Institute of Chartered Accountants of Scotland (ICAS) accreditation

Institute of Chartered Accountants of Scotland (ICAS) accreditation

The current ICAS syllabus involves 12 modules split among three levels: ‘Test of Competence’, ‘Test of Professional Skills’ and ‘Test of Professional Expertise’ (plus Business Ethics), as follows:

Test of Competence (TC)

 

Business Law (BL)

Business Management (BM)

Finance (FIN)

Financial Accounting (FA)

Principles of Auditing and Reporting (PAR)

Principles of Taxation (TAX)

 

Test of Professional Skills (TPS)

 

Advanced Finance

Assurance and Business Systems

Financial Reporting

Taxation

 

Test of Professional Expertise (TPE)

 

Multi-discipline case study

 

 

 

In addition to including ethics within the appropriate subject areas at Test of Competence, Test of Professional Skills and Test of Professional Expertise, Business Ethics forms a stand-alone subject and assessment.

 

Exemptions are offered to Lancaster degrees from five of the six the ‘Test of Competence’ level papers, as follows:

Degree

TC subjects eligible for exemption

 

FA

 

Fin

BM

BL

PAR

BSc (Hons) in Accounting & Finance

 

Y

Y

Y

Y

Y

BSc (Hons) in Accounting & Management Studies

 

Y

Y

Y

N

Y

BSc (Hons) in Accounting & Economics

 

Y

Y

Y

N

Y

BSc (Hons) in Accounting, Finance & Mathematics

 

Y

Y

Y

N

Y

BSc (Hons) in Accounting, Finance & computer Science

 

N

Y

N

N

N

BSc (Hons) in Finance

 

Y

Y

Y

N

Y

BSc (Hons) in Finance & Management Studies

 

N

Y

N

N

N

BSc (Hons) in Finance & Economics

 

N

Y

N

N

N

BSc (Hons) in Financial Mathematics

 

N

N

N

N

N

 Key: Y= exemption available 

         N= exemption not available 

N.B.  Lancaster’s recently introduced ‘Industry’ degrees have not yet been formally accredited by ICAS but, given that their academic content is the same as the ‘non-Industry’ variants, we assume that ICAS will offer the same exemptions.

Similarly, modules LAW 217, LAW 317 and LAW 318 have recently been replaced by ACF 270 and ACF 370 which cover the same material.  We anticipate that the new modules will attract the same (Business Law) exemption as the superseded modules.

 

To obtain these exemptions, a mark of at least 50% will be required in each of the following modules:

Available exemption / 
Syllabus Paper Title

Lancaster modules to be taken and passed in order to obtain exemption
(further conditions in brackets)

Financial Accounting

ACF 100: Intro to Accounting and Finance
ACF 212: Principles of Financial Accounting

ACF 311: Financial Accounting II

Finance

ACF 100: Intro to Accounting and Finance
ACF 213: Management Accounting for Business Decisions
ACF 214 :Principles of Finance
ECON 100: Principles of Economics
Plus one finance-related module is required to be completed in in Year 3, excluding ACF 324

Business Law

LAW 217: Foundations of Business Law

LAW 317: Legal Issues in Business

LAW 318: Company Law and Financial Reporting

 

 

Business Management

 

 

ACF 100: Intro to Accounting and Finance
ACF 213: Management Accounting for Business Decisions
MNGT 212: Statistical Methods for Business
MSCI 224: Techniques for Management Decision Making (or MSCI 102/103)
ACF 303: Advanced Management Accounting

 

 Principles of 

Auditing

and reporting 


ACF 211: AIS and Auditing

ACF 212: Principles of Financial Accounting
ACF 307: Issues in Auditing (students must achieve a mark of 60% or greater for this module)