oba Adesesan Oguntayo, FCA hosted the conference delegates to a dinner in his palace as a show of appreciation and love to the delegates who were attending the Zonal conference in Ijebu land.

Courtesy Visit to the Akarigbo of RemolandIn continuation of the activities

outlined for the zonal conference, I lead an entourage including the committee members of the 10th Western Zonal Districts’ Conference to pay a courtesy visit to the Akarigbo and Paramount Ruler of Remoland, His Royal Majesty, Oba Michael Adeniyi Sonariwo, FCA in his palace.

11th Northern Zonal Districts’ ConferenceThe 11th Northern Zonal District Societies held their

Conference, tagged ‘Minna 2016’, from Monday, May 2 to Thursday, May 4, 2016 at the Justice Idris Legbo Kutigi International Conference Centre, Minna, Niger State. The theme of the Conference was “IPSAS Adoption in Nigeria: Implication on Accountability and Probity”. Alhaji T. Abdulkareem, FCA and Professor Kighir E. Apedzan, Ph.D, FCA delivered the two plenary session papers, while the two workshop papers were delivered by Professor Ishola Akintoye, FCA and Mr Joshua Nungomin, FCA. Allhaji Waziri Hassan, FCA, Mr S.O. Adeleye, FCA. Professor Kabiru Dandago and Alhaji K.A.A. Adigun were the discussants of the plenary sessions and workshop papers respectively. In attendance at the opening ceremony were: the Governor of Niger State, Alhaji Abubarkar Sani Bello as well as other dignitaries.

The 25th Coronation Anniversary of HRM Oba Michael Adeniyi Sonariwo, CON, FCAI was at Sagamu, Ogun State on Saturday,

July 25, 2015 at the instance of His Royal Majesty, Oba Michael Adeniyi Sonariwo, CON,FCAontheoccasionofhistwentyfifthcoronation anniversary held in his palace. The Institute’s goodwill message and a gift were presented by me on behalf of Council.

Courtesy Visit to the Paramount Ruler and Alake of EgbalandI also paid a courtesy visit to His Royal

Majesty, Oba Aremu Gbadebo, OFR, the Paramount Ruler and Alake of Egbaland at his Ake Palace. I used the occasion to brief his Royal Majesty on ICAN’s milestones in the lastfiftyyears taking intocognisance itsGolden Jubilee Anniversary celebration. The Kabiyesi advised the Institute not to shy away

from its advocacy roles on issues of national interest.

INVESTITURE OF DISTRICT SOCIETIES’ CHAIRMEN AND INAUGURATION OF EXECUTIVE OFFICERS Ikeja & District Society I was at the investiture ceremony of Mr. Gbenga Adeyemi

Adewole, FCA as the 28th Chairman of Ikeja & District Society. Theoccasionalsowitnessedthe inaugurationof theexecutivemembers of the district for 2015/2016.

Akure & District Society The Honorary Treasurer of the Institute, Mr Olutayo Philips,

FCA represented me at the investiture ceremony of Mr S.O. Adegoke, MBA, FCA as the 24th Chairman and the inauguration of the 2015/2016 ExecutiveOfficersofAkureandDistrictSocietyoftheInstitute.

Ogbomoso/Oyo & District Society The investiture ceremony of Alhaji Mikail I.

Ogundiran, FCA as the 4th Chairman and the inaugurationofthe2015/2016ExecutiveOfficersofOgbomoso/Oyo and District Society of the Institute took place on Saturday, October 10, 2015 at Nest Hotel, Ogbomoso, Oyo State. I was represented at the ceremony by Mr. Olutayo Phillips, FCA, Honorary Treasurer of the Institute.

Ikorodu & District Society On Thursday, December 17, 2015, I was

represented by Alhaji Rasak Jaiyeola, B.Sc., FCA, 2nd Deputy Vice-President at the investiture ceremony of Mrs. Moronke Adelegan, B.Sc., ACA, Chairman of Ikorodu & District Society and also the inaugurationof theexecutivemembersof theDistrict for 2015/2016.

7th chairman, Eastern Zonal conference, Elder Andy Epie; 1st Executive Deputy Governor of Edo State, Rev. (Dr.) Peter Obadan; 51st President of ICAN, Otunba Olufemi Deru and

ICAN Vice President, Deacon Titus Soetan at the 7th Eastern Zonal Conference

ICAN President, Otunba Olufemi Deru (left) with Alake of Egbaland, HRM, Oba Adedotun Aremu

Gbadebo during ICAN President’s courtesy visit to the monarch





Society of Women Accountants of Nigeria (SWAN) On Wednesday, November 18, 2015, I was at the Investiture

of the SWAN Chairperson Alhaja Titilola Akibayo, FCA at a ceremony held at the Shell Hall, MUSON Centre, Lagos. As you are aware, SWAN has been a source of pride to the Institute in the vanguard of promoting not only economic empowerment of women through entrepreneurship training, but also encouraging and assisting young women to become members of the disciplined accountancy profession. This body has produced sixfemalepastpresidents,annuallymakesdonationandawardprizestotheBestFemalestudentintheInstitute’sfinalqualifyingexaminations.InattendanceattheceremonyweretheimmediatePast President, some Past Presidents, Council Members and theRegistrar/ChiefExecutiveoftheInstitute.

VISITS TO DISTRICT SOCIETIES/GOVERNORSAs part of the strategies to keep

me abreast of members’ performance and adherence to the ethics of the profession, I visited some district societies to enable me ascertain, at first hand the challenges facing ourmembers in their various callings. I used the various opportunities to provide stakeholders located in various locations of the country with current information on emerging professional and economic issues and what the Institute was doing about them. Visits to district societies are usually not complete without a courtesy on the Governor of the host state. In this regard I visited to following state governors:

Ogun/Abeokuta & District SocietyIpaidavisit totheGovernorofOgunState,HisExcellency

Senator Ibikunle Amosun, CON, FCA. I used the occasion to visit theexecutivemembersofAbeokuta&DistrictSociety at their2015 Annual Dinner/Dance held at the banquet hall of Adesiba Hotel, Abeokuta. The Dinner lecture titled: Education and Job Creation: The 21st Century Global Agroneural Prospective Entrepreneurship – Identifying Solutions was delivered by Professor Adeyemi M. Bamgbose of the University of Agriculture, Abeokuta, Ogun State. The District’s Annual Dinner & Dance was chairedbyChiefMaxwellAyinla,FCA,theAsiwajuofEgbaland.The Royal Father of the night was His Royal Majesty, Oba Olufemi Omolade, the Olubara of Ibara, Abeokuta, Ogun State.

Oyo State After the commissioning of the ICAN Lecture theatre at the

Polytechnic, Ibadan, I led a delegation to pay a courtesy visit ontheExecutiveGovernorofOyoStateSenatorAbiolaAjimobiat the Government House, Agodi, Ibadan on Tuesday, February 23, 2016. I remarked on the need for government at all levels to key into world best practices in the preparation of their respective generalpurposefinancialstatementsbyembracingInternationalPublic Sector Accounting Standards (IPSAS) which guarantee

quality, consistency and transparency. I also stressed on the use of technology to drive the processes of governance and to embark on the process of diversifying the state economy by looking at the possibility of driving its revenue generation through properandefficienttaxsystems.

I made requests to the governor for sponsorship of members in its employ to attend the Institute’s training and capacity programmes on the essentials of IPSAS and prayed for a piece of land within the state capital for the construction of the permanent officeofIbadan&DistrictSociety.

In his response, Governor Ajimobi thanked us for the visit and charged the Institute to expand its curriculum to covercommunication skills and the management of resources rather thanfocusingonrecordkeepingoffinancialactivities.Governor

Ajimobi also implored the Institute to evolve ways by which the threetiersofgovernmentwouldbenefitfromitsfinancialadvisoryservices and improve the level of their internally generated revenue. Finally, the Governor expressed his commitmenttowards the desire of the Ibadan District Society of the Institute for a piece of land in the state capital.

Owerri & District SocietyI had an unscheduled meeting with some members of Owerri

&DistrictSocietyattheinstanceofMaziFelixOsuji,mni,FCA,at the Maranatha Suites, Owerri. At the meeting, the underlisted issues were brought to my knowledge for action: The hosting of more MCPE programmes in Owerri; Creation of ICAN office and construction of a lecture

theatre at a yet to be named University in Imo State; Issue of non allocation of land to the District Society for

the construction of its secretariat as promised by the ExecutiveGovernorofImoState,OwelleRochasOkocha.

In my response, I informed the members that MCPE programmes are structured and hosted in its advertised locations onneedbasis.On the request forcreationof ICANofficeandlecture theatre in a yet to be named University in Imo state, I

51st President of ICAN, Otunba Olufemi Deru and his entourage with the Governor of Lagos State, Mr. Akinwunmi Ambode, FCA during a courtesy call by ICAN





advised the members to channel their request through the Registrar/ChiefExecutivetotheCounciloftheInstitute.

OntheissueoftheDistrict’srequesttotheExecutiveGovernorof Imo State, for allocation of a piece of land I requested the Chairman of the District to send a letter to the Registrar/Chief ExecutiveforafollowupwithHisExcellency.

MEETING WITH ICAN ASSESSORS AT THE INSTITUTE’S DESIGNATED MARKING CENTRE, LAGOSOne of the distinctive attributes of our Institute is the sanctity

of our examinations since the inception of conducting it. Thislaudable achievement is a source of pride to the Institute and accountancy profession in the country. As a way of encouraging the men and women who are contributing to making this a reality, I paid a visit to the Assessors of the Institute’s professional examinations for the November 2015 diet and expressed myprofound appreciation to the Assessors for their hard work and sacrificestothegrowthoftheInstituteandpraisedthemfortheirsteadfastness and commitment.

COURTESY VISITS TO GOVERNMENT PARASTATAL AND OTHER PROFESSIONAL BODIESCourtesy Visit to the Director General, Bureau of Public ProcurementAs part of the programmes outlined for my

officialvisittoAbuja&DistrictSocietyfortheyear, I paid a courtesy visit to the Office ofthe Director-General of the Bureau of Public Procurement (BPP). I advised its Management team to deploy mechanism which ensures that thequalityreviewofcontractsexecuteddoesnotstopatthepre-projectstagebutextendedto post-project stage to ensure successful implementation.

Invitation from the Attorney-General of the Federation and Minister of JusticeThe 1st Annual Conference in Combating

Financial Fraud, Cybercrime and other Cross Border Crimes organisedbytheofficeoftheAttorney-GeneraloftheFederationand Minister of Justice was held at Chelsea Hotel, Abuja. The Vice-President of the Institute, Deacon Titus Alao Soetan, FCA represented me at the event and delivered a paper titled “Have Legal and Regulatory Framework Failed in Stemming Institutional Financial Fraud and Abuse in Nigeria?”

Courtesy Visit to the Honourable Minister of FinanceAs a show of support for the current administration’s ongoing

economic reform policies, I, in company of some Council members paid a courtesy visit on the Honourable Minister of Finance, Mrs. Kemi Adeosun, ACA in Abuja. I commended the Honourable Minister and her team for their efforts towards ridding

the civil service of fraudulent activities such as eliminating the incidence of ghost workers. I also disclosed that the Institute was working on the training of our members on forensic audit and investigation as a way of assisting the Federal Government to track and recover stolen funds looted from the nation’s treasury.

In her response, Mrs. Adeosun thanked us for the courtesy visit and resonated the administration’s determination to plug allthefinancialconduitpipesinthenation’streasurysysteminordertohavepositiveuseofitsresources.Sheexplainedthatinorder to unlock the country’s economic potentials and prosperity, the Government is committed to proactively reforming its public financemachinery.

She also said that the government has concluded plans on the introduction of a risk-based internal audit system as a way of implementing adequate internal control processes in its systems andaffirmedthateffortsare intopgeartopresentabill totheNational Assembly on the National Internal Audit Processes and Procedures.

The Honourable Minister also spoke about efforts being made tostrengthenthecapacityofsmallandmediumfirmsthroughtheintroduction of a programme that will make it compulsory for big

accountingfirmstopartnerwithsmallandmediumsizedfirmsasa condition that would ensure eligibility for government business. Mrs.Adeosunaffirmedthattheprogrammewouldyieldaccruablebenefits that would ensure transfer of professional knowledgefromthebigtothesmall/mediumfirms.

Courtesy Visit to the Head of Service of the FederationAs part of the Institute’s support for the ongoing institutional

reforms by the Federal Government, I paid a courtesy visit, in company of some members of Council, to the Head of Service of the Federation, Mrs. Winifred Ekanem Oyo-Ita, FCA in her officeatAbuja.Icongratulatedherontherecentelevationtotheposition of Head of Service of the Federation and noted that it was a well deserved news considering her professional pedigree.

51st President of ICAN, Otunba Olufemi Deru (right); Minister of Finance, Mrs. Kemi Adeosun; and Accountant-General of the Federation, Alhaji Ahmed Idris during a visit to the Minister in Abuja





I spoke to her about the Continuing Professional Education and Mandatory Continuing Professional Education programmes as well as the functions of the Institute’s Faculties.

In her response, Mrs. Oyo-Ita appreciated us for the visit and called on the leadership of the Institute to see the possibility of partnering with the Federal School of Treasury on areas of capacity development for the civil service work force especially on the new IPSAS adoption and implementation in Nigeria and training on Forensic Investigation. Also, Mrs. Oyo-Ita praised the leadership of the Institute on the endowment of a Fifty Million Naira (N50m) Whistle Blowers Protection Fund and opined this initiative by the Institute will encourage individuals and corporate entities to report issuesbotheringon fraudandother financialvices at all levels of government.

Courtesy Visit to the Registrar General of Corporate Affairs Commission (CAC)In continuation of my official visit to Abuja & District

Society, I paid a courtesy visit to the Registrar General of the Corporate Affairs Commission (CAC), Alhaji Mustapha Bello. I acknowledged the Commission’s immense contributions towards the promotion of best practices in corporate governance in the country and also commended its introduction of the Corporate Citizens Award to celebrate organisations and entities that comply with statutory requirements in corporate governance which has made most organisations socially responsible and raised the tone of corporate governance in the country. The Commission was urged to empower its enforcement and monitoring mechanisms and ensure that all corporateentitiespromptlyfile their returns in linewith statutory provisions. I suggested prescribed sanctions like delisting to be applied to entities that are non-compliant.

Courtesy Visit to the Accountant-General of the Federation The courtesy visit to Alhaji Ahmed Idris, FCNA,

Accountant-General of the Federation (OAGF) was undertaken on Monday, October 12, 2015.

My address premised on the following points: Consolidating and strengthening the bilateral

relationship between the two organisations; Acknowledging the installation and

operations of effective accounting system foreffectivecontrolofthenation’sfinances;

The Institute’s support for the deployment of the e-collection scheme for the prompt collection of and accounting for all government receipts;

Collaboration of the Institute with the office of theAccountant General as a way of ensuring undiluted success of the Treasury Single Account (TSA) policy of the Federal government;

Maintaining harmonious relationship with the OAGF on the implementation of IPSAS as a common platform for financialreportinginthepublicsector;

Partnership of the OAGF with the Institute on capacity building and other technical areas of IPSAS; and

Appeal to the OAGF to employ the services of members

of the Institute either as employees or for consultancy purposes.

In his response the Accountant-General of the Federation: Acknowledged the uniqueness of the ICAN brand as

topmost brand which cannot be push aside in the nation’s economy;

Assured the President that his officewill put forward aproposal on the issue of capacity building;

Accepted the ICAN hand of fellowship on technical support for IPSAS; and

Sought the Institute’s technical support for the Federal Treasury Academy.

I am delighted to report that a joint international conference wasorganised by theOffice of theAccountant-General of theFederation (OAGF) and ICAN on IPSAS.

Courtesy Visit to the Executive Chairman, Lagos State Internal Revenue ServiceAs part of the Institute’s constructive engagement initiatives,

I led a delegation of the Institute to pay a courtesy visit to the Chairman, Lagos State Internal Revenue Service (LSIRS), Mr. OlufolarinOlukayodeOgunsanwo,athisofficeinAlausa,Ikeja,

Lagos.The visit was to consolidate and strengthen the cordial

relationship existing between both institutions and to discussareas where members of the Institute would be in a better position to deplore their professional skills to assist the agency initsrenewedeffortstowardstheestablishmentofataxfriendlyenvironment in the State. I informed the Executive Chairmanof the Institute’s readiness to partner with the agency in areas of professional skills development for its members of staff who are members of the Institute either through the Mandatory

ICAN President, Otunba Olufemi Deru (middle), Registrar/Chief Executive of ICAN, Mr. Rotimi Omotoso (right) and Mr. Olufolarin Ogunsanwo, Chairman, Lagos State

Internal Revenue Service during ICAN visit to the Chairman





Continuing Professional Education Programme (MCPE) or Continuing Professional Education (CPE).

COURTESY VISITS OF OTHER ORGANISATIONS/CHAPTERS TO MY OFFICE11th Annual Courtesy Visit to the Council of the Institute by the Executive Members of the Body of Past PresidentsTheExecutivemembersof thisaugustBodypaida

courtesy visit to Council at its meeting of Wednesday, July 29, 2015. Our revered past President and Chairman, Mr. Michael Ayodeji Oni, FCA presented a paper on behalf of this body bordering on the following: Dwindling Financial Resources of the Institute. State of the Nation. Role of Past Presidents of ICAN in its affairs. The Floating of Accounting Foundation Funds. Improving the quality of Council decisions. ExaminingcriticallyICANrolesinFRCN,FIRS,ICPC, EFCC & other government parastatals and agencies. ICAN contributions to IFAC, PAFA & ABWA. Monitoring of ICAN Faculties & MCPE Programmes. Issue of 2014 Council Elections. Governance – Competency training for Council members. Organising MCPE Programmes for Past Presidents.Many of these issues were given the deserved attention,

while action has been taken to address others.

Visit by the President of the Chartered Institute of Taxation of Nigeria (CITN)The President of the Chartered Institute of Taxation of

Nigeria, Dr. (Mrs) Olateju Somorin, FCTI, led a delegation comprising her Institute’s Past Presidents, Council Members and other principal officers on a courtesy visit to the Institute(ICAN). The CITN President thanked the Council of the Institute for agreeing to resolve the lingering misunderstanding between both professional bodies in respect of the terms contained in the MOU signed by both parties.She premised other part of her address on the following areas: Meeting the aspirations and dreams of all stakeholders

intheAccountingandTaxprofessioninordertofacilitateeconomic growth in the nation;

Exploring further, areas of mutual cooperation andopportunities by both Institutes on matters of Accounting andTaxregardingconferencesseminars&workshops;

Continuous implementation and strict adherence to both Institutes’ Code of Ethics by members.

I thanked Dr. (Mrs.) Somorin, FCTI and her team for the visit and assured her of the Institute’s professional support to the TaxationInstitute.

Visit by the Executive Members of the Association of Chartered Accountants in Public Service (Lagos State Chapter)The Executive members of the Association of Chartered

Accountants in Public Service (Lagos State Chapter) led by its Chairperson, Mrs. Oyeyemi Ayoola, FCA, paid a courtesy visit to

myofficeonTuesday,April09,2016attheInstitute’sSecretariat,Victoria Island, Lagos.

The Chairperson of the Association said it was traditional for membersoftheexecutivetopaycourtesyvisitontheincumbentPresident of the Institute where its executives put forward itsupcoming programmes and other issues that are of importance to the growth of the association within Lagos State civil service scheme.

She solicited my assistance as President towards the realisation of the association’s request for the issuance of MCPE credit ratings for all its in-house training programmes attended by its members. She equally seized the opportunity to formally invite me to the Association’s forth coming Annual Public Lecture scheduled to hold on Tuesday, May 17, 2016 at Lagos State Secretariat, Alausa, Ikeja, Lagos.

I thanked theexecutivemembers for thecourtesyvisit andassured them of the Institute’s readiness to assist towards achieving their professional objectives. As regards their request, I implored the Chairperson to send it to the Registrar/Chief Executiveforappropriateaction(s).

Visit by the Executive Members of the Society of Women Accountants of Nigeria (SWAN)Iplayedhosttothenewlyelectedexecutivemembersofthe

Society of Women Accountants of Nigeria (SWAN) led by its Chairperson, Mrs. Titilola Akibayo, FCA on Tuesday, September 22, 2015 at the Institute’s Secretariat, Victoria Island, Lagos. The Chairperson of SWAN, at this occasion, solicited for moral and financialsupportfromtheInstitutetowardstheachievementsofthe Society’s programmes outlined for the period of her tenure. In my response, I acknowledged the pivotal roles of women in the social, political and economic development of Nigeria and assured her of the Institute’s support as always.

MEMBERSHIP GROWTH AND DEVELOPMENTGrowth of Membership – 56TH Induction Ceremony The Institute continued to witness steady growth in its

membership. During the 56th Induction ceremony held at the

Members of ICAN led by the 51st President Otunba Olufemi Deru during a visit to the Accountant-General of the Federation, Alhaji Ahmed Idris





ICAN Students’ Centre, Amuwo on Wednesday, November 4, 2015, a total of 262qualified youngmenandwomenwereadmitted into the disciplined Accountancy profession. At the end of the ceremony, the membership of our Institute rose to 39,107. We are proud of this regular capacity building of professional Accountants in the country.

Association of Accounting TechniciansSimilarly, the membership of the ATSWA rose to 18,898

following the admission of 981 qualified AccountingTechnicians into the fold in June and December, 2015. The examination was introduced toprovide middle level accounting personnel for the country.

STUDENTS DEVELOPMENT Commissioning of theICAN/NNDC Gombe Study CentreI am delighted to report that

efforts to encourage some states to partner with the Institute to produce more Chartered Accountants yielded more fruits. The formal commissioning of the ICAN/NNDC Gombe Study

Centre was held in Gombe State on Monday, October 26, 2015. The Executive Governor of Gombe State,His Excellency, Alhaji (Dr.) IbrahimHassan Dankwambo, OON, PhD, FCA assured me that his administration will always ensure that the Study Centre is professionally managed. I used the opportunity to solicit for employment of more of our members into the civil serviceinviewoftheassociatedbenefitsof engaging Chartered Accountants.

Foundation Laying/Commissioning Ceremony of ICAN Lecture TheatreIn continuation of the Institute’s public

interest mandate and to encourage the production of highly skilled Accounting graduates in a conducive environment, I led a delegation comprising some Council Members to The Polytechnic, Ibadan, Oyo State for the foundation stone laying ceremony. I am delighted to report that I again led members of the Presidency and Council to commission the 350-seat capacity lecture theatre on 23rd February 2016.

Foundation Laying Ceremony of the ICAN Lecture Theatre at the Michael Okpara University of Agriculture (MOUAU), Umudike, Abia StateAs part of the Institute’s corporate social responsibility

towards the advancement of accounting knowledge in the country, I performed the foundation laying ceremony of another 350-seat capacity lecture theatre for the Accounting Department of Michael Okpara University of Agriculture, Umudike, Abia State on Wednesday, February 03, 2016.

Mrs. Mojisola Osiyemi, Past President (left); SWAN Chairperson, Mrs. Titilayo Akibayo; 51st ICAN President, Otunba Olufemi Deru; his wife, Christianah Oni Deru; Mrs. Olutoyin Olakunri, Past President; Chief (Mrs.) Elizabeth Adegite, Past President; and SWAN Vice Chairperson, Mrs Folake Onabolu at the Luncheon held in honour of the ICAN President by Society of Women Accountants of Nigeria (SWAN)

Gombe State Governor, Alhaji Ibrahim Dankwabo, FCA, cutting the tape to formally open the NNDC-ICAN Study Centre in Gombe, assisted by ICAN President, Otunba Olufemi Deru and other dignitaries





The Vice Chancellor of the University, Professor Hillary Odo EdogaexpressedhisappreciationandthatofitsSenatetotheCouncil of the Institute for redeeming its pledge to site a lecture theatre on its campus.

ICAN Centre, Amuwo OdofinThecomplex isnowbeingmanagedbytheSecretariatwith

excitingresultsaftertheterminationofagreementbetweentheInstitute and the former property manager over poor financialperformance by the latter. The halls have been renovated and demarcated so that multiple events can be held simultaneously. Councilalsoapproveda10%discountforanyfinancialmemberof the Institute who wishes to use a wing of the Hall and 15% for more than a wing for personal events. The member must also belong to a district society to qualify.

INTERNATIONAL ACITIVITES The 2nd ICAN-USA International Accountants’ Conference Held at Nevada, Las Vegas, United States of AmericaThe 2nd ICAN-USA International Accountants Conference,

with the theme: “Accounting Information System In Business: Opportunities and Risks” was held in Renaissance Las Vegas Hotel, Nevada, United States of America between Wednesday, August 19 and Saturday, August 22, 2015. I used the event to remind members of the various activities outlined for the Institute’s 50th Year Anniversary celebration held during the Annual Conference in Abuja from August 31 – September 04, 2015.

UK Zonal Conference and Induction CeremonyDuring the year under review, the UK and District Society,

ourfirstDistrictoutsideNigeriaorganisedits2016ZonalAnnual

Conference from April 15 to 16. The event was also used to admit newly qualified members into the membership of theInstitute while others were conferred with the fellowship status. The theme of the conference was “Repositioning the National Economy, The Ways Forward.”

ICAN-UK & District Society Annual Dinner & Dance The ICAN-UK & District Society held its Annual Dinner

and Dance as well as Silver Jubilee celebration at the Hilton Canary Wharf, South Quays Marsh Wall, London on Saturday, December 12, 2015 under the Chairmanship of the Acting Nigeria’s High Commissioner to the Court of St. James, His Excellency,AmbassadorOlakunleAkindeleBamgbosewhowasablyrepresentedbyPrinceT.G.Adeniyi,aDirectorintheofficeof the High Commissioner.

In the address of The High Commissioner, Ambassador Bamgbose acknowledged the positive roles of ICAN members in the United Kingdom and enjoined them to embrace the change mantra of the new administration in order to help drive the Nigeria project in our respective public or private work environment. He praised the professional disposition of members in handling assignments entrusted in their care and urged them to continue on this part of honour.

In my speech, I conveyed the felicitation of the entire Council to members of the District Society for both 2015 Annual Dinner and Dance & Twenty-Five Years Anniversary. I equally acknowledged and described the District as the Institute’s foremost outpost, outside the shores of Nigeria whose members’ suggestions and ideashavepositivelyimpactedtheimageofICANastheflagshipof professional accountancy bodies in Africa.

Fellowship Conferment Ceremony in the AmericasWe continued to reach our members outside Nigeria and also

encouraged new members to join the Institute. In line with these

ICAN President, Otunba Olufemi Deru with participants at the 3rd UK Zonal Conference held in London in April





strategies, we conducted a fellowship conferment ceremony in the Americas where nine (9) members were conferred with the Fellowship status of the Institute.

CIPFA Annual DinnerMrs. Camilla Shittu, FCA, Chairperson, Caretaker Committee

of the ICAN UK & District Society represented me at the CIPFA Annual Dinner held on Thursday, February 26, 2016 at Intercontinental Hotel, Park Lane, London.

International Federation of Accountants (IFAC) MeetingI, in company of Major-Gen. Sebastian

Owuama (rtd.), FCA (Past President) and theRegistrar/ChiefExecutivewerein Indonesia from Tuesday, November 10 to Friday, November 13, 2015 for the IFAC Council meeting.

External Relations: Pan African Federation of Accountants (PAFA) MeetingThe Institute continued to play its

key role at the global stage in the comity of accountancy profession. I attended a three-day meeting of Pan African Federation of Accountants in Johannesburg, South Africa from Friday, July 31 to Tuesday, August 04, 2015. Issues that were of immense benefit to the growth and developmentof the profession on the continent of Africa were discussed at the meeting. I, in company of the Vice President, Deacon Titus Soetan, FCA and the Registrar/Chief ExecutiveattendedtheAnnualGeneralMeetingofPAFAheldinLivingstone, Zambia from 25th to 27th April 2016.

OTHER NOTABLE ACTIVITIESCommendation Service for Late Past President J.K.O. Osinaike, FCA.ItiswithaheartfilledwithsorrowthatIrecallthepassingto

glory of a member of the Body of Past Presidents, Mr. Johnson Kayode Osiyemi Osinaike, FCA (Membership No:283). A commendation service was held for the deceased on Monday, September 21, 2015. Once again, I will like to appreciate Past Presidents that were in attendance at the event to honour the late President.

Visit to the Doyen on His 96th Birthday AnniversaryI led some Past Presidents, members of the Presidency, some

Councilmembers, theRegistrar/ChiefExecutiveandsometopSecretariat staff to felicitate with the Doyen of the Accountancy profession at his Ikoyi home in celebration of his 96th birthday on Monday, August 10, 2015.

Courtesy Visit to the Sarkin KanoAs a show of deep sense of appreciation for honouring the

Institute’s invitation to the 2015 Federal Government Budget Symposium, I led a delegation on a Thank-You visit to His Royal Majesty, Sarkin Kano, Mohammed Sanusi II, CON, on Thursday, September 10, 2015.

I gave a brief history of the Institute, its social responsibilities to its different audience and wished him a peaceful reign on the throne of his fore fathers. The royal father promised to continue to support the Institute in all efforts towards delivering its public

responsibility mandate.

Courtesy Visit to Chief (Sir) Chuks Uwaubani, FCAAfter the foundation stone laying ceremony at University of

Agriculture, Umudike, I led a delegation to pay a visit on the pioneer Chairman of Umuahia & District Society, Chief (Sir) Chuks Uwaubani, FCA at his residence in Umuahia.

In his brief remarks, Chief Uwaubani, FCA told us how the formationoftheDistricthasinfluencedtheindigenesoftheStateto enrol for accounting courses at the various tertiary institutions within and outside the state. I thanked him and his amiable wife for the warm and homely reception accorded us and wished him well in retirement.

Dinner in Honour of the Managing Director/ Chief Executive of First Bank of Nigeria PlcI attended a dinner hosted at the Metropolitan Club,Victoria

Island, Lagos in honour of the new Managing Director/Chief Executive of First Bank of Nigeria Plc., Dr. Adesola KazeemAdeduntan, FCA.

Entrepreneurship InitiativeThe theme of my Presidential Year is ‘Entrepreneurship’. To

this end, I put in motion series of seminars on the initiative. The aim is to empower ICAN members with mentoring, education, skills development and support fieldwork to pursue their idealentrepreneurialdreamsandenhancefinancialfreedom.

ICAN President congratulating a member at the recent Fellowship conferment in Lagos





ICAN Entrepreneurship Initiative Seminars Held in Ibadan and Port HarcourtOn February 24, 2016, I declared open the Institute’s

Entrepreneurship InitiativeSeminar at theLafiaHotel, Ibadan,Oyo State. This was followed by a similar Seminar in Port Harcourt.ItishopedthattheSeminarwillbeextendedtoAbuja.

Ikeja & District Society 3rd Entrepreneurship Initiative Seminar On Saturday, February 13, 2016, I was the Chief Host at the

Ikeja & District Society 3rd Entrepreneurship Initiative Seminar tagged “Entrepreneurship – Tapping Opportunities from Your Environment” held at the Lagos Airport Hotel, Ikeja, Lagos.

The following papers were presented during the seminar: Commercially Viable Small Scale & Medium Enterprises Development and the Role of FIIRO.

Entrepreneural Development in Nigeria: The Role of Nigerian Export Promotion Council and Opportunities in the Non-Oil Sector.

Entrepreneurial Development in Nigeria: The Role of SMEDAN in Financing and Business Support.

Present at the ceremony with me were Mr. Emmanuel Ijewere, FCA and Mr. Doyin Owolabi, FCA (both Past Presidents of the Institute). Also in attendance were the following Council members: Alhaji Rasak Jaiyeola, FCA, 2nd Deputy Vice President, Mr. Tayo Phillips, FCA, and Honorary Treasurer and Mrs. Comfort Eyitayo, FCA.

Invitation from EY for Entrepreneur of the Year 2015 Award (West Africa)I,incompanyoftheRegistrar/ChiefExecutive,honouredan

invitation from EY (West Africa) for the EY Entrepreneur of the YearAwardataceremonythatwasheldattheExpoHall,EkoHotel & Suites, Victoria Island, Lagos.

Commissioning Ceremony of Titmus Car Clinic My dear professional colleagues, It is my desire that the

Institute encourages and associates with its members that are into the world of entrepreneurship in view of the precarious economic problems and high level of unemployment confronting the nation. In this regard, I was in Ibadan, Oyo State on Monday, September 07, 2015 at the instance of Alhaji Niyi Badmus, FCA, erstwhile General Manager of Lagos Airport Hotel, Ikeja to declare open and commission Titmus Car Clinic, an ultra modern Auto Mechanic Workshop located at Ibadan, Oyo State.

I used the occasion to call other members of the Institute to emulate the business promoter and diversify into businesses otherthanlookingthroughfinancialrecordsofothers.

THE ICAN DISCIPLINARY TRIBUNALTofurtherreaffirmtheInstitute’sphilosophy,valuesandbeliefs

in line with the ethics of the accountancy profession, that there are no sacred cows and no one is above the law, the Institute’s Disciplinary Tribunal sitting was held on Friday, February 26,

2016 at the Council Chamber of the Secretariat, Victoria Island, Lagos under my chairmanship.

THE SECRETARIATIntroduction of Health Management OrganisationThe Institute places high premium on welfare of its personnel

and believes that a healthy staff would lead to high productivity and better performance. To this end, the Institute has commenced, from January 2016, the implementation of Health Maintenance Scheme in order to give quality health care services to staff. The effect of this development, however, is the stoppage of medical allowance to staff.

Resignation of Director, Membership DirectorateMr Wale Awe, FCA, Director of Membership Directorate

resigned his appointment with the Institute. Thus, there was a minor redeployment of top management staff. Mr Gabriel Arinze, DirectorofAbujaliaisonofficewasredeployedtotheFaculties,while Mrs. Claudia Binitie, formerly of Faculties moved to Membership Directorate. Meanwhile, Mr. Adamu Yusuff, a Senior ManageristheHeadofAbujaLiaisonoffice.

Tenured DirectorshipIn line with the policy on tenured directorship, the two

deputy registrars, Messrs Olusoji Olumide Odukoya, MBA, FCS, FCA and Abel Aig. Asein, MBA, ACA after their successful completion of two terms as directors disengaged from the service of the Institute. On behalf of the Council, I thank them for the tremendous contributions they made to the growth of the Institute and wish them success in their future endeavours. Mr. John Evbodghe, FCA and Mrs. Claudia Binitie, MSc have been appointed as Deputy Registrar, Technical Services and Acting Deputy Registrar, Corporate Services respectively.

Staff Welfare and Capacity BuildingThere was peaceful industrial atmosphere in the secretariat

during the presidential year. Members of Staff of the Institute weresentfortraininginprominentinstitutionstoexposethemtoglobal best practice and sharpen their management skills.

CONCLUSION Finally, let me end this stewardship report by expressing,

once again, my gratitude to all of you for your support, words of wisdom and unwavering disposition to the cause of the Institute. I feel greatly honoured to have been given the opportunity to carry the Institute’s mantle of leadership for the 2015/2016 presidential year. I assure you all that I will continue to defend the ideals of the Institute no matter the odds.

Thank you and God bless.

Otunba Samuel Olufemi Deru, FNIM, JP, FCA51st ICAN President




REPORTS of Committees of CouncilTO MEMBERS OF THE INSTITUTE

MEMBERSHIP AFFAIRS

During the period under review, 75 Practice Licences and 14 Attachment forms were successfully processed and approved by Council.

INDUCTION CEREMONIESThe May and November 2015 induction ceremonies produced

a total of 553 Inductees who were admitted as against 1,000 Inductees admitted in 2014. The two ceremonies were held at ICANCentre,Amuwo-Odofin,Lagos.

As at December 2015, the membership of the Institute was 39,664 made up of 39,643 Chartered Accountants and 21 Registered Accountants.

The number in each class of membership is as follows:

Category of Membership

Fellows Associate Total

a) Members with Practice Licence

3,832 2,301 6,133

b) Members without Practice Licence

5,179 28,352 33,531

Total 8,753 30,336 39,664

Registered Accountants under Section 8(2) of the ICAN Act

21

Total Membership as at December 31, 2015

39,664

MORE INFORMATION ONMEMBERSHIP RECORDS

Total membership of the Institute as at December 31,2015

39,664

a) Recorded Death as at December 31, 2015 (523)

b) Members on pending list due to unresolved issues with the Institute

(32)

c) Members suspended as at December 31, 2014 by the Tribunal by virtue of S.12(2) of the

ICAN Act

–

d) Members whose names were struck out as at December 31, 2014 by the Tribunal by virtue of S.12(2) of the ICAN Act

–

e) Reinstated

f) Therefore total membership number as at December 31, 2015(Fellows, Associate Members and Registered Accountants)

39,109

S/N Name Membership No.1. Chief Jonathan Olubi 04562. Adesina Ayowole Joseph 119153. Maraiyesa Sunday, O. 031974. Adamu Mohammed 0328425. Nwagbara Chukwuemeka 042456. Ogoji Sunday, A. 158327. Oladeji Emmanuel 113778. Ajene John Nwabueze 013269. Ohiwele Jonathan Osagie 0731010. Adetona Abdul-Rasheed 034011. Ayinla Egunjobi 006012. Fatoke Olanrewaju 0960913. Nduka Bernard Onoche 03642514. Awomolo Gbolahan, O. 0280615. Ezeuko Ike Joseph 167916. Ojo Peter Bandele 0018217. Ilori Pius Oluwafemi 3506718. Adebowale Alani Yusuf 1883919. Igboba Noel, A. 0153120. Ogunlowo Peter Adebayo 072821. Aneke Simon Chibuzor 0443322. Chief Kalu Nkochi 0207223. Pearce Shuaibu 0252624. Agbelusi Claudius, B. 1000325. Chief Fashola James, O. 0144926. Festus Ughaonu 02696327. Osinaike Johnson Kayode 000283

CHANGE OF NAMES, FIRMS & EXEMPTION FOR SUBSCRIPTION

Description Nos.a) Marital Ground 25b) Other Ground such as (Religion, Tradition, Personal, etc.)

12

c) Firms 06d) SubscriptionExemption 13e) Commencement of New practice 08

Members can update their records on-line on the Institute’s website www. ican-ngr.org

However, financial members (those up-to-date with theirmembership dues) as at December 31, 2015 is 15,094.

OBITUARIES FOR 2014/2015 PRESIDENTIAL YEAR




ICAN MEMBERS’ BENEVOLENT

& EDUCATIONAL TRUST FUND

ACTIVITIES OF THE MANAGEMENT BOARD AS AT DECEMBER 2015The ICAN Members Benevolent & Educational Trust Fund

was established by the Council of the Institute of Chartered Accountants of Nigeria (ICAN) in 2003 with three main objectives namely:- Togivefinancialassistancetoneedymembers. To support families and dependants of needy members who have passed on. To promote and invest in Research and Educational development.

a) ELIGIBILITY CONDITIONSTo be eligible for the financial aid/grantmade available for

needymembers,thefollowingconditionsmustbefulfilled:i. The applicant or person on whom the dependant(s) is/are

makingtheapplicationmustbeaprofessionallyqualifiedmember of the Institute.

ii. He/She must have paid up the annual subscription of the Institute at least up to the immediate preceding year before incapacitation.

iii. The mishap for which the Fund is meant to grant succor to the member must not be due to his/her carelessness, negligence, or recklessness e.g. the fund will not be disbursed towards cases like arson, murder, man slaughter, accident resulting from use of hard drugs, etc.

iv. The funds will not be disbursed to meet any judgment debt or to compensate for the member’s criminal act(s).

v. It must be proved beyond all reasonable doubts that the member cannot afford (as a result of his/her present circumstances) his immediate needs.

b) RANGE OF BENEFITS AVAILABLE TO QUALIFIED/APPROVED BENEFICIARIES

The minimum amount of benefit to individual applicantmember shall be a sum of One Hundred Thousand Naira (N100,000); while the maximum is Five Hundred ThousandNaira (N500,000).

c) PROCEDURE FOR DISBURSEMENTi. Applicationshallbereceivedfromprospectivebeneficiaries

stating the estimate of his/her needs-such application should also be supported by the District Society of the member.

ii. The application has to be considered by the Management Board. All applications considered and treated at any meeting where at least (2) two members of the Board are present is considered valid.

iii. The Secretary shall be responsible for the processing and

issuance of cheque for the amount approved.iv. All cheques shall be crossed (‘’account payee’’ only)

andmadepayable to thebeneficiary through theDistrictSociety unless otherwise decided by the Board.

v. All failed/rejected applicants will be informed of the reason for failure/rejection.

d) ACTIVITIES OF THE FUND IN 2015The major activities of the Management Board include

fund raising and management of the fund’s investments. The funds generated are invested. It is only the income from the investments of the fund that are disbursed to members in need. Since its inception, the major focus of the fund has been provision of financial aid to members in need and families ofdeceased members.

i. Meetings of the Fund’s Management BoardThe ICAN Members Benevolent & Educational Trust Fund

Management Board met seven (7) times in year 2015. The board met on the following dates:

— January 27, 2015— February 24, 2015— March 17, 2015— April 28, 2015— August 25, 2015— October 27, 2015— November 25, 2015

ii. Other Objectives of the FundThe fund’s Management Board recently held a retreat to

work out the strategies for the implementation of the fund’s third objective:- To promote and invest in Research and Educational Development.

iii. Fund’s Raising ActivitiesThe Minutes Secretary had been attending ICAN public

functions to showcase the Benevolent Fund in order to generate more revenue for the Fund. Letters of appeal for financialassistance towards the scheme had been written to some individuals and organisations in this regard though response had not been encouraging.

iv) Assistance Granted to Members in 2015In the Year 2015, a total of seven (7) applications were received

out of which four were successful. A total of N1,750,000.00 were disbursed to the relevant successful applicants.

We hereby appeal to members to endeavour to create awarenessabout thepurposeandbenefitsof theFund (ICANMembers’ Benevolent & Educational Trust Fund) among members of their respective District Societies. This is important to aid the Management Board in its repeated appeal to members fordonations.Itwillalsofacilitatethefulfillmentof itsdesiretotouch more lives and make its assistance more effective.

We also seize this opportunity to inform members that may be indistressandinneedoffinancialassistancenottohesitatetoapply to the Fund’s Management Board (following the procedure highlighted in the earlier part of this report) through the Chairmen of their respective district societies.






ANNUAL ACCOUNTANTS’

CONFERENCE

The 45th Annual Accountants’ Conference was successfully held at the International Conference Centre, Abuja and Abuja Sheraton Hotel from August 31 to September 4, 2015. The theme of the Conference was “ICAN: Building on a Legacy of Service.” The Conference recorded a total attendance of 3,860 delegates comprising 3,479 fee-paying delegates and 221 non-fee paying delegates. The non-fee paying delegates included the Presidency, Council members, invited dignitaries, Past Presidents,PastRegistrar/ChiefExecutives,ABWA representatives, Resource Persons, Discussants, Chairmen of Sessions, Committee Members and Staff.

The Conference was declared open by President and Commander-in-Chief of the Federal Republic of Nigeria, His Excellency Muhammadu Buhari, GCFR, who wasrepresented by the Permanent Secretary, Federal Ministry of Finance, Mrs. Anastasia Daniel-Nwobia.

In attendance were representatives of Professional Accountancy bodies in Africa, USA and the United Kingdom. Members of Association of Professional Bodies in Nigeria were also in attendance. Other dignitaries that graced the occasion were the VicePresident,Prof.YemiOsinbajo,SAN,GCON;HisExcellency,Senator Ibikunle Oyelaja Amosun, FCA, CON, the ExecutiveGovernorofOgunState;HisExcellency,Mr.AkinwunmiAmbode,FCA, the Executive Governor of Lagos State; the ManagingDirector/Chief Executive, Africa Global Research, StandardChartered Bank, United Kingdom, Razia Khan, who was one of the panellists that discussed the lead paper along with Dr. Obadiah Mailafia,while,Prof.PatUtomiservedasthemoderator.

Atotalof47Exhibitorsparticipatedintheexhibitionorganisedat the International Conference Centre, Abuja. These included

Ogun State Governor, Senator Ibikunle Amosun, FCA (left); ICAN President, Otunba Olufemi Deru, FCA; and Lagos State Governor, Mr. Akinwumi

Ambode, FCA at the 45th Annual Accountants Conference in Abuja

Chairman, Accountants’ Conference Committee, Mrs. Comfort Olujumoke Eyitayo, FCA (left); Gombe State Governor, Alhaji Ibrahim

Dankwambo, FCA; and ICAN President, Otunba Olufemi Deru

ICAN Vice President, Deacon Titus Soetan; Vice President Yemi Osinbajo; ICAN President, Otunba Olufemi Deru; and Past President Ayo Oni

ICAN Registrar/Chief Executive, Mr. Rotimi Omotoso (left); ICAN Vice President, Deacon Titus Soetan; Mrs. Christiana Deru; ICAN President, Otunba Olufemi Deru; ICAN 2nd Deputy Vice President, Alhaji Razak Jaiyeola; 1st Deputy Vice President, Alhaji Ismaila Zakari; and 45th Annual Accountants’

Conference Committee Chairman, Mrs. Comfort Eyitayo, cutting the 50th Anniversary cake





private organisations and state governments which sponsored and made donations towards the Conference. The exhibition was ahuge success.

The high point of the Gala-Nite was a raffle draw where threemembers won the three star prizes (Kia Sportage, Nissan Almera and Chevrolet), in addition to other consolation prizes that included Laptop, iPad, iPhone, Air Tickets and a weekend stay in Transcorp, Sheraton and Premier Hotels. The Kia Sportage, Nissan saloon car and Chevrolet were donated by Northwest Petroleum Limited, Heritage Bank Plc and Fidelity Bank respectively. However, the Peugeot 305 donated by Pan Nigeria Limited was retained for use by the Secretariat after obtaining the permission of the donor.

50TH ANNIVERSARY ESSAY COMPETITIONAs part of corporate social responsibility of the Institute, the

50th Anniversary essay competition was held at Abuja during the

Ten students of various higher Institutions that won prizes in the essay competition organised by the Institute as part of activities marking its 50th anniversary

ICAN President, Otunba Olufemi Deru welcoming Professor Pat Utomi to the 45th Annual Accountants’ Conference in Abuja

conference. The essay competition touched the heart of students and lecturers in our tertiary Institutions. The ten finalists were celebrated atthe conference. The ten Students also received various cash prizes and one laptop each, while the first three gotscholarship to write ICAN professional exams.

The names of the students are as follows:

1. Meck Doramen Emmanuel2. Adekunbi Ademola Oluwaseun3. Akpan Aniebet-Abasi Pius4. Nnamani Chindinma Lynda5. Sodeinde Adenike Oyindamola6. Waheed Tunde Obafemi7. Ibikunle Olumide Adedeji8. Famosa Oluwaseyi

9. Elendu Testimony10. Medayese John Oluwashola.

The conference was declared closed by His Excellency,AlhajiIbrahimHassanDankwambwo,FCA,OON,theExecutiveGovernor of Gombe State.

Members of Ilorin and District Society during District Societies parade at the 45th Annual Accountants’ Conference in Abuja

ICAN President presenting a trophy to one of the winners during the sporting competition at the conference

ICAN President, Otunba Olufemi Deru presents car key to one of the star winners at the 45th Annual Accountants’ Conference





ASSOCIATION OF ACCOUNTING

TECHNICIANS WEST AFRICA (AATWA)

AATWA INDUCTION CEREMONYTwo induction ceremonies were held in June and December,

2015 respectively. A total of 594 and 641 ATSWA graduates were admitted into the Association`s membership fold. The total membership strength of the Association as at December 2015 was 20,052. At both inductions, papers were presented by knowledgeable speakers.

AATWA ANNUAL CONFERENCEThe AATWA 20th Annual Conference was held on Friday,

December4,2015attheICANCentre,AmuwoOdofin,Lagos.Apaper on “ICAN at 50: Repositioning Accounting Technicians for Sustainable National Development” was delivered by Mr. Lanre Dapiver, Regional Director for Africa, Oracle Corporation.

AATWA ANNUAL GENERAL MEETINGThe 20th Annual General Meeting of the Association was held

on Friday, December 4, 2015 at the ICAN Centre, Plot 12, Kofo KasumuStreet,AmuwoOdofin, Lagos. Themeetingwas heldbefore the commencement of the Annual Conference where over 1,200 members were in attendance.

Five (5) members of the Executive Committee retired inaccordance with rule 12 of the Constitution and Bye Laws of the

Name Examination Number Registration Number

Position Part

Modepo Toluwani Adeniyi ATS/20151/10486/A AT/104963 1st Part I

Adetoun Boluwatife Aderoju ATS/20151/11142/A AT/104182 2nd Part I

Nnakifeh Chimaeze Jeremiah ATS/20151/11354/A AT/104213 3rd Part I

Omolola Oluwatobilola Oluwasegun ATS/20151/20865/A AT/103230 1st Part II

Tijani Quadri Abiola ATS/20151/20915/A AT/103246 2nd Part II

Ogunlana Oyindamola ATS/20151/20569/A AT/103745 3rd Part II

Ogunmuko Olaoluwa Oluwatosin ATS/20151/30383/A AT/101413 1st Part III

Balogun Tawakalitu Omobolaji ATS/20151/30628/A AT/101623 2nd Part III

Elegbede Abraham Oluwatobi ATS/20151/30019/A AT/098065 3rd Part III

Association.Allthefivevacanciescreatedwerefilledthroughanelection process in line with rule 10 of the Association`s Constitution and Bye Laws. Details of the results are contained in the minutes of the 2015 Annual General Meeting of the Association.

ACCOUNTING TECHNICIANS SCHEME WEST AFRICATheATSWAExaminationtookplaceinMarchandSeptember

2015 under the aegis of the Association of Accountancy Bodies in West Africa (ABWA) without any hitch. The four member Institutes thatparticipated in theATSWAexamination for the twodiets in2015 were Nigeria, Ghana, Liberia and Sierra-Leone.

The March 2015 diet of the examination took place in thefollowing thirty (30) centres in Nigeria: Aba, Abakaliki, Abeokuta, Abuja, Ado-Ekiti, Akure, Awka, Benin City, Calabar, Enugu, Ibadan, Ikorodu, Ilesha, Ilisan, Ilorin, Jos, Kaduna, Kano, Lagos, Lokoja, Makurdi, Ogbomosho, Okija, Onitsha, Owerri, Port Harcourt, Umuhia, Uyo, Warri and Yenagoa.

The breakdown of candidates’ enrolment for March and Septemberexaminationsisbelow:

Level March 2015 September 2015

Part I 2045 1719

Part II 1066 1535

Part III 982 806

Total 4,093 4,060

Merit, Subject and Special prizes were awarded to candidates withoutstandingperformanceintheMarch2015examinationasstated below:

MARCH 2015 DIET(a) MERIT PRIZES





Level Subject Prize Winner

Part

I

Basic Accounting Processes & Systems Chief (Dr) R.U. Uche’s Prize ATS/20151/11354/A AT/104213

Nnakifeh Chimaeze Jeremiah

Economics Mrs. I.M. Osiyemi’s Prize ATS/20151/11148/A AT/104645Adewusi Oluwatobiloba Motunrayo

Business Law Otunba Abdul Lateef Owoyemi’s Prize

ATS/20151/10486/A AT/104963Modepo Toluwani Adeniyi

Communication Skills Chief C.F.G. Akinwolemiwa’s Prize

ATS/20151/11390/A AT/104874Okekeukwa Grace of God Ngozi

Part

II

Principles and Practice of Financial Accounting

Major General. S.A. Owuama’s Prize

ATS/20151/20865/A AT/103230Omolola Oluwatobilola Oluwasegun

Public Sector Accounting F.B. Cardoso’s Prize ATS/20151/20865/A AT/103230 Omolola Oluwatobilola Oluwasegun

Quantitative Analysis Ayo Oni’s Prize ATS/20151/20865/A AT/103230 Omolola Oluwatobilola Oluwasegun

Information Technology Otunba Ayora (Dr.) Bola Kuforiji-Olubi’s Prize

ATS/20151/20776/A AT/100646Longe Oluwafemi Olakunle

Part

III

Principles of Auditing Alhaji I.O. Sulaimon’s Prize ATS/20151/30599/A AT/099503Alimi Usman Ajibola

Cost Accounting U.S. Nwankwo’s Prize ATS/20151/30383/A AT/101413Ogunmuko Olaoluwa Oluwatosin

PreparingTaxComputation& Returns D.B.O. Ogutuga’s Prize ATS/20151/30019/A AT/098065

Elegbede Abraham Oluwatobi

Management Chief F.K. Bajomo’ s Prize ATS/20151/30353/A AT/099976Ashade Omowunmi Busayo

(b) SUBJECT PRIZES

(c) SPECIAL PRIZES

► F.I.Ogunjuboun’sPrizeforthebestqualifyingfemalecandidateinMarch2015dietexamination:

Level Name Examination Number Registration Number

Part III Ogunmuko Olaoluwa Oluwatosin ATS/20151/30383/A AT/101413

► SilverScholarshipforthe“BestQualifyingCandidate”inMarch2015dietexaminations:

Level Name Examination Number Registration Number

Part III Ogunmuko Olaoluwa Oluwatosin ATS/20151/30383/A AT/101413

SEPTEMBER 2015 DIET

TheSeptember2015dietoftheexaminationtookplaceinthefollowingthirty-one(31)centres:Aba,Abakaliki,Abeokuta,Abuja,Ado-Ekiti, Akure, Awka, Benin City, Calabar, Enugu, Ibadan, Ikorodu, Ilesha, Ilisan, Ilorin, Jos, Kaduna, Kano, Lagos, Lokoja, Makurdi, Ogbomosho, Okija, Oko, Onitsha, Owerri, Port Harcourt, Umuahia, Uyo, Warri and Yenagoa.

Merit,SubjectandSpecialprizeswereawardedtocandidateswithoutstandingperformanceintheSeptember2015examinationas stated below:




(a) MERIT PRIZES


Position Part

Ekoko Alero Inumidun ATS/20152/10074/A AT/106441 1st Part I

Enoc-Ahiamadu Victoria Uwhuomachukwu ATS/20152/10079/A AT/106446 2nd Part I

Akindele Tejumola Abiodun ATS/20152/10484/A AT/107132 3rd Part I

James Ndifrke Effiong ATS/20152/20272/A AT/105054 1st Part II

Olafemi Oluwatomi ATS/20152/20395/A AT/102820 2nd Part II

Ogundipe Paul Adeyinka ATS/20152/20564/A AT/104970 3rd Part II

Longe Oluwafemi Olakunle ATS/20152/30574/A AT/100646 1st Part III

Omolola Oluwatobilola Oluwasegun ATS/20152/30667/A AT/103230 2nd Part III

Yusuf Muiz Omogbolahan ATS/20152/30729/A AT/106314 3rd Part III


(b) SUBJECT PRIZES


Part

I

Basic Accounting Processes & Systems

Chief (Dr.) R.U. Uche’s Prize ATS/20152/10074/A AT/106441Ekoko Alero Inumidun

Economics Mrs. I.M. Osiyemi’s Prize ATS/20152/10079/A AT/106446Enoc-Ahiamadu Victoria Uwhuomachukwu

Business Law Otunba Abdul Lateef Owoyemi’s Prize

ATS/20152/11324/A AT/106244Okwechime Jennifer Okikechukwu

Communication Skills Chief C.F.G. Akinwolemiwa’s Prize

ATS/20152/11431/A AT/106876Situ Aminat Adebukola

Part

II

Principles and Practice of Financial Accounting

Major-General S.A. Owuama’s Prize

ATS/20152/20721/A AT/105528Lawal Aishat Adedoyin

Public Sector Accounting F.B. Cardoso`s Prize ATS/20152/20523/A AT/103587Azeez Mariam Omolara

Quantitative Analysis Ayo Oni’s Prize NILInformation Technology Otunba Ayora (Dr.) Bola

Kuforiji-Olubi’s PrizeATS/20152/20272/A AT/105054James Ndifreke Effiong

Part

III

Principles of Auditing Alhaji I.O. Sulaimon’s Prize ATS/20152/30729/A AT/106314Yusuf Muiz Omogbolahan

Cost Accounting U.S. Nwankwo’s Prize ATS/20152/30667/A AT/103230Omolola Oluwatobiloba Oluwasegun

PreparingTaxComputation& Returns

D.B.O. Ogutuga’s Prize ATS/20152/30574/A AT/100646Longe Oluwafemi Olakunle

Management Chief F.K. Bajomo’s Prize ATS/20152/30667/A AT/103230Omolola Oluwatobiloba Oluwasegun

«ItshouldbenotedthatnocandidatesatisfiedtherequirementsforwinningAyoOni’sPrizeinQuantitativeAnalysis.





(c) SPECIAL PRIZES

► F.I. Ogunjuboun’s prize for the “BestQualifyingFemaleCandidate”inSeptember2015dietExaminations:


Agbede-Idonije Jennifer Efe ATS/20152/30447/A AT/103386

► Princess A.A. Adeniran’s Prize for the “Best Qualifying Female Candidate” for the year:


Ogunmuko Olaoluwa Oluwatosin ATS/20151/30383/A AT/101413

► Alhaja (Mrs.) Shakirat Adepeju Babatunde’s Prize for the “Best Qualifying Male Candidate” for the year:


Longe Oluwafemi Olakunle ATS/20152/30574/A AT/100646

► Silver Scholarship for the “Best Qualifying Candidate”inSeptember2015dietexaminations:


Longe Oluwafemi Olakunle ATS/20152/30574/A AT/100646

Cross-section of students at ICAN’s “Catch-Them-Young” programme





MEMBERS’ EDUCATION AND TRAINING

COMMITTEEAs part of the Committee’s efforts to ensure that Members

of the Institute are abreast of developments in the profession, the 2015 Members’ Continuing Professional Education (MCPE) programme was designed to ensure that learning development and growth at all stages of their professional career are fully addressed.

MCPE programme is a major source of information and education for updating, improving and enhancing the knowledge and professional skills of members.

It is a lifelong learning programme that equips members for the future by developing and enhancing their skills and ability to further create value and wealth. It enlightens members on today’s critical issues and best practices.

REVIEW OF 2015 ACTIVITIESThe 2015 training year commenced in January and ended

December 2015 with in-house training. The year was a very challenging one in the sense that attendance in the first sixmonths was abysmally poor partly due to electioneering and political activities. Thus, economic activity was not at its best, salaries were delayed in some instances and a general lull in the economy. All these affected members’ capability to participate in our training programmes in the early part of the year. The effect of this was however moderate towards the 3rd and 4th quarters oftheyear.Thus2015wasayearofcontrastinwhichadifficultand uncertain beginning eventually gave way to a promising end. In all, a total of one hundred and seven (107) seminars were conducted successfully in twenty (20) locations across the country and beyond.

Some of our In-House Clients include:1. Chevron Nigeria Limited2. MTN Communications Limited3. Nigerian Bottling Company Plc

4. PZ Cussons Nigeria Plc5. ShellNigeriaExploration&ProductionCompany Limited (SNEPCO) 6. GlaxoSmithKline,Nigeria7. Stanbic IBTC Pension Managers Ltd.8. Skye Bank Plc9. Zenith Bank Plc10. Nigerian Breweries Plc11. Stanbic/IBTC Bank12. Nigerian Deposit Insurance Corporation (NDIC)13. Emerging Markets Telecommunications Service (ETISALAT)14. PricewaterhouseCoopers Nigeria15. AIRTEL, Nigeria16. Seven-up Bottling Company Plc17. UNILAG Consult 18. General Electric 19. LAPOMicrofinanceBankLtd.20. Asset Management Corporation of Nigeria (AMCON)21. Visafone Communications Ltd. 22. British American Tobacco23. BAT Foundation 24. BGL Plc25. IHS Africa.

ACCREDITATION OF SEMINARS/WORKSHOPSThe Institute’s policy on the assessment of seminars/

workshops organised by other organisations, District Societies, etc, requires the submission of the following:Payment of accreditation fee.Courseprogramme,reflectingthedurationofeachpaper.Seminar papers should be forwarded three weeks before

date of seminar for evaluation.Evidence of original attendance of members through

attendance sheets signed by participants.Resume of resource persons.Application for monitoring of the programme before the

seminar.Theme of the programme /course outline/topics.

MCPE TRAINING ATTENDANCE FOR 5 CONSECUTIVE YEARSPROGRAMME ATTENDANCE

S/No Details 2011 2012 2013 2014 2015

1 MCPE 4,958 4,480 4,870 4,665 5,206

2 EMCPE 97 181 143 106 41

3 CPE 70 65 148 39 184

4 E-CPE 26 65 72 39 44

5 In-House 1,143 1,567 1,468 1,658 1,581

6 Topic Specific 72 1,121 440 356 195

Total 6,366 7,479 7,141 6,863 7,251





Target audience.Expectednumberofparticipants.Date and venue of the programme.Name of course coordinator.For any programme outside Lagos, the organiser will

provide transport, accommodation and feeding for the monitor.

OFFSHORE TRAINING PROGRAMME IN DUBAIThe committee held an Executive Continuous Professional

Education (ECPE) Programme in Dubai, from May 03 – 08, 2015. The theme of the programme was “Repositioning the Professionals for Better Performance.” A total of 44 delegates drawn from practice, private and public sectors, participated in the programme.

MCPE COMPLIANCE AND SANCTIONSA member of the Institute is required to obtain a minimum of

30 credit hours (which could be obtained solely from structured seminars or a combination of structured and unstructured seminars) in a year. The structured programmes are Mandatory Continuing Professional Education (MCPE), Continuing ProfessionalEducation(CPE),ExecutiveContinuingProfessionalEducation (ECPE), and Executive Mandatory ContinuingProfessional Education (EMCPE), the Annual Accountants’

Conference, World Congress of Accountants, PAFA Congress, Zonal Accountants’ Conference and Accountancy Bodies in West Africa (ABWA) Congress.

The unstructured programmes include seminars, workshops, meetings, etc. organised by either the Institute or other organisations, ICAN Annual Dinner, ICAN Annual General Meeting, ICAN symposia, Council and Committee meetings, Examinationexercises(invigilation,marking,extractionandpoolsetting), Retreats, Publications in the Institute’s journal, District Societies meetings, facilitation at MCPE seminars and other events of the Institute.

Membersthataredeficientintheacquisitionoftheminimumcredithoursrequiredareencouragedtomakeupforthedeficientcredit hours within the year by attending MCPE seminars to enablethemaccesstheinherentbenefits.

ThefollowingprivilegeswouldbedeniedmembersdeficientinMCPE hours requirement: Sponsorship of students for registration, exemptions,

examinations and registration for induction intomembership;

Sponsorship of graduate members for the Institute’s membership;

Elevation to Fellowship; Obtaining and renewal of Practising Licence/Compliance

Certificate; Membership of Committees; Voting at Council Elections; Contesting Council Elections; and OccupyinganyexecutivepositioninaDistrictSociety.

The 51st President, Otunba Olufemi Deru

with Council members





RESEARCH, TECHNICAL AND PUBLIC POLICY

In accordance with its responsibility of conducting research into Accounting, Taxation, Auditing, Finance, Economics andrelated disciplines to expand the frontier of knowledge in theprofession and deliver results based on the terms of reference, the committee’s activities during the year were in the following areas:

ACADEMIC CONFERENCEThe second edition of ICAN Academic Conference was

organised at the Lagos Airport Hotel, Ikeja from May 18 – 20, 2016. Scholars from across the country and abroad participated in the two-day event which was aimed at: projecting the image of the Institute as an educator on the one hand, and also providing a platform for scholars both in the accountancy profession as well asrelatedfields tobroaden theirknowledgeandenhance theirresearch skills. The conference provided a publication outlet for well-researched manuscripts. Papers presented at the conference were published as Conference Proceedings and a selected few published as a Special Edition of the Research Journal (IJAF).

RESEARCH JOURNALSThe department maintains the production of ICAN Journal of

Accounting and Finance (IJAF). The seventh (7th) edition of the journal was successfully produced and copies were sold at the 2015 Annual Accountants’ Conference. Two copies of the journal were sent to each higher institution in Nigeria. The department has commenced the preparation for the 8th edition and efforts are beingmadeforthejournaltobeinternationallyindexed.

COMMISSIONED RESEARCHThe Institute established Commissioned Research to provide

grants to support research intoAccounting and related fields.During the year, a commissioned research titled: “A Survey Into Accounting Education in Nigeria” by Professor Olatundun Adelegan of Lead University, Ibadan was submitted. Research is in progress on another work titled “Integrating Sustainability and Financial Reporting in Corporate Annual Reports in Nigeria.” The research is being conducted by Professor Kenneth Amaeshi (Edinburgh University, UK) and Mr. Innocent Okwuosa (Reading University, UK).

AWARD OF PhD RESEARCH GRANTS TO MEMBERS IN ACADEMIAThe Institute, through the Committee, considered and

approved three (3) applications for PhD research grants following recommendationsbyexternalreviewers.Inordertoincreasethenumber of annual awards, the Institute has reviewed the criteria for selection process for the grant.

ICAN SPONSORSHIP OF INAUGURAL PROFESSORIAL LECTUREIn order to encourage Institute members in academia aspire to

the highest position in their academic career, the Council of the Institute approved the sum of N1 million to an eligible applicant for

his inaugural professorial presentation. During this presidential year, awards were made to two professors in Accounting: Professor Augustine Nweze, FCA of Enugu State University of Science & Technology and Professor Taiwo Asaolu, FCA of Obafemi Awolowo University, Ile-Ife.

Their inaugural lectures were titled: “Accounting: A Universal Business Language” delivered on 11th June 2015 and “Privatisation in Nigeria, Regulation, Deregulation, Corruption and the Way Forward” delivered on 27th October 2015 respectively.

SYMPOSIUM ON FEDERAL GOVERNMENT BUDGET 2015The committee organised the Annual Symposium on August

13, 2015 at the Shell Hall, MUSON Centre, Onikan, Lagos. The theme of the symposium was – Come Back Nigeria: The Nation’s Fiscal Challenges and Way Forward for the New Administration. The event was attended by 1,001 delegates drawn from industry, commerce, banking, professional bodies, regulatory bodies, academia and other sectors of the Nigerian economy. The Royal Father of the Day, His Highness, Muhammad Sanusi II, CON, Sarkin Kano and the Governor of Lagos State, Mr. Akinwunmi Ambode, FCA, who was ably represented by his Deputy,HerExcellency,Dr.(Mrs.)IdiatOlurantiAdebulewastheSpecial Guest of Honour.

COMMENTS ON EXPOSURE DRAFTS (EDs)CommentsonthefollowingExposureDraftswereforwarded

to the relevant bodies:— ED 56 on International Public Sector Accounting Standards

and Recommended Practice Guideline (The Applicability of IPSASs).— Proposed International Standard on Auditing (ISA) 810

(Revised) International Standard on Auditing™ (ISA™) 810, Engagements to Report on Summary Financial Statements.— National Code of Corporate Governance 2015 by FRC.

MUTUAL COOPERATION AGREEMENT WITH TERTIARY INSTITUTIONS COMMITTEEIn pursuant of the Institute’s desire of partnering with tertiary

institutions to deepen accountancy education in the country, it designed the Mutual Cooperation Agreement with Tertiary Institution (MCATI) programme. This programme will enable accredited tertiary institutions that sign up to the agreement to enjoyspecialandexpandedexemptions fromnine (9)subjectsof the professional examinations. The arrangement allowsaccounting graduates under the MCATI to proceed straight to the skills level of the Institute’s examinations andonlywritetwosubjectsandallthefivesubjectsintheProfessionalleveltoqualify as chartered accountants.

To date, the following four institutions have signed agreement with the Institute to enjoy this opportunity. North-West University, Kano, Kano State. Federal University, Birnin Kebbi, Kebbi State. Micheal Okpara University of Agriculture, Umudike, Abia State. Abia State Polytechnic, Abba, Abia State.





PROFESSIONAL PRACTICE MONITORING

COMMITTEE The Professional Practice Monitoring Committee (PPMC)

carried out its responsibilities as contained in its terms of reference. Below is the summary of the Committee’s activities during the period:

1. UPDATE OF STATEMENTS OF MEMBERSHIP OBLIGATIONS (SMOs) AND DASHBOARD REPORTThe Committee submitted the reviewed and updated

Statement of Membership Obligations (SMOs) of the Institute to IFAC in 2015 and this has been hosted on the IFAC website. A document known as Dashboard Report (DBR) was received from IFAC for review.

The DBR provides a summary of: The status of adoption of international standards and best

practices at the jurisdiction level, in this case Nigeria;

The IFAC Member’s or Associate’s status of adoption of International Standards and best practices that apply to Professional Accountancy Organisations (PAOs); and

ThelevelofaMember’sorAssociate’sfulfillmentofIFACmembership requirements. The Professional Practice MonitoringcarriedoutextensivereviewoftheDBR.Thefinal version of the document was submitted to IFACon December 31, 2015. IFAC will host the Dashboard Reports of Professional Accountancy Organisations on their website at a future date.

2. PPMC SEMINAR ON AUDITING STANDARDS, AUDIT QUALITY AND PRACTICE DEVELOPMENT In order to assist practitioners to render quality services to

their clients, the Professional Practice Monitoring Committee (PPMC) organised seminars on Auditing Standards, Audit Quality and Practice Development in 2015. The seminar, which was subsidised by the Institute, was aimed at addressing the knowledge and skill gaps observed during the practice review ofvariouspracticefirmsacrossthecountry.Theseminarwasahuge success given the number of participants that attended. It was held at different times in the following cities: Lagos, Abuja, Port Harcourt, Ibadan and Enugu.

3. GAZETTING OF SCALE OF PROFESSIONAL FEESAs part of its efforts to ensure that members charge and

obtain appropriate fees for their services, the Institute through Professional Practice Monitoring Committee (PPMC) liaised with

theOfficeof theAttorneyGeneralof theFederation(OAGF) togazette the 2014 edition of its Scale of Professional Fees. It is interesting to note that the Scale has not only been gazetted but copies have been produced by the government printer and they areavailableforsaleatICANofficesandfunctions.

4. CANCELLATION OF TCI PROGRAMMEThe Technology Competence Initiative (TCI) designed by the

Institute to enable members become Information Technology (IT) compliant has been cancelled. The Council approved the Committee’s recommendation that the programme be cancelled due to several reasons cited by the Committee.

However, both members and prospective members are advised to continue to seek and acquire relevant information and communication technology skills to enable them render effective andefficientservicestotheirclientsoremployers.Itisimportantto note that all the various TCI Centres and the Students have been duly informed about the cancellation. The Committee wishes to state that by the cancellation, the Institute will no longer requireacertificateonTCIasaprerequisiteforinductionofnewlyqualifiedcharteredaccountants.

5. PROFESSIONAL PRACTICE MONITORING EXERCISE PHASES 13 AND 14In line with its mandate to ensure regular review of the

operations of members in practice, the Committee continued the practicemonitoringexercisenamely;Phases13and14.Atotalof fifty eight (58) firms located in different parts of the countrywere reviewed in both phases during the period. The report on eachofthefirmswassenttotherespectivefirmsandtheywereasked to state the action plans they will put in place to correct the shortcomingsobservedbythereviewers.Mostofthefirmshavesubmitted their action plans as requested.

It is also important to note that the reviewers’ reports showed that practitioners need to improve on the quality of work they render to their clients.

6. ADOPTION OF AUDITING STANDARDS RELEASED BY IFAC (ISAs AND ISQC 1) During the Presidential year, the Council approved the

Committee’s recommendation that the Institute should adopt rather than adapt the Auditing Standards released by IFAC. Although the standards adapted by the Institute such as NSAs substantially complies with the International Standards on Auditing (ISAs), the Committee adduced the following reasons, among others, for their recommendation: enhanced credibility, improved investors’ confidence, simplification of comparisonbetween entities, transparency and cross border comparability, etc. The Committee is currently developing implementation guidelines and explanatory notes for the adoption of ISAs asdirected by the Council.





FACULTIESPreambleThere are seven Faculties created by Council

oftheInstitutetoserveascentresofexcellencefor the purpose of providing capacity building and technical support for Members in their different areas of specialisation. On a regular basis, the Faculties release newsletters by email to members in their different areas of professional interests. During the period under review, the Faculties undertook the following activities:

1. AUDIT, INVESTIGATIONS AND FORENSIC ACCOUNTING FACULTY(i) Forensic Certification Training ProgrammeThe Faculty conducted two streams of six-

modular certification training programmes fora total of 116 members. A moot court session was held on Wednesday, December 2, 2015 which was attended by 35 candidates. The session exposed participants to simulated court scenarios andgroomed them towards becoming expert witnesses. QualifyingexaminationwasheldonDecember3,2015.Todate,theFacultyhasproduced401CertifiedForensicAccountants.

(ii) Forum of MembersTwo forums of members were held on “Managing a

Contemporary Audit Practice” and “Starting Your Own Firm” respectively in September and November, 2015. The events were attended by more than 200 members.

2. CONSULTANCY AND INFORMATION TECHNOLOGY FACULTYTheFacultyextensivelyrevieweditsexistingcurriculumforthe

certificationtrainingofmembersoftheInstitutewhoaredesirousof going into financial or information technology consultancypractice, or capacity development for existing practitioners.During the year, the Faculty conducted Examination and VivaSessions for 18 eligible candidates for the award of CertifiedFinancialandITConsultant(CFIC)qualification.

3. CORPORATE FINANCE MANAGEMENT FACULTYThe Faculty continued its capacity building function through

release of newsletters and Forum of Members on topics of professional relevance.

4. FINANCIAL REPORTING FACULTYThe Faculty continued its certification training programme

for members and the general public on International Financial Reporting Standards (IFRS), which it inherited from the Corporate Finance Management Faculty. During the year under review,

it trained 219 members on IFRS in Lagos, Kaduna and Abuja. It also conducted examination in Lagos andAbuja for eligiblecandidates in August, 2016.

5. INSOLVENCY AND CORPORATE RE-ENGINEERING FACULTYThe Faculty continued its sensitisation programme by holding

an International Insolvency Conference at Sheraton Hotels and Towers, Ikeja, Lagos in February, 2016. The event, which was declared open by the President, ably represented by the Vice President, attracted paper presenters from Nigeria, India and the United States. The conference recorded 162 participants. The Faculty plans to continue its 2-part certification trainingprogramme for the award of Certified Insolvency Practitioner(CIP) in the current year.

6. PUBLIC FINANCE MANAGEMENT FACULTYThe Faculty held a 3-day workshop on of the International

Public Sector Accounting Standards Implementation, Challenges and Solutions for its members and other key players in the public sectorinpartnershipwiththeOfficeoftheAccountant-GeneraloftheFederationandthestatesofficesofAccountants-Generaloncapacity building for members and other stakeholders.

7. TAXATION AND FISCAL POLICY MANAGEMENT FACULTYIn line with its capacity building mandate, the Faculty organised

seminarsontopicaltaxissuesinLagos,PortHarcourtandKanoduring the year under review. The Faculty also continued to release quarterly tax newsletter which it started in December2012.

Otunba Olufemi Deru, 51st President of the Institute and Mr. Tunde Ajayi, Chairman of the Board of Insolvency and Corporate Re-Engineering Faculty during the

Insolvency International conference





STUDENTS’ AFFAIRS DIRECTORATE

REGISTRATION/EXEMPTION A total of Seven Thousand and Fifty-Six (7,056) students

were registered during the year under review. This brings the total number of registered students to Two Hundred and Seven Thousand, Four Hundred and Fifty-Seven (207,457) as at December 2015. While Four Thousand, Seven Hundred and Fifty-Three(4,753)weregrantedexemptionsfromvariouslevelsof the Professional Examination from January to December2015. Three Thousand, Three Hundred and Seventy-One (3,371) students were registered for the Accounting Technicians Scheme West Africa (ATSWA) in the year under review bringing the total number of registered ATSWA students to One Hundred and Seven Thousand, Nine Hundred and Twenty-Nine (107,929) while Three HundredandSixty-EightThousandstudents(368)weregrantedExemptionfromvariouslevelsofATWA.

ACCREDITATIONFifteen (15) Universities and One (1) Polytechnic that met the

required educational standard of the Institute were accorded full accreditation status during the year while Fourteen (14) Tuition Centres were granted recognition as approved training centres fortheInstitute’sExamination.TheInstitutionsare:

Universities1. Bowen University, Iwo, Oyo State.2. Caleb University, Imota, Lagos State.3. Crawford University, Igbesa, Ogun State.4. Cross River University of Technology, Ogoja Campus, Cross River State. 5. Kogi State University, Anyigba, Kogi State.6. Landmark University, Omu-Aran, Kwara. 7. Paul University, Awka, Anambra State.8. Western Delta University, Oghara, Delta State. 9. Igbinedion University, Okada, Edo State.10. Madonna University, Okija, Anambra State. 11. Bells University, Ota, Ogun State.12. Al-Hikmah University, Ilorin, Kwara State.13. Nnamdi Azikiwe University, Akwa, Anambra State.14. Adekunle Ajasin University, Akungba, Akoko, Ondo State.15. University of Uyo, Uyo, Akwa-Ibom State.

Polytechnics1. Federal Polytechnic, Ede, Osun State.

Tuition Houses 1. Accuracy Tutors, Aba, Abia State. 2. Atlas Professionals Limited, Ota, Ogun State.3. ExcellentTutors,Abakaliki,EbonyiState.4. Globa Focus Initiative Consulting Company, Abuja FCT.5. JK Consulting Co. Ltd., Abuja FCT.6. Precept with Passion Consulting, Agege, Lagos State.7. Protract Associates Limited, Ikorodu, Lagos State.8. Risk Free Standards Associates Limited, Obanikoro, Lagos State.9. Students SWOT & Associates, Enugu, Enugu State.10. Starrygold Academy, Oregun, Lagos State.

11. Top Professional Solutions, Port Harcourt, Rivers State.12. Summit Professional Tutors, Port Harcourt, Rivers State.13. Knights Business School, Oyingbo, Lagos State.14. Integrity Professional Academy, Warri, Delta State.

ICAN SCHOLARSHIP SCHEMEThe Institute has put in place a strategy which will make

Accounting Profession more attractive to the brightest youths from all Universities and Polytechnics. The scholarship programme is to elicit the interest of Nigerian youths as well as attract the best brains into the Accounting Profession. This is also in compliance with the social responsibility programme of the Institute to the society.

A total of Sixty (60) students out of Eighty-Three (83)applications that benefitted from the Scholarship Scheme satfor various levels of the Professional Examination inMay andNovember2015,bringingthetotalnumberofbeneficiariestoOneHundred and Thirty-Nine (139).

Detailed information on the Scheme for all interested and qualifiedstudentscanbeobtainedfromtheInstitute’swebsite.

CATCH THEM YOUNG PROGRAMMEThe Catch Them Young Programme is an initiative designed to: Create awareness among students about the career

opportunities available to them through the Institute of Chartered Accountants of Nigeria’s platform.

Take ICAN to the grassroots with a view to making them understand the profession early.

Promote the sense of self-employment/entrepreneurship, future prospects and personal interest among the students.

Create a sense of commitment to excellence amongstudents and teachers of commercial subjects in secondary schools.

Enhance the quality of commercial education in our Secondary Schools.

Promote a platform for socio-academic interaction among the commercial Secondary School students.

Consequently, it will boost the candidature of the Accounting Technicians’ Scheme West Africa (ATSWA) and eventually, the ProfessionalExaminationsoftheInstitute.

The Institute had run the programme in twenty (20) states of the country including the six (6)EducationalDistricts in LagosState since inception in 2014 and still counting.

HIGH SCHOOL RESIDENCY The High School Residency is an invitational programme for

all accounting and non-accounting students who may desire to pursue accountancy as a profession. The programme is designed to encourage the brightest students to make a career in accountancy and also leverage its limitless possibilities, opportunitiesandbenefitsofearningtheCharteredAccountant’squalificationofACA.

The programme will prepare students for the many opportunities that lie ahead in the corporate setting. It will assist students in building a core set of skills and strong ethical orientation. As planned, theprogrammewillhold in thesixgeo-politicalzonesof the country. The maiden edition was held at Bells University of Technology, Ota, Ogun State in August, 2015 with over 300 students from 12 Tertiary Institutions in attendance.





STUDENTS’ SPECIAL PROJECT

The Students Special Project (SSP) was initiated by the Governing Council of the Institute in its effort to expandstudentship in educationally less-developed parts of the country as well as improve the quality of Chartered Accountants and address the dismal performance of candidates at the Institute’s ProfessionalExaminationsovertheyearswhichhadbeentracedto the following reasons: Poor academic background of students; Lack of good tuition facilities; Poor and inadequate preparation; and Dearth of qualitative study materials.

CHARTERED ACCOUNTANTS PRODUCED BY THE ICAN CENTRES TO DATEAsat theendof theNovember2015DietExaminations the

following number of Chartered Accountants were produced by the different centre:

S/N Centre No. of Candidates

Inception Date

1. KANO 204 2008

2. KADUNA 201 2007

3. ILORIN 152 2008

4. CALABAR 93 2008

5. BAYELSA 76 2007

The breakdown is as shown below.

MILESTONES New Centre The Institute added a new Centre, the ICAN/NNDC Study

CentreinGombe,toitsexistingfiveSSPCentresmakingatotalofsixtodateunderitsagreementwithNNDC.ThenewCentrewhose initial funding capital was donated by the Gombe State

CENTRE MAY NOV. MAY NOV. MAY NOV. MAY NOV. MAY NOV. MAY NOV. MAY NOV. MAY NOV. MAY NOV. TOTAL

2007 2007 2008 2008 2009 2009 2010 2010 2011 2011 2012 2012 2013 2013 2014 2014 2015 2015

KADUNA 3 2 8 13 13 33 20 30 27 13 7 10 8 6 3 3 2 201

ILORIN 3 8 21 14 7 18 14 13 9 9 8 13 0 3 12 152

CALABAR 0 4 7 13 16 11 10 8 4 1 3 8 0 1 7 93

BAYELSA 1 5 2 5 8 10 9 4 1 3 3 8 4 3 1 5 4 76

GOMBE 0 0

KANO 4 8 20 11 24 28 25 19 21 3 9 4 10 2 5 11 204

Government, was commissioned on October 26, 2015 by the 51st President, Otunba Samuel Olufemi Deru during a well attended ceremony at which the Executive Governor of Gombe State,Alhaji (Dr.) Ibrahim Hassan Dankwambo, FCA, was the Guest of Honour.

The Institute is following up on Governments and Individuals who had either made promises to, or who had been approached by the Institute with proposals to establish SSP Centres in partnership with the Institute. They are Jigawa, Anambra, Abia, Imo and Taraba State Governments as well as Masters Energy Oil and Dangote Group.

Rent Waiver The Kano State Government which had housed the NNDC/

ICAN Study Centre in its Library Board Complex since itsinception in 2008 at an annual rent payment of N1.2 million, had graciously agreed to a waiver of the arrears of 2014, 2015 and the current year 2016 owed by the study centre as well as the future rent with effect from March 2016. Consequently, rent shall no longer be paid in respect of the centre.

CURRENT PARTNERS ON THE PROJECT New Nigeria Development Company Ltd. through

which four centres were established as follows:— NNDC/ICAN Study Centre, Kaduna;— NNDC/ICAN Study Centre, Kano;— NNDC/ICAN Study Centre, Ilorin; and— NNDC/ICAN Study Centre, Gombe. The Bayelsa State Government through which BYSG/

ICAN Study Centre, Yenagoa was established. The centre is being partly run by the Yenagoa & District Society with administrative support from the Institute. The Cross River State Government through which

CRSG/ICAN Study Centre, Calabar was established. The centre wasofficiallyhandedovertotheCrossRiverStateGovernmentin February 2013.

UPCOMING LAUNCH OF SPONSORSHIP PROGRAMMEThe Institute is collaborating with NNDC to seek partnership

with other interested stakeholders, namely, State Governments, Parastatals, Corporate Organisations, philanthropists and well-meaning individuals on the project.





OBJECTIVESThe objectives of the Students’ Special Project are:— To identify areas and indigenous students of educationally

less developed parts of the country;— To expand studentship in educationally less developed

parts of the country;— To facilitate establishment of standard tuition centres in

these areas;— To create awareness in these areas about the availability

of such a scheme;— To encourage States, Local Governments, Private- and

Public Sector-Institutions to provide facilities for standard tuition centres, grant scholarships, bursary awards and other assistance to deserving indigenous students in educationally less developed areas of the country; and

— To encourage and assist indigenous students in educationally less developed parts of the country to take theInstitute’sExaminationswithaviewtorapidlyproducinga desirable number of Chartered Accountants there from.

In the last thirteen years, the SSP Committee anchoring the project, which comprises members from different parts of the country, has worked assiduously towards attaining the foregoing objectives.

ICAN PROJECTSIn addition to the four lecture theatres built and commissioned

by the Institute in the 2014/2015 presidential year and the on-going project at the Federal University of Birnin Kebbi, Kebbi State,Councilhasapprovedtheconstructionofsixmorelecturetheatres in the following Institutions:

i. The Polytechnic, Ibadan (IbadanPoly); ii. Michael Okpara University of Agriculture (MOUA), Umudike; iii. Ahmadu Bello University (ABU), Zaria; iv. Olabisi Onabanjo University (OOU), Ago Iwoye; v. University of Port Harcourt (UniPort), Port Harcourt; vi. Yaba College of Technology (YabaTech), Yaba.

The Polytechnic, Ibadan ICAN Lecture theatre was commissioned on February 23rd while the foundation of the project in Michael Okpara University of Agriculture, Umudike was laid on February 3rd, 2016 by the 51st ICAN President, Otunba Femi Deru, FCA

The construction of the lecture theatres in ABU, UniPort, OOU and YabaTech will commence after the award of contracts by the Major Tenders Board.

Status of ICAN Projects as at March 2016Project Contractor Consultant Commencement Completion

1 OAU (Ile-Ife) AB Design & Company Eagle Projects Services Nig. Ltd. November 2014 April 20152 UniBen (Benin) Tegha & Associates Nig. Ltd. Eagle Projects Services Nig. Ltd. November 2014 April 20153 UNN (Enugu) Calvarini Nigeria Ltd. Eagle Projects Services Nig. Ltd. November 2014 April 20154 NWU (Kano) Arid Builders Nigeria Ltd. Design Plus December 2014 April 20155 FU (Birnin Kebbi) Al-Amin Engr. Services Ltd. Design Plus May 20156 The Polytechnic Ibadan AB Design Eagle July 2, 2016 February 23, 20167 MOUOAU (Umudike) Calvarini Nigeria Ltd. Eagle February 3, 20168 ABU, Zaria 20169 OOU, Ago Iwoye 201610 UniPort, Port Harcourt 201611 YabaTech, Yaba 2016

ICAN President, Otunba Olufemi Deru (right); Alhaji Ganiu Adebayo, FCA, chairman Ibadan & District; Prof. Olatunde Fawole, Rector The Polytechnic, Ibadan; and Registrar/Chief Executive of ICAN, Mr. Rotimi Omotoso at the commissioning of ICAN Lecture Theatre at The Polytechnic, Ibadan





PROFESSIONAL EXAMINATIONSTheProfessionalExaminationstookplaceinMayandNovember2015with13,277and13,411candidatesrespectively.Theywere

conducted in thirty-eight centres in various parts of Nigeria, one centre each in Cameroon and London. The Institute continued to enhancetheInformationTechnologydeploymenttotheexaminationprocesses.Theeffectwastremendous.

Thebreakdownofthecandidatesforbothexaminationsisstatedbelow:-

Level May 2015

Foundation 1,604

Skills 9,143

Professional 2,530

TOTAL 13,277

Level November 2015

Foundation 1,527

Skills 9,169

Professional 2,715

TOTAL 13,411

MAY 2015 DIET

(a) MERIT PRIZES

FOUNDATION

Name Examination No. Registration No. Award

Adeniyi Oluwagbenga Segun 20151/101600/F/12345 201951 1st

Ibideji Olumide Oluwagbenga 20151/101182/F/2345 203015 2nd

Olumuyiwa Segun John 20151/101390/F/2345 203425 3rd

SKILLS


Adebisi Adebayo Innocent 20151/207196/S/1456 202930 1st

James Kayode Adeleke 20151/204706/S/2356 189181 2nd

Audu Sandra Eleojo 20151/205285/S/1456 199963 3rd

PROFESSIONAL


Ijilana Fadeshola Cynthia 20151/301776/P/12345 191066 1st

Onabanjo Adetola Oluwatosin 20151/302450/P/12345 201413 2nd

Salau Adeyemi Waheed 20151/302471/P/12345 196578 3rd





(b) SUBJECT PRIZES


FOUNDATION

Financial Accounting Late Sir John A. Balogun 20151/101182/F/2345 203015 Ibideji Olumide Oluwagbenga

Business Law I.O. Sulaimon Princess A.A. Adeniran

20151/101095/F/2345 202982 Chinwego Chinwike Stanley

Economics & Business Environment/Business & Finance

M.B. Taiwo J.A. Owoseni

20151/100616/F/2345 200049 Momoh Ogie Anointing

Quantitative Techniques in Business Mr. M. Ayo Oni 20151/101600/F/12345

201951 Adeniyi Oluwagbenga Segun

Management Information Late Chief E.F. Oke Late Prof. M.A. Adeyemo

20151/100608/F/234 201549 Ibrahim Anifowoshe Luqman

SKILLS

Taxation Late Z.O. Ososanya Nil

Auditing and Assurance N.L. Westgarth Nil

Business Comm. and Research Methodology Sir Ike Nwokolo Nil

Performance Management G.J. Burk Nil

Financial Reporting S.B. Baylis-Smith Nil

Management, Governance & Ethics PricewaterHouseCoopers Nil

Public Sector Accounting & Finance Balogun J.O. Omidiora Nil

PROFESSIONAL

Corporate Reporting Arthur Young, Osindero & Moret Nil

Advanced Audit & Assurance J.M.T. Morris & KPMG Nil

Strategic Financial Management Dr. Bola Kuforiji-Olubi Elder M.E. Daniels Nil

AdvancedTaxation Akintola Williams & Co. Olushola Adekanola Nil

Case Study KPMG Nil





NOVEMBER 2015 DIET

(a) MERIT PRIZES

FOUNDATION LEVEL


Enekwe Ikechukwu Sylvester 20152/101081/F/234 206007 1st

Akinola Oladayo Nurudeen 20152/100438/F/234 205950 2nd

Otunla Oluwaseyi 20152/100522/F/234 204709 3rd

SKILLS LEVEL


Ogunmuko Olaoluwa Oluwatosin 20152/205081/S/1456 204375 1st

Adebisi Adedolapo Hilary 20152/207571/S/1456 204581 2nd

Dawodu Omoteniola Monsurat 20152/205625/S/123456 203609 3rd

PROFESSIONAL LEVEL


Okewole Ronke 20152/302641/P/1345 151384 1st

Agboola Rasheedat Bimpe 20152/300575/P/1345 180568 2nd

Eniang Esther Etim 20152/301672/P/12345 197403 3rd

(c) SPECIAL PRIZES

► SWAN Prize for the best qualifying female candidate for the diet:

Level Name Examination No. Registration No.

PROFESSIONAL Ijilana Fadeshola Cynthia 20151/301776/P/12345 191066

► Akintola Williams Delloite and Touche Prize for the best qualifying candidate in a diet:


PROFESSIONAL Ijilana Fadeshola Cynthia 20151/301776/P/12345 191066





(b) SUBJECT PRIZES


FOUNDATION

Financial Accounting Late Sir John A. Balogun 20152/100601/F/234 197497 Oni Oluwabusayo Olanrewaju

Business Law I.O. Sulaimon Princess A.A. Adeniran

20152/100522/F/234 204709 Otunla Oluwaseyi

Economics & Business Environment/Business & Finance

M.B. Taiwo J.A. Owoseni Nil

Quantitative Techniques in Business Mr. M. Ayo Oni 20152/100045/F/12345 203884

Iji Kolawole Babatunde

Management Information Late Chief E.F. Oke Late Prof. M.A. Adeyemo

20152/101081/F/234 206007 Enekwe Ikechukwu Sylvester

SKILLS

Taxation Late Z.O. Ososanya 20152/208145/S/135 199026 Iyizoba Theresa Odera

Auditing and Assurance N.L. Westgarth 20152/207682/S/236 197890 Agomo Eberechi

Business Comm. and Research Methodology Sir Ike Nwokolo Nil

Performance Management G.J. Burk 20152/205081/S/1456 204375 Ogunmuko Olaoluwa Oluwatosin

Financial Reporting S.B. Baylis-Smith 20152/205676/S/146 194700 Ogungbola Aminat Adesewa

Management, Governance & Ethics PricewaterHouseCoopers 20152/208634/S/156 166807

Oziri Uche Celestine

Public Sector Accounting & Finance Balogun J.O. Omidiora 20152/200758/S/456 179154

Bolaji Samuel Omotomoye

PROFESSIONAL

Corporate Reporting Arthur Young, Osindero & Moret

20152/300882/P/145 178676 Ogbue Nelson Christopher

Advanced Audit & Assurance J.M.T. Morris & KPMG 20152/301672/P/12345 197403 Eniang Esther Etim

Strategic Financial Management Dr. Bola Kuforiji-Olubi Elder M.E. Daniels

20152/300875/P/134 191108 Odusanya Femi Dare

AdvancedTaxation Akintola Williams & Co. Olushola Adekanola

20152/302606/P/134 201353 Essien Uforo Anietie

Case Study KPMG 20152/302641/P/1345 151384 Okewole Ronke




(c) SPECIAL PRIZES

► SWAN Prize for the best qualifying female candidate for the diet:


PROFESSIONAL Okewole Ronke 20152/302641/P/1345 151384

► Akintola Williams Delloite and Touche Prize for the best qualifying candidate in a diet:



► Akintola Williams Prize for the best qualifying candidate in a year:




ICAN Prize Winners





LEGAL MATTERS

1. INVESTIGATING PANEL Between July 2015 and January 2016, the Investigating Panel

considered a total of thirty-two (32) cases.

(a) PENDING CASESThe Investigating Panel is currently considering twenty-eight

(28) cases of alleged Professional Misconduct.Thenatureofthecasesarebrieflyclassifiedasfollows:● Misappropriation of Funds — 10● Defective Audit Report — 2● Unethical Practice with regards to Audit work — 3● Unethical Conduct as a staff — 1● Financial Dispute — 5● Others — 7 Total = 28

(b) CASES REFERRED FROM THE INVESTIGATING PANEL TO THE DISCIPLINARY TRIBUNALIn the period under review, no matter was referred to the

Accountants’ Disciplinary Tribunal.

(c) CONCLUDED CASESThe Panel concluded one case relating to unethical practice

with regards to audit work and set aside three cases for not complying with the condition precedent for commencement of investigations,i.e.submissionofaffidavitevidencingcomplaint.

2. DISCIPLINARY TRIBUNALThe Accountants’ Disciplinary Tribunal considered a total of

eleven (11) cases of alleged professional misconduct between July 2015 and January 2016. The cases are as follows:

(a) PENDING CASESThere are ten (10) cases presently pending at various stages

of hearing, which have not been concluded.Thecasesareclassifiedasfollows:● Unethical Practice with regards to audit work — 2● Defective Report — 1● Dispute on the appointment of new auditor — 0● Misappropriation of Funds — 5● Financial dispute — 2 Total = 10

(b) CONCLUDED CASESThe Tribunal concluded one (1) case as follows:« A No Case Submission by a Respondent’s Counsel was

upheld. Respondent was therefore discharged.

3. STUDENTS’ INVESTIGATING COMMITTEEBetween July 2015 and January 2016, the Students’

Investigating Committee considered a total of twenty-three (23) cases.

(a) PENDING CASESThe Students’ Investigating Committee is currently considering

ten (10) cases.Thenatureofthecasesarebrieflyclassifiedasfollows:● Alleged unethical Conduct as an employee — 4● Alleged misappropriation of funds/Fraud — 6

Total = 10

(c) CONCLUDED CASESThe Students’ Investigating Committee has concluded eleven

(11)casesofexaminationmisconductandmalpractices,one(1)case of application to withdraw accreditation granted a certain school and one (1) case of alleged misappropriation of funds/fraud.

4. AAT INVESTIGATING COMMITTEEThere is no pending case currently before the AAT Investigating

Committee.





PUBLICATIONS & IMAGE

INSTITUTE’S IMAGEThe Publications and Image Committee (PIC) of the

Institute during the year pursued its goal vigorously to ensure that the Institute’s imagecontinued to reflect itsworld-classnature.

During the year, the dissemination of information to both theInstitute’sinternalandexternalpublicswasveryeffectiveand timely, while all the notable activities of the Institute were adequately covered by both the print and electronic media.

INSTITUTE’S PUBLICATIONSThe quarterly journals of the Institute, The Nigerian

Accountant for members and the ICAN Students’ Journal; as well as the Annual Report and Financial Statements were timely produced. The soft copy of each edition of The Nigerian Accountant and the ICAN Students’ Journal are also available on the Institute’s website.

Copies of the publications were used by the President as part of Public Relations items packaged for dignitaries during Presidential tours of ICAN District Societies and other officialvisits, to further enlighten stakeholders and boost the image of the Institute.

ANNUAL DINNER AND MERIT AWARDSThe Annual Dinner and Awards was held at Oriental Hotel,

Victoria Island, Lagos on Friday, April 29, 2016. The Dinner brought together members of the accountancy profession and other invited guests both from private and public sectors of the economy to socialise. Awards were given to some outstanding individuals and corporate body for the impact they made on the Institute and the society in general.

The recipients are in different categories:a) Members categoryb) Non-members categoryc) Corporate Body Category

MEMBERS’ CATEGORYa) Sir Nwaubani Chukwuma Hope, FCAb) Mr. Omoregie Phillip, JP, FCAc) Mr. Ajaegbu Chidi Onyeukwu, FCA (IPP)

NON-MEMBERS’ CATEGORYa) Chief Ade-Ojo Michael b) Professor Ihendinihu John Uzoma

CORPORATE BODY CATEGORYFidelity Bank Plc

2016 ELECTION INTO COUNCILIn linewith International best practice, it became expedient

for the Institute to upgrade its information technology channels to enhance communication with members. The 2016 election to

Council was conducted strictly via the internet (e-voting) on the Institute’s website.

MemberswererequiredtouploadtheirprofilesontheICANwebsite, giving their e-mail addresses and GSM numbers. A dedicated pin code was later sent to each member’s e-mail through which they gained access to the voting portal.

EightvacanciesweredeclaredinCouncil–five(5)In-practiceand three (3) Not-In-Practice.

Nominations were received from members nominating the following people for election in the two categories:

MEMBERS IN PRACTICE CATEGORYa) Okwuadigbo Nnamdi Anthony (Mazi)b) Atu Omimi-Ejoor Osaretin Kingsley (Dr.)c) Bammeke Sunday Abayomi (Mr.)d) Ozoya Hart Wahab Odafen (Rev.)

The President presenting the award to Mr. Philip Odaro Omoregie, FCA in the Members’ category

ICAN President, Otunba Olufemi Deru, FCA presenting the ICAN Merit Award to the Immediate Past President of ICAN, Mr. Chidi Onyeukwu Ajaegbu, FCA

in the Members’ category at the Annual Dinner and Awards





FINANCE & GENERAL PURPOSES COMMITTEE

(F&GPC)● More pro-active ways of subscription recovery: Easy access to payment portal on ICAN Website. Weekly display of Financial members’ list on ICAN website. Demand notes for year 2015 subscription were sent to all members promptly through e-mails and SMS.● Formulation of Investment Policy for the Institute.● EffectiveandEfficientworkingCapitalManagement.● Sum assured on members’ Group Life Assurance Policy of N1.5 million is still in force.● Strict adherence to budgetary provisions.● Enhanced staff welfare through staff promotion, training (local and overseas) and review of salary package.

Vice President of the Institute, Deacon Titus Soetan; the 51st President, Otunba Olufemi Deru; Mallam Ismaila Usman (Past President); and Registrar/Chief

Executive, Mr. Rotimi Omotoso during a courtesy visit to the Past President

e) Adeleke Solomon Oluwole (Deacon)f) Anyanechi chibuzor Noel (Mr.)g) Erobu Uchenna Ifesinachi (Mrs.)h) Eyitayo Comfort Olujumoke (Mrs.)i) Oyetayo Olusola Oladeji (Mr.)j) Disu Samson Adewale (Rev.)k) Ajomale Afolabi Abiodun (Chief)l) Smith Oladipo (Mr.) MEMBERS NOT IN PRACTICE CATEGORYa) Akinsulire Oyemolu Olugbenga (Chief)b) Akibayo Titilola Ariyike Nurat (Mrs.)c) Babatunde Shakirat Adepeju (Mrs.)d) Olaolu-Adewuyi Onome Joy (Mrs.)e) Olanrewaju Oluseyi Oladimeji (Mr.)f) Olutayo Phillips (Mr.)g) Williams Josephine Oluseyi (Mrs.)

Members voted via the ICAN website and the results were downloaded and collated by the Scrutineers appointed by Council. The results of the election will be announced at this AGM.

Otunba Olufemi Deru presenting the award to Sir (Chief) Michael Ade Ojo in the Non-members’ category

ICAN Registrar/Chief Executive, Mr. Rotimi Omotoso presenting Air France return ticket won by the Head, Internal Audit, Wemy Industries Ltd., Mr. Okereke Chimaobi at the Annual Dinner and Awards

Otunba Olufemi Deru presenting the award to Chief (Sir) Chukwuma Hope Nwaubani, FCA in the Members’ category




Annual FINANCIAL STATEMENTSFOR YEAR ENDED 31 DECEMBER 2015

45 Report of the Independent Auditors

46 Honorary Treasurer’s Report

47Statement of Financial Position

48 Statement of Comprehensive Income

49 Statement of Cash Flows

50 Statement of Changes in Members’ Funds

52 Notes to the Financial Statements

80 Statement of Value Added

81 Five-year Financial Summary




Report of the INDEPENDENT AUDITORSTO THE MEMBERS OF THE INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA

Report on the Financial Statements WehaveauditedtheaccompanyingfinancialstatementsofThe Institute of Chartered Accountants of Nigeria (“The Institute”).

Thesefinancialstatementscomprisethestatementoffinancialpositionasat31 December 2015 and the statements of comprehensive income,changesinmembers’fundsandcashflowsfortheyearthenended,andasummaryofsignificantaccountingpoliciesandotherexplanatorynotes.

Council’s Responsibility for the Financial StatementsTheCouncilareresponsibleforthepreparationandfairpresentationofthesefinancialstatementsinaccordancewithInternational

Financial Reporting Standards and with the requirements of The Institute of Chartered Accountants of Nigeria Act and for such internal control,astheCouncildetermineisnecessarytoenablethepreparationoffinancialstatementsthatarefreefrommaterialmisstatement,whether due to fraud or error.

Auditors’ Responsibility Ourresponsibilityistoexpressanopiniononthefinancialstatementsbasedonouraudit.Weconductedourauditinaccordance

with Nigeria Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform our audit toobtainreasonableassurancethatthefinancialstatementsarefreefrommaterialmisstatement.

Anauditinvolvesperformingprocedurestoobtainauditevidenceabouttheamountsanddisclosuresinthefinancialstatements.The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financialstatements,whetherduetofraudorerror.Inmakingthoseriskassessments,theauditorconsidersinternalcontrolrelevanttotheentity’spreparationandfairpresentationofthefinancialstatementsinordertodesignauditproceduresthatareappropriateinthecircumstances,butnotforthepurposeofexpressinganopinionontheeffectivenessoftheentity’sinternalcontrol.Anauditalsoincludesevaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Council, as wellasevaluatingtheoverallpresentationofthefinancialstatements.

Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforouropinion.

Opinion Inouropinion,theaccompanyingfinancialstatementsgiveatrueandfairviewofthestateoftheInstitute’sfinancialaffairsat31

December2015andofitsfinancialperformanceandcashflowsfortheyearthenendedinaccordancewithInternationalFinancialReporting Standards and the requirements of The Institute of Chartered Accountants of Nigeria Act.

For: PricewaterhouseCoopers For: UHY MaajiChartered Accountants Chartered AccountantsLagos, Nigeria. Lagos, Nigeria.9 May 2016 9 May 2016 Engagement Partner: Edafe Erhie, FCA Engagement Partner: Gabriel Idahosa, FCAFRC/2013/ICAN/00000001143 FRC/2014/ICAN/00000009524




COMMENTS ON THE OPERATING RESULTS AND MAJOR BALANCE SHEET ITEMSThe performance for the year under review produced a better result than the preceding year in terms of assets creation and surplus.

AsurplusofN65.354millioninyear2015asagainstN11.875milliondeficitrecordedinyear2014.Therewasmarkedimprovementontheincomeheads,particularlyontheself-financingprojects(Examinations,MCPE,Conferences,

Fellowship conferment and new members’ inductions) due to certain measures introduced by your Council to increase participation in those activities and revenue. These amongst others include innovative strategies towards subscription recoveries and delisting of members owing subscription in arrears of two years, which are now yielding positive results.

Therewasadropon thebank interestdue to the fall in interest ratesand thefiscalmeasures introducedbyCBN in theyear.Generally,ourcosthadbeenwellmanagedrecordingaslightincreaseof1.74%despitetheinflationrateandelaborateprogrammesof the Institute in the year. The cost control measures were duly strengthened during the year to achieve this result.

TheInstitute’stotalassetgrewbyN85millionovertherecordedfigureofN3.6billioninyear2014.Moreover,therewasN73.1millionimprovementonFundsandReservesasaresultoftheestablishmentofthestudentstextrevolvingfundandstudentsdevelopment&support fundbyCouncilduringtheyear.Recognisingstudentsandexaminationasourflagship, thefundsareavailabletomeetexpenditureon theprintinganddistributionofstudy texts tostudents,aswellasdevelopmentandsupportofstudentswriting theInstitute’sexaminations.

There was strict adherence to budget provisions throughout the year under review. Authority was matched with responsibility by insistingonCommitteeChairmenauthorising,attainableandattributablecost to thevariouscommittees.Extrabudgetaryrequestswere not entertained in the year.

OurfinancialobligationstoIFAC,PAFAandABWAwereadequatelymetandtheInstitutewasappointedtoserveonmorecommitteesby these international bodies. The total amount incurred in the year was N123 million (N118 million in year 2014).

The Institute celebrated its 50th Anniversary in the year under review and a special anniversary book christened “INDELIBLE FOOTPRINT: THE ICAN STORY’’ which is a must read for all members and members of the public was printed as part of the celebrations.

Towards the end of the year under review, your Institute commenced the upgrade of its Information Technology infrastructure including the deployment of Microsoft Navision ERP towards improving the overall processes and service delivery of the Institute.

InfulfilmentofCouncil’sdesiretoensurethatmembersgetvaluefortheirfinancialcommitmenttotheInstitute,thesumassuredofN1.5millionontheGroupPersonalAssurancewassustainedforallfinancialmembers.Councilcontinuestoensurethatallfamiliesofourdeceasedfinancialmembersarepromptlysettled.

Finally, we give glory to God Almighty for the success recorded in the year and the opportunity given me to be of service to our great Institute in the capacity of the Honorary Treasurer.

Olutayo Phillips MBA, FCAHonorary Treasurer

MAY 6th, 2016

HONORARY TREASURER’s ReportTO MEMBERS OF THE INSTITUTE

YEAR 2015N’000

YEAR 2014N’000

INCREASE/ DECREASE

N’000

INCREASE/ DECREASE

%TOTAL ASSETS 3,692,400 3,606,931 85,469 2.37%TOTAL LIABILITIES 251,787 239,428 (12,359) (5.16%)TOTAL FUNDS AND RESERVES 3,440,613 3,367,503 73,110 2.17%ACCUMULATED FUNDS 1,020,356 1,030,048 (9,692) (0.94%)TOTAL INCOME 2,050,514 1,905,012 145,502 7.64%TOTAL EXPENDITURE 1,951,941 1,918,609 (33,332) (1.74%)TOTAL SURPLUS/(DEFICIT) FOR THE YEAR 65,354 (11,875) 77,229 650.35%

Distinguished members, ladies and gentlemen, it is my pleasure to welcome you all to the 51st Annual General Meeting of the Institute of Chartered Accountants of Nigeria and to present the year 2015 Financial Statements which were considered and recommended by the Council at its meeting of April 21, 2016 for your consideration and approval.

Below are the highlights of the year 2015 Financial Statements:




31 December 31 December Notes 2015 2014 ASSETS N’000 N’000Non-current Assets Property, plant and equipment 13 863,804 806,237 Intangible assets 14 49,484 5 Investment property 15a 1,638,000 1,458,000 Available-for-sale investments 16 64,450 85,545 Loans and receivables 17(b) 11,435 9,770 Total non-current assets 2,627,173 2,359,557 Current Assets Loans and receivables 17(b) 30,735 31,517 Inventories 18 94,828 200,052 Subscription and other receivables 19 107,416 104,612 Prepayment 20 63,952 32,102 Deferredexpense 21 5,894 6,461Cash and cash equivalents 22 762,402 872,630 Total current assets 1,065,227 1,247,374 Total assets 3,692,400 3,606,931 FUNDS AND RESERVE Accumulated fund 26(a) 1,020,356 1,030,048 Other charitable and trust funds 26(b) 2,420,257 2,304,236 Available-for-sale reserve – 33,219 Total funds and reserve 3,440,613 3,367,503 Non-current liabilities Deferred income 25 6,386 12,606 Total non-current liabilities 6,386 12,606 Current liabilities Trade and other payables 24 245,401 226,822 Total current liabilities 245,401 226,822 Total liabilities 251,787 239,428 Total reserves and liabilities 3,692,400 3,606,931

ThefinancialstatementswereapprovedandauthorisedforissuebyCouncilon……….….…………..andsignedonitsbehalfby: …………………………………………………………………………………………………………… Vice-President Honorary Treasurer FRC/2013/ICAN/00000000091 FRC/2014/ICAN/00000007011 ……………………………………………… Registrar/Chief Executive FRC/2013/ICAN/00000004466 Thenotesonpages52to79areanintegralpartofthesefinancialstatements.

Statement of FINANCIAL POSITIONAS AT 31 DECEMBER 2015

April 21, 2016




31 December 31 December Notes 2015 2014 N’000 N’000

INCOME Fees and subscriptions 4 893,504 902,245 Operating activities 5(a) 2,218,453 2,349,926 3,111,957 3,252,171 Operationalexpenditure 5(b) 1,444,255 1,697,460 Surplus of income over expenditure 1,667,702 1,554,711Investment income 6(a) 98,499 176,729 Gain on fair valuation of investment property 15b 180,000 88,000 Other income 6(b) 104,313 85,571 Total income 2,050,514 1,905,012 EXPENDITURE Internationalaffiliationcost 7 123,431 117,997Depreciation and amortisation 8 163,653 133,389 Generalandadministrativeexpenses 9 669,037 652,677Personnel cost 10 800,279 757,879 Otherexpenditure 11(a) 188,556 246,206Impairment charges 11(b) 6,985 10,461 1,951,941 1,918,609 Surplus/(deficit) for the year 98,573 (13,597)

Other comprehensive income (Loss)/gain in fair value of available-for-sale investments 16 (33,219) 1,722 Total surplus/(deficit) for the year 65,354 (11,875)

Thenotesonpages52to79areanintegralpartofthesefinancialstatements.

Statement of COMPREHENSIVE INCOMEFOR THE YEAR ENDED 31 DECEMBER 2015




Statement of CASH FLOWSFOR THE YEAR ENDED 31 DECEMBER 2015

31 December 31 December Notes 2015 2014 N’000 N’000

CASH FLOWS FROM OPERATING ACTIVITIES Cash generated from/(utilised in) operating and fund activities 29(a) (3,100) (829,605) Cash generated from funding activities 29(b) 116,021 6,985 Net cash generated from/(utilised in) operating activities 112,921 (822,620) CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of property, plant and equipment 13 (208,850) (268,093) Acquisition of intangible asset 14 (61,849) – Proceed from disposal of property, plant and equipment 6(b) 385 420 Acquisition of available-for-sale investments 16 (13,678) (231) Interest received 6(a) 60,843 146,496 Net cash used in investing activities (223,149) (121,408) Cash flows from financing activities – – Net cash generated from financing activities – – Net decrease in cash and cash equivalents (110,228) (944,028) Cash and cash equivalents at the beginning of the year 872,630 1,816,658 Cash and cash equivalents at the end of the year 762,402 872,630




<-------------------------------------------------------------------------------------------------------------------------- Other Charitable and Trust Funds ----------------------------------------------------------------------------------------------------> Available-for-Sale Accumulated Development Prizes Benevolent Library Professorial Accountancy Study Text Student Total Investments Fund Fund Fund Fund Fund Chair Research Revolving Development & Fund Fund Support Fund

N’000 N’000 N’000 N’000 N’000 N’000 N’000 N’000 N’000 N’000 N’000 Balance at 1 January 2014 31,497 1,045,454 1,553,223 8,503 82,418 386,195 119,403 145,469 – – 3,372,162 Deficitfortheyear – (13,597) – – – – – – – – (13,597) Transfer to fund – – – – 14,161 – – – – – 14,161 MOVEMENT IN FUNDS Payment during the year from fund – – – – (14,161) – – – – – (14,161) Available-for-sale investments 1,722 – – – – – – – – – 1,722 Receipt/(payment) to members/students – 231 10,093 (1,098) 30 – – – – – 9,256 Transfer to AAT – (2,040) – – – – – – – – (2,040) Total comprehensive income 1,722 (15,406) 10,093 (1,098) 30 – – – – – (4,659) Balance at 31 December 2014 33,219 1,030,048 1,563,316 7,405 82,448 386,195 119,403 145,469 – – 3,367,503

Surplus for the year – 98,573 – – – – – – – – 98,573 Transfer to funds – (108,265) – 10,000 30,746 – – – 52,045 29,680 14,206 MOVEMENT IN FUNDS Available-for-sale investments (33,219) – – – – – – – – – (33,219) Payment during the year from fund – – – (985) (5,465) – – – – (6,450) Total comprehensive income (33,219) (9,692) – 9,015 30,746 (5,465) – – 52,045 29,680 73,110

Balance at 31 December 2015 – 1,020,356 1,563,316 16,420 113,194 380,730 119,403 145,469 52,045 29,680 3,440,613

The analysis of reserves is presented in note 26.

Statement of CHANGES IN MEMBERS’ FUNDSFOR THE YEAR ENDED 31 DECEMBER 2015




<-------------------------------------------------------------------------------------------------------------------------- Other Charitable and Trust Funds ----------------------------------------------------------------------------------------------------> Available-for-Sale Accumulated Development Prizes Benevolent Library Professorial Accountancy Study Text Student Total Investments Fund Fund Fund Fund Fund Chair Research Revolving Development & Fund Fund Support Fund

N’000 N’000 N’000 N’000 N’000 N’000 N’000 N’000 N’000 N’000 N’000 Balance at 1 January 2014 31,497 1,045,454 1,553,223 8,503 82,418 386,195 119,403 145,469 – – 3,372,162 Deficitfortheyear – (13,597) – – – – – – – – (13,597) Transfer to fund – – – – 14,161 – – – – – 14,161 MOVEMENT IN FUNDS Payment during the year from fund – – – – (14,161) – – – – – (14,161) Available-for-sale investments 1,722 – – – – – – – – – 1,722 Receipt/(payment) to members/students – 231 10,093 (1,098) 30 – – – – – 9,256 Transfer to AAT – (2,040) – – – – – – – – (2,040) Total comprehensive income 1,722 (15,406) 10,093 (1,098) 30 – – – – – (4,659) Balance at 31 December 2014 33,219 1,030,048 1,563,316 7,405 82,448 386,195 119,403 145,469 – – 3,367,503

Surplus for the year – 98,573 – – – – – – – – 98,573 Transfer to funds – (108,265) – 10,000 30,746 – – – 52,045 29,680 14,206 MOVEMENT IN FUNDS Available-for-sale investments (33,219) – – – – – – – – – (33,219) Payment during the year from fund – – – (985) (5,465) – – – – (6,450) Total comprehensive income (33,219) (9,692) – 9,015 30,746 (5,465) – – 52,045 29,680 73,110

Balance at 31 December 2015 – 1,020,356 1,563,316 16,420 113,194 380,730 119,403 145,469 52,045 29,680 3,440,613

The analysis of reserves is presented in note 26.

Statement of CHANGES IN MEMBERS’ FUNDSFOR THE YEAR ENDED 31 DECEMBER 2015




1. GENERAL INFORMATION The Institute of Chartered Accountants of Nigeria (ICAN) is a body established by Act of Parliament No.15 of 1965 to: i) Determine what standards of knowledge and skill are to be attained by persons seeking to become member of the accountancy profession and to raise those standards from time to time as circumstances may permit; ii) Secure in accordance with the provisions of the Act, the establishment and maintenence of the registers of fellows, associates and registered Accountants entitled to practice as Accountants and Auditors and to publish from time a list of those persons; iii) Perform, through the Council of the Institute, all other functions conferred on it by the Act.

The Institute is an accountancy body in Nigeria recognised by the International Federation of Accountants (IFAC) as the foremost professional accountancy body in the West African sub-region, the Institute, in 1982, initiated and contributed significantlytotheformationoftheAssociationofAccountancyBodiesinWestAfrica(ABWA).TheInstituteisalsoa pioneer member of Pan-African Federation of Accountants (PAFA) and indeed produced its pioneer president. HEAD OFFICE Plot 16, Idowu Taylor Street, Victoria Island, Lagos, Nigeria P.O.Box1580,Lagos. e-mail: [email protected] website: www.ican-ngr.org VISION To be a leading global professional body. MISSION STATEMENT To produce world-class Chartered Accountants, regulate and continually enhance their ethical standards and technical competence in the public interest.

MOTTO Accuracy and Integrity

FINANCIAL REPORTING REGISTRATION NO: FRC/2013/0000000017

JOINT AUDITORS:

PricewaterhouseCoopers (PwC) Chartered Accountants Landmark Towers 5B Water Corporation Road, Victoria Island, Lagos. UHY Maaji & Co. Chartered Accountants 22 Town Planning Way, Ilupeju, Lagos.

Notes to the FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2015





2. SUMMARY OF ACCOUNTING POLICIES

Theprincipalaccountingpoliciesappliedinthepreparationofthesefinancialstatementsaresetoutbelow.Thesepolicieshave been consistently applied to all the years presented, unless otherwise stated.

2.1 Basis of Preparation

The financial statements of the Institute of CharteredAccountants of Nigeria have been prepared in accordancewithInternational Financial Reporting Standards (IFRS), including International Accounting Standards and Interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) applicable to companies reporting under IFRS. Further standards may be issued by the International Accounting Standards Board (IASB) and may be subject to the interpretations issued by the IFRIC.

ThepreparationoffinancialstatementsinconformitywithIFRSrequirestheuseofcertaincriticalaccountingestimates.ItalsorequiresCounciltoexerciseitsjudgmentintheprocessofapplyingtheInstitute’saccountingpolicies.Changesinassumptionsmayhaveasignificant impactonthefinancialstatementsintheperiodtheassumptionschanged.CouncilbelievesthattheunderlyingassumptionsareappropriateandthattheInstitute’sfinancialstatements,therefore,presentthefinancialpositionandresultsfairly.Theareasinvolvingahigherdegreeofjudgementorcomplexity,orareaswhereassumptionsandestimatesaresignificanttothefinancialstatementsaredisclosedinnote3. ThefinancialstatementshavebeenpreparedonahistoricalcostbasisandarepresentedinNaira.Allvaluesareroundedto the nearest thousand (N’000),exceptwhenotherwiseindicated.

2.1.1 Going Concern

TheInstitutehasconsistentlybeengeneratingfundsthroughitsmembers’subscriptionsandstudents’examsfee.TheCouncilbelievethatthereisnointentionorthreatfromanysourcetocurtailsignificantlyitsmembershipandstudentsenrollmentintheforeseeablefuture.Thus,thesefinancialstatementsarepreparedongoingconcernbasis.

2.2 Changes in Accounting Policies and Disclosures (a) Standards, amendments and interpretations effective on or after 1 January 2015.

A number of new standards and amendments to standards and interpretations are effective for annual periods beginning after1January2015,andhavenotbeenappliedinpreparingthesefinancialstatements.NoneoftheseisexpectedtohaveasignificanteffectonthefinancialstatementsoftheInstitute,exceptthefollowingsetoutbelow:

► Theamendments to IAS1Presentation of Financial Statements aremade in the context of the IASB’sDisclosureInitiative,whichexploreshowfinancialstatementdisclosurescanbeimproved.Theamendmentsprovideclarificationsonanumberofissues,including,materiality,disaggregationandsubtotals,notestothefinancialstatementsandOCIarisingfrominvestments accounted for under the equity method.

► Annual Improvements to IFRS which includes the followings: IAS 19 – that when determining the discount rate for post-employmentbenefitobligations,it isthecurrencythattheliabilitiesaredenominatedinthatisimportantandnotthecountrywheretheyarise;IFRS7–thattheadditionaldisclosuresrelatingtotheoffsettingoffinancialassetsandfinancialliabilitiesonlyneedtobeincludedininterimreportsifrequiredbyIAS34;IFRS7–specificguidancefortransferredfinancialassets to help management determine whether the terms of a servicing arrangement constitute ‘continuing involvement’ and, therefore,whethertheassetqualifiesforderecognition.

► Clarification of Acceptable Methods of Depreciation and Amortisation – Amendments to IAS 16 and IAS 38, theamendments clarify that a revenue-based method of depreciation or amortisation is generally not appropriate. The IASB has amended IAS 16 Property, Plant and Equipment to clarify that a revenue-based method should not be used to calculate the depreciation of items of property, plant and equipment. IAS 38 Intangible Assets now includes a rebuttable presumption that the amortisation of intangible assets based on revenue is inappropriate. This presumption can be overcome if either (i) The intangibleassetisexpressedasameasureofrevenue(i.e.whereameasureofrevenueisthelimitingfactoronthevaluethat can be derived from the asset), or (ii)Itcanbeshownthatrevenueandtheconsumptionofeconomicbenefitsgeneratedby the asset are highly correlated. The Institute is yet to assess full impact of these improvements.




SIGNIFICANT ACCOUNTING POLICIES

3. Critical Accounting Estimates and Judgements

Thepreparationof thefinancial statements requires the Institute tomakecertainaccountingestimatesand judgementsthathaveanimpactonthepoliciesandtheamountsreportedinthefinancialstatements.Estimatesandjudgementsarecontinuallyevaluatedandbasedonhistoricalexperiencesandotherfactorsincludingexpectationsoffutureeventsthatarebelievedtobereasonableatthetimesuchestimatesandjudgementsaremade,althoughactualexperiencemayvaryfromthese estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The following are the critical judgements and estimates that the Council have made in the process of applying the Institute’s accountingpoliciesandthathavethemostsignificanteffectontheamountsrecognisedinfinancialstatements. Theestimatesandassumptionswhichhavethemostsignificantriskofcausingamaterialadjustmenttothecarryingamountsof assets and liabilities are highlighted below.

3.1 Income Recognition

Members’ and students’ fees and subscriptions are accounted for as income in the period to which they relate. Income fromqualificationsandexaminationsrelatetoexaminationandexemptionincomefromtheprofessionalqualificationandare accounted for in the period to which they relate. Income generated from publications relates to advertising services. Conferences and courses income is accounted for as the services are performed. Income from regulation and discipline relatestoannuallicencefees,monitoringvisitfeesandfinesrecoverableandallareaccountedforasincomeintheperiodto which they relate. Other revenues are recorded as earned or as the services are performed.

3.2 Dividend Income Dividend income from investment is recognised when the shareholders right to receive payment is established. 3.3 Investment Income

Investment income is recognised in the statement of comprehensive income as it accrues by using the effective interest rate method.Feesandcommissionthatareintegralpartoftheeffectiveyieldofthefinancialassetorliabilitiesarerecognisedasadjustmenttotheeffectiveinterestrateofthefinancialinstrument.

3.4a Donations to the Institute

The Institute receives donations from its members and other stakeholders, which are generally non-reciprocal transfers, involve transfers from entities other than the owners and these contributions are voluntary. These donations whether cash or asset (e.g. Property, Plant and Equipment) shall be recognised as income in the period it is received or receivable when and onlywhenallthefollowingconditionshavebeensatisfied:

(a) There is irrevocable commitment from the donor to the Institute;

(b) ItisprobablethattheeconomicbenefitsarisingfromthedonationwillflowtotheInstitute;and

(c) The amount of the donation can be measured reliably.






SIGNIFICANT ACCOUNTING POLICIES (cont’d)

Donations by the Institute to Institutions & Others The Institute from time to time as a way to increase it awareness among Nigerian students which in turn would increase students’enrolmentofit’sexaminationandaspartofitscorporatesocialresponsibility(CRS)donatesbywayofnon-reciprocaltransfers in form of cash and/or assets (e.g. property, plant and equipment). In either way, donation by cash or asset shall be accountedintheInstitute’sfinancialstatementasfollows:

(a) Donationbywayofcashtransfersshallbeexpensed.

(b) Donations by way of assets – On completion this will be capitalised to the property, plant and equipment accounts and subjected to a depreciation rate of 25% (four years) before being fully handed over to the recipients.

3.5 Rental Income

RentalincomerelatestoincomefromtheuseofAmuwoOdofinbuildingforsocialactivitiesandrentcollectedfromAkintolaWilliamsHouse,Abuja.Bothpropertyareclassifiedasinvestmentproperty.Rentalincomeisrecognisedonaccrualbasis.

3.6 Inventories

Inventories are stated at the lower of cost and net realisable value after making adequate provision for obsolescence and damaged items. Cost comprises suppliers’ invoice, prices and other costs incured to bring the stocks to its present location andcondition.Costisdeterminedusingthefirst-in,first-out(FIFO)method.

3.7 Investments Property

Investment property are property held to earn rentals and/or for capital appreciation (including property under construction for such purposes). Investment property are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment property are measured at fair value. Gains or losses arising from changes in the fair value of investment property are included in statement of comprehensive income in the period in which they arise. An investment property is derecognised upon disposal or when the investment property is permanently withdrawn from use andnofutureeconomicbenefitsareexpectedfromthedisposal.Anygainorlossarisingonderecognitionoftheproperty(calculatedasthedifferencebetweenthenetdisposalproceedsandthecarryingamountoftheasset)isincludedinprofitorloss in the period in which the property is derecognised.

3.8 Available-for-sale Investments

Available-for-salefinancialassetsarenon-derivativefinancialassetsthatdesignatedinthiscategoryornotclassifiedinanyother category. Available-for-salefinancialassetsareintendedtobeheldforanindefiniteperiodoftime,whichmaybesoldinresponseto needs for liquidity or changes in interest rates or equity prices. They are included in non-current assets unless the investment matures or management intends to dispose of it within 12 months of the end of the reporting period. Available-for-sale financial assets are initially recognised at fair value, which is the cash consideration including anytransaction cost, and measured subsequently at fair value with gains or losses being recognised in the statement of comprehensiveincomeandcalculatedinaseparatereserveinequity,Availableforsalereserveuntilthefinancialassetisderecognised.






3.9 Property, Plant and Equipment

All categories of property plant and equipment are stated initially at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the assets. Subsequent costs are included in the asset’scarryingamountorrecognisedasaseparateasset,asappropriate,onlywhenitisprobablethatfutureeconomicbenefitsassociatedwiththeitemwillflowtotheInstituteandthecostoftheitemcanbemeasuredreliably.Thecarryingamountof the replaced part is derecognised. All other repairs and maintenance are charged to the income statement during the financialperiodinwhichtheyareincurred.

3.10 Depreciation Depreciation of assets commences when assets are available for use. Depreciation is provided on all property, plant and equipment, other than leasehold land which is not depreciated, at rates calculated to write-off the cost or valuation, of each assetonastraight-linebasisoveritsexpectedusefullife,asfollows: Freehold property — Not depreciated Buildings — 2% Lecture theatres — 25% Motor vehicles — 33.33% Officefurnitureandfittings — 25% Computer hardware equipment — 25% Property, plant and equipment — 25% Library books — 25%

3.11 Impairment of Financial Assets

Ateachbalancesheetdate,theInstitutereviewsthecarryingamountsofitsfinancialassetstodeterminewhetherthereisanyindicationthatthoseassetshavesufferedanimpairmentloss.Ifanysuchindicationexists,therecoverableamountoftheassetisestimatedinordertodeterminetheextentoftheimpairmentloss(ifany).Whereitisnotpossibletoestimatethe recoverable amount of an individual asset. The Institute estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is charged to the statement of comprehensive income immediately unless the asset is carried at its revalued amount. Any impairment loss of a revalued asset is treated as a revaluation decrease to theextentofapreviouslyrecognisedrevaluationsurplusforthesameasset. Inrespectofavailable-for-salefinancialassets,atthebalancesheetdatetheInstituteassesseswhetherthereisobjectiveevidencethatthefinancialassetsareimpaired.Inthecaseofequityinvestmentsclassifiedasavailable-for-sale,asignificantor prolonged decline in the fair value of the security below its cost is also evidence that the assets are impaired. If any such evidenceexistsforavailable-for-saleassets,thecumulativeloss–measuredastheacquisitioncostandthecurrentfairvalue,lessanyimpairmentlossonthatfinancialassetpreviouslyrecognisedinthestatementofcomprehensiveincomeisremoved from fair value reserves and recognised in the separate statement of comprehensive income.

Impairment losses recognised in the separate consolidated statement of comprehensive income on equity investments are not reversed through the separate statement of comprehensive income. If, in a subsequent period, the fair value of a debt instrumentclassifiedasavailable-for-saleincreasesandtheincreasecanbeobjectivelyrelatedtoaneventoccurringafterthe impairment loss was recognised in the statement of comprehensive income, the impairment loss is reversed through the separate statement of comprehensive income. Financial assets are grouped on the basis of similar credit risk characteristics that are indicative of the debtors’ ability to pay all amounts due according to the contractual terms and the collective impairment provision is estimated for any such groupwherecreditriskcharacteristicsofthegroupoffinancialassetshasdeteriorated.Factorssuchasanydeteriorationincountryrisk,technologicalobsolescenceaswellasidentifiedstructuralweaknessesordeteriorationincashflowsaretaken into consideration and the amount of the provision is based on the historical loss pattern within each group.





SIGNIFICANT ACCOUNTING POLICIES (cont’d) 3.12 Intangible Assets and Impairment

Expenditureonresearchactivitiesisrecognisedasanexpenseintheperiodinwhichitisincurred.Aseparatelyacquiredintangible assets arising from ICAN’s development projects is recognised only if all the following conditions are met:

i. It is technically feasible to complete the product so that it will be available for use; ii. The intention is to complete the product for internal use or to sell it; iii. Itisprobablethattheassetcreatedwillgeneratefutureeconomicbenefits;and iv. The development cost of the asset can be measured reliably.

Wherenoseparatelyacquiredintangibleassetcanberecognised,developmentexpenditureisrecognisedasanexpenseinthe period in which it is incurred. Directly attributable costs that are capitalised include development project consultant costs andanappropriateportionofrelevantoverheads.Developmentexpenditurespreviouslyrecognisedasanexpensearenotrecognised as an asset in a subsequent period. Separately acquired intangible assets are amortised over their estimated usefullives,whichareusuallynomorethanfiveyears.Amortisationbeginswhentheintangibleassetisavailableforuse.

Impairment of Non-Financial Assets Intangible assets which are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carryingamountexceedsitsrecoverableamount.Therecoverableamountisthehigherofanasset’sfairvaluelesscoststosell and value in use.

3.13 Foreign Currency Translation

Forthepurposeofthesefinancialstatements,theresultsandfinancialpositionoftheInstituteareexpressedinNaira,whichisthefunctionalcurrencyoftheInstitute,andthepresentationcurrencyforthefinancialstatements. In preparing the financial statements, transactions in currencies other than the Institute’s functional currency (foreigncurrencies)arerecognisedattheratesofexchangeprevailingonthedatesofthetransactions.Attheendofeachreportingperiod, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

3.14 Defined Contribution Plan

TheInstituteoperatesadefinedcontributionbasedretirementbenefitschemeforitsstaff,inaccordancewiththePensionReform Act of 2004 with employee contributing 10% and employer contributing 10% each of the employee’s relevant emoluments.Payments todefinedcontribution retirementbenefitplansare recognisedasanexpensewhenemployeeshave rendered the service entitling them to the contributions.

3.15 Provisions

Provisions are recognised when the Institute has a present obligation (legal or constructive) as a result of a past event, it is probable that the Institute will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measuredusingthecashflowsestimatetosettlepresentobligation,itscarryingamountisthepresentvalueofthosecashflows(whentheeffectofthetimevalueofmoneyismaterial). Whensomeoralloftheeconomicbenefitsrequiredtosettleaprovisionareexpectedtoberecoveredfromathirdparty,a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.






3.16 Financial Instruments

Financial assets are classified into the following specified categories: Financial assets at ‘fair value through profit orloss’ (FVTPL), ‘held-to-maturity’ investments, ‘available-for-sale’ (AFS) financial assets and ‘loan and receivables’. Theclassificationdependsonthenatureandpurposeofthefinancialassetsandisdeterminedatthetimeofintialrecognition.Allregularwaypurchasesorsalesoffinancialassetsarerecognisedorderecognisedonatradedatebasis.Regularwaypurchasesorsalesarepurchasesorsalesoffinancialassetsthatrequiredeliveryofassetswithinthetimeframeestablishedby regulation or convention in the market place.

Effective Interest Method The effective interest method is a method of calculating the amortised cost of a debt instument and of allocating interest incomeovertherelevantperiod.Theeffectiveinterestrateistheratethatexactlydiscountsestimatedfuturecashreceipts(includingallfeespaidorreceivedthatformanintegralpartoftheeffectiverateandtransaction)throughtheexpectedlifeofthe debt instrument, or where appropriate, a shorter period, to the net carrying amount on initial recognition.

Incomeisrecognisedonaneffectiveinterestratebasisfordebtinstrumentsotherthanthosefinancialassetsclassifiedasfairvaluethroughprofitorloss(FVTPL).

3.17 Financial Assets at Fair Value through Profit or Loss (FVTPL)

Financialassetsareclassifiedasfairvaluethroughprofitorloss’(FVTPL)whenthefinancialassetiseitherheldfortradingor it is designated as (FVTPL).

Afinancialassetisclassifiedasheldfortradingif: ► It has been acquired principally for the purpose of selling it in the near term; or

► OninitialrecognitionitispartofaportfolioofidentifiedfinancialinstrumentsthattheInstitutemanagestogetherand hasarecentactualpatternofshort-termprofit-taking;or

► It is a derivative that is not designated and effective as a hedging instrument.

Afinancialassetotherthanafinancialassetheldfortradingmaybedesignatedasfairvaluethroughprofitorloss’(FVTPL)initial recognition if:

► Suchdesignationeliminatesorsignificantlyreducesameasurementorrecognitioninconsistencythatwouldotherwisearise; or

► ThefinancialassetformpartofthetheInstitute’sfinancialassetsorfinancialliabilitiesorboth,whichismanagedandits performamce is evaluated on a fair value basis, in accordance with the Institute’s documented risk mamnagement or investment strategy, and information about the grouping is provided internally on that basis; or

► It forms part of a contract containing one or more embeded derivatives, and IAS 39 Financial Instruments: Recognition andMeasurmentpermittheentirecombinedcontract(assetorliability)tobedesignatedasfairvaluethroughprofitorloss(FVTPL).

Financialassetsat fairvalue throughprofitor loss (FVTPL)arestatedat fairvalue,withanygainsor lossesarisingonremeasurement recognised in the the statement of comprehensive income. The net gain or loss recognised in the statement ofcomprehensiveincomeincorporatesanydividendorinterestearnedonthefinancialassetandisincludedinthe‘othergains and losses’ line item in the Institute’s (statement of comprehensive income/income statement).





SIGNIFICANT ACCOUNTING POLICIES (cont’d) 3.18 Loans and Receivables

Loansandreceivablesarenon-derivativefinancialassetswithfixedordeterminablepaymentsthatarenotquoted inanactivemarket.Loansandreceivablesinclude‘staffloans’andother‘advancetodistrictsocieties’inthestatementoffinancialposition which are measured at amortised cost using the effective interest method, less any impairment and other employee benefitembeddedintheloans. Interestincomeisrecognisedbyapplyingtheeffectiveinterestrate,exceptforshort-termreceivableswhentherecognitionof interest would be immaterial.

3.19 Subscription and other Receivables

Subscription and other receivables are stated at amortised cost based on the original invoice amount less an allowance for any irrecoverable amounts. Provision is made when there is objective evidence that the Institute will not be able to collect certaindebts.Baddebtsarewrittenoffwhenidentified.Termsonreceivablesbalancesrangefrom30to90days.

3.20 Cash and Cash Equivalents

Cash and cash equivalents comprise cash on hand, demand and short-term deposits with banks and similar institutions, whicharereadilyconvertibletoknownamountsofcashandaresubjecttoinsignificantriskofchangesintheirfairvalueandusedbytheInstituteinthemanagementofitsshort-termcommitments.Short-termisdefinedasbeingthreemonthsorless.Thisdefinitionisalsousedforthecashflowstatement.

3.21 Available-for-sale Financial Assets (AFS Financial Assets)

AFSfinancialassetsarenon-derivativesthatareeitherdesignatedasAFSorarenotclassifiedas(a) loans and receivables, (b) held-to-maturity investments or (c)financialassetsatfairvaluethroughprofitorloss. ListedredeemablenotesheldbytheInsitutethataretradedinanactivemarketareclassifiedasAFSandarestatedatfairvalueattheendofeachreportingperiod.ChangesinthecarryingamountofAFSmonetaryfinancialassetsrelatingto changes in interest income calculated using the effective interest method and dividends on AFS equity investment are recognised in the statement of comprehensive income. Otherchangesinthecarryingamountsofavailable-for-salefinancialassetsarerecognisedinothercomprehensiveincomeand accumulated under the heading of investment revaluation reserve. When the investment is disposed off or is determined tobeimpaired,thecumulativegainorlosspreviouslyaccumulatedintheinvestmentsrevaluationisreclassifiedtostatementof comprehensive income. Dividends on AFS equity instruments are recognised in the statement of comprehensive income when the Institute’s right to receive the dividend is established. ThefairvalueofAFSmonetaryfinancialassetsdenominatedinaforeigncurrencyisdeterminedinthatforeigncurrencyand translated at the spot rate prevailing at the end of the reporting period. The foreign currency gains and losses that are recognised in the statement of comprehensive income are determined based on the amortised cost of the monetary asset. Otherforeignexchangegainsandlossesinothercomprehensiveincome.

3.22 Derecognition of Financial Assets

TheInstitutederecognisesafinancialassetwhenthecontractual rights to thecashflowsfromtheassetexpire,orwhenit transfers the financial asset and substantially all the risksand rewardsof ownership of theasset to another entity. Ifthe Institute neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Institute recognises its retained interest in the asset and an associated liabilty for amounts it may have to pay.





SIGNIFICANT ACCOUNTING POLICIES (cont’d) IftheInstituteretainssubstantiallyalltheriskandrewardsofownershipofatransferredfinancialasset,theInstitutecontinuestorecognisethefinancialassetandalsorecogniseacollaterisedborrowingfortheproceedsreceived. Onderecognitionofafinancialassetinitsentirety,thedifferencebetweentheassets’scarryingamountandthesumoftheconsideration received and recievable and the cummulative gains or loss that had been recognised in other comprehensive income and accumulated in the equity is recognised in the statement of comprehensive income. Onderecognitionofafinancialassetotherthaninitsentirety(e.g.whentheInstituteretainsanoptiontorepurchasepartofatransferredasset),theInstituteallocatesthepreviouscarryingamountofthefinancialassetbetweenthepartitcontinuesto recognise under continuing involvement, and the part it no longer recognises on the basis of the relative fair value of those parts on the date of the transfer. The difference between the carrying amount allocated to the part that is no longer recognised and the sum of the consideration received for the part no longer recognised and any cumulative gain or loss allocated to it that had been recognised in other comprehensive income is recognised in the statement of comprehensive income. A cumulative gain or loss that had been recognised in other comprehensive income is allocated between the part that continues to be recognised and the part that is no longer recognised on the basis of the realtive fair value of those parts.

3.23 Derecognition of Financial Liabilities

TheInstitutederecognisesfinancialliabilitieswhen,andonlywhen,theInstitute’sobligationsaredischarged,cancelledortheyexpire.Thedifferencebetweenthecarryingamountofthefinancialliabilityderecognisedandtheconsiderationpaidand payable is recognised in statement of comprehensive income.

3.24 Trade Payables

Trade payables classified as financial liabilities are initially measured at fair value, and are subsequently measured atamortised cost, using the effective interest rate method. Other payables that are within the scope of IAS 39 are subsequently measured at amortised cost. Others are measured in respect to their applicable standards.

3.25 Financial Risk Management

ThemainfinancialrisksarisingfromtheInstitute’sactivitiesarecreditrisk, liquidityrisk, investmentriskandmarketrisk.These are monitored by management on a regular basis.

3.25.1 Credit Risk Management

Credit risk arises principally from cash and cash equivalents, depositswith banks and financial institutions, equity heldasavailable-for-sale investments, trade receivablesandotherfinancial instruments.The Institute regularlymonitorsandreviewsitsexposurewithkeybankingandinvestmentmanager,suppliersandfordeposits,onlyindependentlyratedbanksand financial institutions with aminimum rating of ‘A’ are used. The Institute’s trade receivables relate substantially tomembers’ and students’ fees and subscriptions. Thecreditriskisthatonepartytoafinancial instrumentfailstodischargeitsobligationinrespectoftheinstrument.TheInstitutehasnosignificantconcentrationofcreditrisk,withexposurespreadoveralargenumberofstudentsandmembersthroughoutthecountry.TheInstitutebelievesthatthemaximumexposureequatestothecarryingvalueoftradeandotherreceivables.Managementreviewsthetradereceivablesbalanceonaregularbasisandundertakesanexercisetoremovestudents and members from the receivables ledger register for non-payment of annual fees and subscriptions through impairment process. The level of removals is shown in note 19.





SIGNIFICANT ACCOUNTING POLICIES (cont’d) 3.25.2 Liquidity Risk

LiquidityriskarisesfromInstitute’smanagementofworkingcapital. It is therisk that theInstitutewillencounterdifficultyinmeetingitsfinancialobligationsastheyfalldue.TheInstitutemanagesitsliquidityriskbyensuringthatithasadequatefund.The Institute receives themajorityof its incomeassubscriptions in thefirstquarterof theyear,orasexaminationfees,exemptionfees,relatingtotwoexaminationsessionseachyear.Cashnotrequiredforshort-termoperatingpurposesisinvestedtomaximisereturnwithanacceptablelevelofrisk.Inadditiontoitsownbankers,theInstituteusesspecialistinvestmentadviserstoinvestcashsurpluseswithmajorbanksofsuitablecreditstandingtospreadtherisk,amaximumof20%obligorlimitismaintainedperbank.Cashsurplusesareinvestedininterestbearingfixedandcallfinancialinstrumentand Federal Government Treasury Bills. At the balance sheet date the Institute held N621 million (2014: N465 million) in term deposits, Nil million (2014: N206 million) in Treasury Bills and N139.8 million (2014: N201 million) in call accounts. Liquidity is managed to ensure investments are liquidated in a timely manner to meet operating requirements.

3.25.3 Market Risk

MarketriskarisesfromInstitute’suseofinterestbearing,tradableandfinancialinstruments.Itistheriskthatthefairvalueoffuturecashflowsofafinancialinstrumentwillfluctuatebecauseofchangesintheinterestrates(interestraterisk),foreignexchangerates(currencyrisk)orothermarketfactors(otherpricerisk). Interest rate risk relates to the risk of loss due to fluctuations in both cash flows and the fair value of financial assetsand liabilities due to change in market interest rates. The Institute invests surplus cash in the short-term and in doing so exposesitselftothefluctuationininterestratesthatareinherentinsuchamarket. Currency risk relates to the risk that the fairvalueof futurecashflowsoffinancial instrumentswill fluctuatebecauseofchangesinforeignexchangerisk.TheInstituteoperatesnationallyandinternationallyinaffiliationwithforeignprofessionalbodies such as IFAC, ABWA and PAFA. It also has foreign District Societies: (USA, Cameroun, UK and Canada) and isexposed to foreigncurrencyexchange riskarising from the transferof foreigncurrency to thesebodies.The Institutemitigates the risk with regards to income because all fees and subscriptions charged by it are in Naira. At the balance sheet date 100% of the Institute’s cash and cash equivalents were held in various Nigeria banks (2014: 100%). Other price risk relates to the risk of changes in market prices of the available-for-sale investments. The Institute investssurpluscashinamanagedfundoperatedbyfundmanagersandindoingsoexposesitselftothefluctuationsinpricethat are inherent in such a market. The Institute’s Finance and General Purposes Committee has given Fund Managers discretionary management of the funds.

3.25.4 Investment Risk

Budgets are prepared on a prudent basis and income from investments is not relied on for ICAN’s ongoing activities. Investments are reviewed on a regular basis.

3.26 Capital

The Institute considers its capital to be its accumulated and charitable and trust funds and fair value reserve. Council’s financialobjectiveistogenerateatargetedoperatingposition,tobuildandmaintainreservesatasustainablelevel,takinginto account the various competitive risks. The Institute also aims to achieve additional long-term growth in reserves through theactivemanagementoftheinvestmentportfolio.Afive-yearfinancialplanhasbeendevelopedwhich,overtheperiodoftheplan,targetsanagreedlevelofaccumulatedfund.TheFinanceandGeneralPurposesCommitteereviewsthefinancialpositionoftheInstituteateachcommitteemeeting.TheInstituteisnotsubjecttoanymaterialexternallyimposedcapitalrequirements.





31 December 31 December 2015 2014 N’000 N’000

4. FEES AND SUBSCRIPTIONS

4.1 Members: Admission fees 5,470 9,870 Annual subscriptions 372,615 408,696 Practicing licence and renewal 18,865 19,148 Faculty registration and subscription 90,332 49,675 Re-admission fees 3,675 – Development levy 3,041 – Graduate membership subscription 2,530 539 496,528 487,928

4.2 Professional Students: Subscriptions 55,631 68,125 Registrations 51,235 51,238 Exemptionfees 233,263 229,233 340,129 348,596

4.3 ATS Students: Subscriptions 15,575 19,902 Registrations 22,669 31,446 Exemptionfees 18,603 14,373 56,847 65,721

Total fees and subscriptions 893,504 902,245





31 December 31 December 2015 2014 N’000 N’000 5(a) OPERATING ACTIVITIES Qualifications and Fellowship Professionalexaminations 1,022,228 832,417 ATSexaminations 171,560 147,000 Fellowship award conferment 37,429 37,208 New members’ induction 35,866 56,679 1,267,083 1,073,304 Regulation, Education and Discipline Faculties 32,631 71,131 MCPE 248,234 248,148 280,865 319,279

Conferences and Courses Annual Accountants’ conference 551,342 500,711 Annual dinner and Institute merit award 21,064 13,832 WCOA and Rome 2014 – 347,576 UK-USA-CANADA conference 22,931 46,600 595,337 908,719

Publications and Stamps Institute members’ seal and stamps 74,124 48,452 Students’studytext 1,044 172 75,168 48,624 Total operating activities 2,218,453 2,349,926 5(b) OPERATIONAL EXPENDITURE Qualifications and Fellowship Professionalexaminations 648,633 537,908 ATSexaminations 157,769 121,726 Fellowship award conferment 11,586 11,712 New members’ induction 18,936 22,896 836,924 694,241 Regulation, Education and Discipline Faculties 30,743 62,622 MCPE 158,127 157,595 188,870 220,217





31 December 31 December 2015 2014 N’000 N’000 5(b) OPERATIONAL EXPENDITURE (cont’d)

Conferences and Courses Annual Accountants’ conference 376,847 378,635 Annual dinner and Institute merit award 16,752 16,743 WCOA and Rome 2014 – 338,946 UK-USA-CANADA conference 20,894 45,000 414,493 779,324

Publications and Stamps Institute members’ seal and stamps 3,968 3,678 3,968 3,678 Total operational expenditure 1,444,255 1,697,460 5(c) ANALYSIS OF OPERATIONAL ACTIVITIES Year ended December 31, 2015 GROSS GROSS NET INCOME EXPENDITURE N’000 N’000 N’000 a) Qualifications and Fellowship Professionalexamination 1,022,228 648,633 373,595 ATSexaminations 171,560 157,769 13,791 Fellowship award conferment 37,429 11,586 25,843 New members’ induction 35,866 18,936 16,930 1,267,083 836,924 430,159 b) Regulation, Education and Discipline Faculties 32,631 30,743 1,888 MCPE 248,234 158,127 90,107 280,865 188,870 91,995

c) Conferences and Courses Annual Accountants’ conference 551,342 376,847 174,495 Annual dinner and Institute merit award 21,064 16,752 4,312 UK-USA-CANADA conference 22,931 20,894 2,037 595,337 414,493 180,844 Publications and Stamps Institute members’ seal and stamps 74,124 3,968 70,156 Students’studytext 1,044 – 1,044 75,168 3,968 71,200

Total net surplus from operational activities 2,218,453 1,444,255 774,198





5(d) ANALYSIS OF OPERATIONAL ACTIVITIES Year ended December 31, 2014 GROSS GROSS NET INCOME EXPENDITURE N’000 N’000 N’000

a) Qualifications and Fellowship Professionalexaminations 832,417 537,908 294,509 ATSexaminations 147,000 121,726 25,274 Fellowship award conferment 37,208 11,712 25,496 New members’ induction 56,679 22,896 33,783 1,073,304 694,242 379,062

b) Regulation, Education and Discipline Faculties 71,131 62,622 8,509 MCPE 248,148 157,595 90,553 319,279 220,217 99,062

c) Conferences and Courses Annual Accountants’ Conference 500,711 378,635 122,076 Annual dinner and Institute merit award 13,832 16,743 (2,911) WCOA and Rome 2014 347,576 338,945 8,631 UK-USA-CANADA conference 46,600 45,000 1,600 908,719 779,323 129,396 Publications and Stamps Institute members’ seal and stamps 48,452 3,678 44,774 Students’studytext 172 – 172 48,624 3,678 44,946 Total net surplus from operational activities 2,349,926 1,697,460 652,467

31 December 31 December 2015 2014 N’000 N’000 6(a) INCOME FROM INVESTMENT

Bank deposit interest 60,844 146,496 Interest – Others 2,675 – Investment income 429 965 Rental income 34,551 29,268 98,499 176,729





31 December 31 December 2015 2014 N’000 N’000 6(b) OTHER INCOME Income from sale of store items 3,107 5,827 TCI remittance – 1,563 Accreditation fees 3,973 3,407 Contractors’ registration fees 1,263 2,041 Loss on currency translation (2,235) (101) Insurance commission 2,214 1,112 Advertisement income 2,854 1,411 PPMC seminar – 3,360 National Open University 2,230 – Profitondisposalofmotorvehicles 385 420 Insurance claims 4,602 – FederalTreasuryAcademyexaminations 1,480 8,952 Transcripts fees 4,129 3,713 E-Library 798 1,618 SSPC management fee 1,574 2,792 Donation towards ICAN-ABA District Society 4,265 38,000 Donations towards Prize fund 10,000 8,265 50th anniversary 53,074 – Miscellaneous 10,600 3,191 104,313 85,571 7. INTERNATIONAL AFFILIATION COSTS IFAC: Subscription 11,451 14,532 Travellingandothermeetingexpenses 34,008 20,623 45,459 35,155 ABWA: Subscription 16,129 24,100 Travellingandothermeetingexpenses 6,197 2,718 22,326 26,818 PAFA: Subscription 32,988 27,577 Travellingandothermeetingexpenses 22,658 28,447 55,646 56,024 Total International affiliation costs 123,431 117,997 8. DEPRECIATION AND AMORTISATION Depreciation on property, plant and equipment 151,283 133,389 Amortisation of intangible asset 12,370 – 163,653 133,389





31 December 31 December 2015 2014 N’000 N’000 9. GENERAL AND ADMINISTRATIVE EXPENSES General repairs and maintenance 80,270 63,348 Councilandcommitteemeetingexpenses 125,365 105,875 Annualgeneralmeetingexpenses 26,312 15,666 Insurance 32,570 20,445 Local and overseas tours and other activities 101,664 106,970 Co-ordination of district societies 23,070 65,952 Subscription and donations 19,164 22,972 Advertisements and publicity 6,826 16,991 Printing, photocopy and stationery 39,206 48,402 Telephone and postages 37,830 37,788 Vehicle running costs 41,184 35,883 Travellingexpenses 56,116 43,185 Refreshment at meetings 12,582 14,631 Computerexpenses 5,427 16,825 Debtrecoveryexpense 5,883 9,893 Audit fees 10,000 10,000 Bank charges 7,509 8,672 50th anniversary 23,245 – Others 13,260 9,179 Loss in fair value of available-for-sale investments 1,554 – 669,037 652,677 10. PERSONNEL COST

Basic salary 295,277 269,545 Post-Employment Benefit Obligations: Definedcontributioncosts 52,665 64,868 Other allowances 452,337 423,466 800,279 757,879

11a OTHER EXPENDITURE Contribution to students special project (SSP) 10,782 20,457 Institute members’ welfare scheme 19,582 9,818 Joint symposia and conference – 6,120 Professional charges 26,060 30,940 Accreditationandvisitationexpenses 7,904 16,934 ‘Catch Them Young’ awareness programme 21,171 24,135 Scholarship scheme – 1,563 Educationandtrainingexpenses 31,701 32,604 Practice monitoring activities 14,655 27,821 WorldCongressofAccountantsexpenses – 37,317 The Nigerian Accountant journal 11,234 18,410 Researchgrantsandexpenses 12,286 4,036 Subscription to professional bodies 7,354 6,010 Research journal 2,892 3,444 ICAN Students’ journal 3,365 6,597 PAFA conference – Malaysia 19,170 – Syllabus review 400 – 188,556 246,206





31 December 31 December 2015 2014 N’000 N’000 11b IMPAIRMENT CHARGES Impairment allowance for doubtful staff loan and other receivables 6,985 1,678 Impairment allowance for doubtful student special project – 8,783 6,985 10,461

12. ACTIVITIES RESULT The activities result includes the following: a) Salaries and Related Costs The costs of employing staff during the year were as follows: Staff costs 295,277 269,545 Post-employment benefit obligations: Definedcontributioncosts 52,665 64,868 Other allowances 452,337 423,466 800,279 757,879 The average number of employees was 198 (2014: 192) b) Income Incomefromsubscriptionsandexaminationandexemptionfees amounting to NGN3,111,957,000 (2014: NGN3,252,171,000) is stated net of adjustments relating to the non-payment of subscriptions and fees.

c) Depreciation and Amortisation Depreciation of property, plant and equipment 151,283 133,389 Amortisation of intangible asset 12,370 – 163,653 133,389 d) Auditors’ Remuneration Fee payable to joint auditors 10,000 10,000





13. PROPERTY, PLANT AND EQUIPMENT Land Buildings Motor Plant Furniture Library Lecture Work-In- Total Vehicles and and Books Theatres Progress Machinery Equipment

N’000 N’000 N’000 N’000 N’000 N’000 N’000 N’000 N’000CostBalance at 1 January 2014 26,203 643,610 203,119 75,556 295,226 19,303 – – 1,263,017 Additions – 29,058 105,271 – 58,457 1,839 – 73,468 268,093 Disposals – – (2,830) – – – – – (2,830) Balance at 31 December 2014 26,203 672,668 305,560 75,556 353,683 21,142 – 73,468 1,528,280 Balance at 1 January 2015 26,203 672,668 305,560 75,556 353,683 21,142 – 73,468 1,528,280 Additions – 66,768 21,315 – 9,332 1,064 57,087 53,284 208,850 Disposals – – (4,148) – – – – – (4,148) Reclassification – – – – – – 73,468 (73,468) – Balance at 31 December 2015 26,203 739,436 322,727 75,556 363,015 22,206 130,555 53,284 1,732,982 Accumulated Depreciation Balance at 1 January 2014 – 112,332 152,195 54,729 254,872 17,356 – – 591,484 Depreciation charge for the year – 13,453 67,150 9,515 41,537 1,734 – – 133,389 Disposals – – (2,830) – – – – – (2,830) Balance at 31 December 2014 – 125,785 216,515 64,244 296,409 19,090 – – 722,043 Balance at 1 January 2015 Depreciation charge for the year – 14,789 57,557 9,515 35,655 1,129 32,639 – 151,283Disposals – – (4,148) – – – – – (4,148) Balance at 31 December 2015 – 140,574 269,924 73,759 332,064 20,219 32,639 – 869,178 Net Book Value At 31 December 2014 26,203 546,883 89,045 11,312 57,274 2,052 – 73,468 806,237 At 31 December 2015 26,203 598,862 52,803 1,797 30,951 1,987 97,916 53,284 863,804 Work-in-progress represent N36.4 million spent on three lecture theatres under construction and N16.9 million on reconstruction of ICAN’s library in Abuja.





31 December 31 December 2015 2014 N’000 N’00014. INTANGIBLE ASSETS Cost Balance at 1 January 2015 16,818 16,818 Addition in the year 61,849 – Balance at 31 December 2015 78,667 16,818 Accumulated Amortisation and Impairment Balance at 1 January 2015 16,813 16,813 Amortisation for the year 12,370 – Balance at 31 December 2015 29,183 16,813 Net Carrying Amount: At 31 December 2015 49,484 5 Additions to intangible assets relate to a separately acquired developmentcostsincurredintheyearonstudentstudytext. 15a INVESTMENT PROPERTY Akintola Williams building, Abuja 831,000 756,000 Amuwo-Odofinbuilding,Lagos 807,000 702,000 1,638,000 1,458,000 15b GAIN ON FAIR VALUATION OF INVESTMENT PROPERTY Balance at 1 January 2015 1,458,000 1,370,000 Gain in the year 180,000 88,000 At 31 December 2015 1,638,000 1,458,000

Investmentpropertywerevaluedasat31December2015byUbosiEleh,anindependentfirmofCharteredSurveyorsandproperty consultants. The Abuja property is being managed by Jide Taiwo & Co. Income generated from both property in 2015 was N34.5m (2014: N29.2m). The Institute is only occupying about 10% of the property.

16. AVAILABLE-FOR-SALE INVESTMENTS Quoted investments: At 1 January 85,545 83,592 Additions 13,678 231 (Loss)/gain transferred to fair value reserve (33,219) 1,722 Losschargedtoprofitorloss (1,554) – At 31 December 64,450 85,545 Historical cost of tradable investments 65,372 52,096

Available-for-saleinvestmentsfundsarefairvaluedannuallyatthecloseofbusinessonthedateofthefinancialposition.Whereverpossible,fairvalueisdeterminedbyreferencetostockexchangequotedbidprices.Available-for-saleinvestmentsareclassifiedasnon-currentassetsunless theyareexpected tobe realisedwithin twelvemonthsof thebalancesheetdate. Allavailable-for-saleinvestmentsaredenominatedinNaira.TheInstitutemonitorsitsexposuresbywayofregularreportsfromtheFundmanagerswhohavediscretionarymanagementoftheinvestmentportfolio.Noneofthesefinancialassetsare impaired.





31 December 31 December 2015 2014 N’000 N’00017(a) LOANS AND RECEIVABLES Staff loans 34,323 35,703 Staff advances 3,268 1,005 Owerri district society 840 840 Minna district society 1,000 1,000 Ilorin district society 2,739 2,739 42,170 41,287 17(b) LOANS AND RECEIVABLES Non Current 11,435 9,770 Current 30,735 31,517 42,170 41,287 The non current loan and receivables represents the long term portion of the car loans granted to staff.

18. INVENTORIES Stationery 15,150 22,892 Electrical parts 540 176 Diesel 1,708 2,776 Students’studytext 20,753 11,207 Others sellable items 5,480 7,634 Annual Accountants conference bags 4,637 40,500 50th Anniversary Book 22,560 – Studentstudytextintransit 24,000 114,867 94,828 200,052

Studentstudytextintransitintheyearcomprisesofcostforprintingadditionalstudytextwhilethebalancein2014include N61m development cost and N53.8m printing and other related cost.

19. OTHER RECEIVABLES Bayelsa ICAN Students’ Special Project (SSP) 8,171 4,268 NNDC/ICAN Students’ Special Project (SSP) 16,345 22,875 Cross River/ICAN Students’ Special Project (SSP) 9,703 9,703 Gombe State/ICAN Students’ Special Project (SSP) 9,919 – Other sundry debtors 181 735 Deposit with Aero and Arik airlines 5,000 5,000 MCPE receivables 21,160 8,485 WCOA receivables – 2,064 Deposit for land – Abuja 35,000 35,000 Aba District Donor – Mr Chidi Ajaegbu – 14,523 Federal Treasury Academy 10,255 10,742 Heritage Capital 5 – Cusworth Insurance Brokers 4,359 – Sheraton Lagos Hotel and Towers 3,086 – Impairment allowance for doubtful FTA and Special Project (SSP) (15,768) (8,783) 107,416 104,612





31 December 31 December 2015 2014 N’000 N’000 19.1 MOVEMENT IN IMPAIRMENT ALLOWANCE At 1 January (8,783) (55,574) Charge for the year (6,985) (8,783) Written off – 55,574 At 31 December (15,768) (8,783)

20. PREPAYMENT Group life insurance – ICAN members 10,691 7,935 Group life insurance – ICAN staff 12,766 8,227 Motorvehicle,fireandburglaryinsurance 3,137 3,948 Printing of members’ stamp 8,033 – ATS pool setting 2015 – 6,467 Conference centre – Hall hire – 5,525 Computerisation project – GEM Consulting 29,325 – 63,952 32,102

21. DEFERRED EXPENSE At 1 January 6,461 1,334 Additions – 7,114 Charge for the year (567) (1,987) At 31 December 5,894 6,461 Deferredinterestexpenseoncarloanstostaffusingeffectiveinterestrateonbalancesheetdate.

22. CASH AND CASH EQUIVALENTS Treasury bills – 206,250 Dedicated funds – Bank deposit 120,070 – Other short term bank deposit 501,133 464,552 Cash at bank and in hand 141,199 201,828 762,402 872,630 The effective interest rate on short term bank deposits was 9.71% (2014: 11.65%).





23. EMPLOYEES The average number of persons employed by the Institute during the period was as follows: 31 December 31 December 2015 2014 Number Number Senior managers and directors 36 36 Managers and junior staff 162 156 198 192 Staff Cost 31 December 31 December 2015 2014 N’000 N’000 Wages and salaries 747,608 698,319 Pension costs 52,664 59,560 800,272 757,879

Remuneration of Key Management Personnel (KMP) TheRegistrar/Chief Executive is the keymanagement personnel of the Institute.He has responsibility for implementingCouncil’s policies and drives the secretariat in promoting the ICAN brand. The KMP has no business relationship with the Institute. The remuneration of the key management personnel of the Institute is set out below in aggregate for each of the categoriesspecifiedinIAS24RelatedPartyDisclosures. Registrar/Chief Executive: Short-termemployeebenefits 22,340 22,340

22,340 22,340





The number of employees of the Institute whose total earnings were more than N300,000 in the year was: 31 December 31 December 2015 2014 Number Number N300,000 To N900,000 11 11 N900,001 To N1,000,000 5 5 N1,000,001 To N1,100,000 – – N1,100,001 To N1,200,000 6 6 N1,200,001 To N1,400,000 8 8 N1,400,001 To N1,600,000 9 9 N1,600,001 To N2,000,000 21 21 N2,000,001 To N2,100,000 2 2 N2,100,001 To N2,200,000 3 3 N2,200,001 To N2,500,000 8 8 N2,500,001 To N2,600,000 7 7 N2,700,001 To N2,800,000 2 2 N2,800,001 To N2,900,000 – – N2,900,001 To N4,000,000 70 64 N4,000,001 To N4,600,000 19 19 N4,600,001 To N5,200,000 6 6 N5,200,001 To N6,100,000 1 1 N6,000,001 To N6,400,000 – – N6,400,001 To N7,300,000 1 1 N7,300,001 To N7,800,000 3 3 N7,800,001 To N8,100,000 5 5 N8.100,001 To N8,300,000 – – N8,300,001 To N9,400,000 3 3 N9,400,001 To N9,500,000 – – N9,500,001 To N10,100,000 1 1 N10,600,001 To N10,700,000 – – N10,900,001 To N11,600,000 4 4 N11,600,001 To N12,900,000 – – N12,900,001 and above 3 3 198 192

31 December 31 December 2015 2014 N’000 N’000 24. TRADE AND OTHER PAYABLES

Trade payables 60,224 78,330 AAT account balance 39,201 34,788 Accruedexpenses 145,976 113,704 245,401 226,822





31 December 31 December 2015 2014 N’000 N’000 24(a) TRADE PAYABLES ICAN staff pension fund 17,624 1,411 Withholdingtax(FIRS)/LSIR 25,642 44,766 NASB fund – 4,520 WCOA creditors – 5,747 ICAN/ICEAW/World Bank – 2,422 Boards of internal revenue 5,705 323 NASU – 16 National Housing Fund 8,570 1,079 Other creditors 2,683 18,046 USA district – – 60,224 78,330

24(b) ACCRUED EXPENSES AAT outstanding bills 258 3,042 Examinationprocesses 51,269 31,484 Audit fees 10,000 10,000 Nigerian Accountant journal 1,104 – Catch them young 224 – MCPEexpenses 5,283 3,969 Insurance claim 2,743 10,745 Accountants’ conference 15,049 – PAFA subscription 15,045 15,434 Computer implementation fee 7,500 – Printing and adverts – 8,779 Presidential travels 3,356 2,865 Staff promotion arrears – 5,161 Committee claims 959 2,174 Studytext – 11,262 PPMC creditors – 2,920 ICAN co-operative thrift and credit society 13,417 – Sundry accrual 19,769 5,869 145,976 113,704

25. DEFERRED INCOME Subscription income 4,839 4,910 MCPE income – 2,400 Interest income – 2,675 Rental income 1,547 2,621 6,386 12,606





31 December 31 December 2015 2014 N’000 N’00026. FUNDS a) Accumulated fund 1,020,356 1,030,048 b) Other charitable and trust funds: Development fund 1,563,316 1,563,316 Accountancy research fund 145,469 145,469 Benevolent fund 113,194 82,448 Professorial fund 119,403 119,403 Prizes fund 16,420 7,405 Student development & support fund 29,680 – Studytextrevolvingfund 52,045 – Library fund 380,730 386,195 2,420,257 2,304,236

27. THE ANALYSIS OF FUNDS AND OTHER RESERVES (a) Library Fund

The contribution to Library fund is to obtain all the resources needed for the use of the Institute’s members. This is in line withtheCouncilbeliefoftheneedtoprovideabefittinglibraryfacilitytohelpstudentsandmembersturninformationintoknowledge.Thisfundhelpsfillthegapbyprovidinghighqualitylibraryfacility,necessarymaterialsandequipment.3%oftheInstitute’s annual gross income is to be transferred to library development. No transfers were made in 2015 (2014: Nil).

(b) Benevolent Fund

The ICAN Members’ Benevolent and Educational Trust Fund was established by Council of the Institute of Chartered Accountants of Nigeria to assist persons in need who are or have been ICAN members and/or their families and dependants. It is also aimed at promoting and supporting educational/research inAccountancy, FinancialManagement,Taxation andrelatedsubjects.Thefundismanagedbyafive-manBoardofTrustees.Themajoractivitiesofthemanagementboardarefund raising and management of investments. 3% of the Annual Accountants’ Conference gross income is credited to the fund annually. The fund generated are invested and it is the income from the investments that are disbursed to members in need and families that are distraught. Since inception, the Fund has been used to assist members and families of dead members. This includememberswhohad renal (kidney) failure, blindness, stroke, spinal cord injuries, disaster (fire/flood/accident)victims,children’seducation,etc.TheminimumamountofbenefittoapplicantsisFiftythousandNaira(N50,000)only;whilethemaximumshallbeasumofFiveHundredThousandNaira(N500,000)only.

(c) Accountancy Research Fund TransferstothisFundisbasedonCouncil’sresolutions.TheFundismadeavailabletomeetexpenditureonresearchonspecialisedareasofaccountancy.TheFundisinvestedinfixeddepositandanyinterestaccruedtherefromiscreditedtotheFund.

(d) Professorial Chair Endowment TransferstothisFundisbasedonCouncil’sresolutions.TheFundismadeavailabletomeetexpenditureonprofessorialchairendowmentinselecteduniversities.TheFundisinvestedinfixeddepositandanyinterestaccruedtherefromiscreditedtothe Fund.





THE ANALYSIS OF FUNDS AND OTHER RESERVES (cont’d) (e) Developmental Fund

TransferstothisFundisbasedoncouncil’sresolutions.TheFundismadeavailabletomeetexpenditureontheInstitute’sinfrastructural development. The Fund is invested in fixed deposit and any interest accrued therefrom is credited to theFund.

(f) Prizes Fund Thisisfundedbydonorsofeachprize.TheFundismadeavailabletomeetexpenditureontheawardofprizestodeservingoutstandingstudentsintheInstitute’sexaminations.TheFundisinvestedinfixeddepositandanyinterestaccruedtherefromis credited to the Fund.

(g) Study Text Revolving Fund Thisistobefundedbyaportionoftheamountrealisedfromthesaleofstudytexttostudents.TheFundisavailabletomeetexpenditureondevelopment,printinganddistributionofstudytexttostudent.TheFundisinvestedinfixeddepositandanyinterest accrued therefrom is credited to the Fund.

(h) Students Development & Support Fund ThisistobefundedbysurplusrealisedfromthesaleofstudytextandistobeappliedtothedevelopmentandsupportofstudentswritingtheInstitute’sexamination.

(i) Available-for-Sale Reserve Theavailable-for-saleinvestmentsfairvaluereserverepresentstheexcessofunrealisedgainsandlossesonavailable-for-sale investments over their historic costs.

(j) Accumulated Fund Theaccumulatedfundrepresenttheexcessofincomeoverexpenditurewhichhavebeenaccumulatedovertheyears.





28. RELATED PARTY TRANSACTIONS Councilmembersasofficebearers: Samuel Olufemi Deru (President) Titus Alao Soetan (Deputy Vice President) Isma’ila Muhammadu Zakari (1st Deputy Vice President) Razak Jaiyeola (2nd Deputy Vice President) Chidi Onyeukwu Ajaegbu (Immediate Past President) Olutayo Phillips (Honorary Treasurer) Other Council members:

Oyemolu Olugbenga AKINSULIRE (Chief), Davidson Chizuoke Stephen ALARIBE (Chief), Deji AWOBOTU (Hon. Dr.), Ibrahim Madugu Abdullahi BABAYO, Sunday Abayomi BAMMEKE, Adaku Chilaka CHIDUME-OKORO (HRM), Uchenna Ifesinachi EROBU (Mrs.), Comfort Olujumoke EYITAYO (Mrs.), Tijjani Musa ISA (Mallam), B. Nasiru MUHAMMAD (Hon.), Sylvester Chukwudi NWANNA, Ngozi Monica OKONKWO (Lady), Nnamdi Anthony OKWUADIGBO (Mazi), Innocent OKWUOSA, Onome Joy OLAOLU-ADEWUYI (Mrs.) Tajudeen Olawale OLAYINKA, Sam Onyebuchi ONUKWUE, Etofolam Felix OSUJI (Dr.), mni, Hilda Ofure OZOH (Mrs.), Hart Wahab Odafen OZOYA (Rev.), Oyebowale Rafiu RAJI, Queensley Sofuratu SEGHOSIME (Alhaja), mni, Samuel UKURA, Haruna Nma YAHAYA (Alhaji)

NomemberoftheCouncilreceivespaymentinrespectofservicestoICAN.InlinewithCounciltravelandexpensespolicy,CouncilmembersarereimbursedforanyexpenseswhichtheydirectlyincuronbehalfoftheInstituteaspartoftheirroleasaCouncil member. No loans is granted to related parties.

31 December 31 December Notes 2015 2014 N’000 N’00029. CASH FLOW STATEMENT a) Cash generated from activities: Surplus/(deficit)fortheyear 98,573 (13,597) Adjustments for: Interest received 6a (60,844) (146,496) Movement in accumulated fund (108,265) 14,161 Depreciation on property, plant and equipment 13 151,283 133,389 Amortisation of intangible asset 14 12,370 – Loss in fair value of available-for-sale investments 9 1,554 – Profitondisposalofproperty,plantandequipment 6b (385) (420) Gain on valuation of investment property 15b (180,000) (88,000) Changes in working capital (excluding the effects of exchange differences): Decrease/(increase) in inventory 105,224 (88,868) Increase in loans and receivables (883) (4,439) Increase in prepayments (31,850) (24,400) Increase in subscription and other receivables (2,804) (40,698) Decrease in trade and other payables 18,579 62,143 (Increase)/decrease in deferred income (6,220) 7,689 Decreaase/(increase)indeferredexpense 567 (5,127) Decreaseinretirementbenefitobligations – (606,620) Cash generated from/(utilised in) operating activities (3,100) (801,283)





CASH FLOW STATEMENT (cont’d)

31 December 31 December Notes 2015 2014 N’000 N’000 b) Cash from funding activities: Increase in development fund – 8,053 Increase/(decrease) in prizes fund 9,015 (1,098) Increase in benevolent fund 30,746 30 Decrease in library fund (5,465) – Increaseinstudytextrevolvingfund 52,045 – Increase in student development and support fund 29,680 – 116,021 6,985

30. CONTINGENT LIABILITIES AND COMMITMENTS There were no contingent liabilities or capital commitments as at the reporting dates (2014: Nil).

31. EVENTS AFTER STATEMENT OF FINANCIAL POSITION DATE

Therearenosignificantsubsequentevents,whichcouldhavehadamaterialeffectonthestateofaffairsoftheInstituteasat31December2015thathavenotbeenadequatelyprovidedforordisclosedinthefinancialstatements.




Statement of VALUE-ADDEDFOR THE YEAR ENDED 31 DECEMBER 2015

31 December 31 December 2015 2014 N’000 % N’000 % Operating income 3,111,957 3,252,171

Other income 382,812 350,300

3,494,769 3,602,471 Purchase of services – Local (2,465,483) (2,723,078) Purchase of services – Foreign – –

VALUE ADDED 1,029,286 100 879,393 100 DISTRIBUTION: EMPLOYEES Salariesandbenefits 800,279 78 757,879 86 PROVIDERS OF FUNDS Interestexpense – – – – GOVERNMENT Taxation – – – – THE FUTURE Assets replacement 163,653 16 133,389 15 Surplus/(deficit)intheyear 65,354 6 (11,875) (1) VALUE ADDED 1,029,286 100 879,393 100




Five-Year FINANCIAL SUMMARYFOR THE YEAR ENDED 31 DECEMBER 2015

31 December 31 December 31 December 31 December 31 December 2015 2014 2013 2012 2011 N’000 N’000 N’000 N’000 N’000 IFRS ˂-----------------------------------------------------------------------------------------------------------> ASSETS EMPLOYED Property, plant and equipment 863,804 806,237 671,533 715,743 689,464Intangible assets 49,484 5 5 237 2,195 Investment property 1,638,000 1,458,000 1,370,000 1,201,000 1,053,000 Available-for-sales investments 64,450 85,545 83,592 73,725 46,890 Loans and receivables 11,435 9,770 6,726 9,257 6,539 Net current assets 819,826 1,020,552 1,851,843 1,600,897 1,073,180 3,446,999 3,380,109 3,983,699 3,600,859 2,871,268 FINANCED BY Non-current liabilities 6,386 12,606 611,537 574,709 429,150Funds and reserve 3,440,613 3,367,503 3,372,162 3,026,150 2,442,118 3,446,999 3,380,109 3,983,699 3,600,859 2,871,268 IFRS ˂----------------------------------------------------------------------------------------------------------->

COMPREHENSIVE INCOME Income 3,111,957 3,252,171 3,022,132 3,216,049 2,888,321 Surplusofincomeoverexpenditure 1,667,702 1,554,711 1,803,979 1,923,345 1,438,553 Surplus/(deficit)fortheyear 98,573 (13,597) 303,066 661,678 947,250 Other comprehensive income: Items that will not be reclassified to profit or loss Re-measurements of post-employment benefitobligations – – 51,103 (175,971) – Change in fair value of available-for-sale investments (33,219) 1,722 9,868 21,629 – Total comprehensive income for the year 65,354 (11,875) 364,037 507,336 947,250




Financial GRAPHSFOR THE YEAR ENDED 31 DECEMBER 2015

3111957

20%

3252171.4

21%3022132

19%

3216049.197

21%

2888321

19%

2015

2014

2013

2012

2011

INCOME TRENDS (N’000)

RECURRENT EXPENDITURE PATTERN 2011–2015 (N’000)

‐

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1,800,000

2015 2014 2013 2012 2011

Opera1onalCost

PersonnelCost

AdminCost

IntAfflia1onCost

Othercosts




NOTES



THE INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA(Established by Act of Parliament No.15 of 1965)

Plot 16, Professional Centre Layout, Idowu Taylor Street, Victoria Island.

P.O.Box1580,Lagos.Tel: 7642294, 7642295

Fax:4627048 E-mail: [email protected]

ICAN Website: www.ican-ngr.org

Designed by BEP Graphix, Lagos.

Documents

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIAicanig.org/ican/documents/ICAN-2015-FA.pdf · 2016-05-23 · that the 51 st Annual General Meeting of The Institute of Chartered Accountants