Integrity House, P.O. Box CY 1079, Cnr. Bath Road and Second Street Causeway, Harare. Zimbabwe. Tel: 263 4 793674/960/252672/793471 Fax: 263 4 706245 E-mail: administrator@icaz.icon.co.zw INITIAL TEST OF COMPETENCE SYLLABUS AND EXAMINABLE PRONOUNCEMENTS DATES Dates for the Examination January Wednesday 28 and Thursday 29 January 2015 Registration for January commences Monday 8 December 2014 Registration for January closes Friday 9 January 2015 Dates for the Examination June Wednesday 24 and Thursday 25 June 2015 Registration for June commences Monday 17 May 2015 Registration for June closes Tuesday 9 June 2015 vember 2014 1
INITIAL TEST OF COMPETENCE EXAMINATION THE QUALIFYING EXAMINATION The Qualifying Examination is in two parts, the first part is The Initial Test of Competence (ITC) (Papers 1 and 2) held in January and June, and tests the integrated application of academic knowledge. The second part is the Assessment of Professional Competence held in vember. Credit is awarded separately for passes in the two parts of the Qualifying Examination. On passing Part I, a candidate receives a letter indicating his or her success. ITC ENTRY REQUIREMENTS The entry requirements applicable in January 2015 include various transitional arrangements related to changes in the overall syllabus and training arrangements that have occurred within the last five years. 1. Academic Requirements. Entry to ITC of the Qualifying Examination requires the Zimbabwe Certificate in Theory of Accounting, or a South African C T A plus the Zimbabwe Certificate in Taxation. The entry qualification(s) must have been obtained in or after January 2010 and all subjects for any particular examination must have been passed within the same academic year. 2. Effective from 2013, a candidate will only be eligible to sit the ITC for a period of 3 consecutive years, staring the year after which the candidate satisfied the requirements for a CTA or equivalent programme. 3. Training Records. Any outstanding training records must be submitted with the application. REGISTRATION 1. Applications for registration must be submitted, before 4.00 p.m. on Friday 9 January 2015. All applications must be on the form approved by the Board and must be accompanied by two recent driver s licence size photographs, certified to be a true likeness by a Commissioner of Oaths; the registration fee and the examination fee. 2
INITIAL TEST OF COMPETENCE EXAMINATION 2. Applications for registration submitted between 9 January and 14 January 2015 will attract a 20% surcharge being late registration fee. 3. Applications submitted subsequent to 14 January 2015 will NOT be accepted. MARKING The maximum number of marks attainable in each paper is 100. The pass mark is 50% of the total marks of all papers. Honours are awarded to candidates achieving more than 70% of the possible marks. A District Society Prize is awarded for the best candidate in the ITC Examination. THE ITC The following format will apply to the 2015 ITC examination: ITC consists of four papers of three hours each, each made up of 30 minutes (half an hour) reading time of the scenario and 150 minutes (two and half hours) writing time. The candidates will not receive the required section during the reading time. Each examination session will therefore last a total of three hours. Candidates will be allowed to highlight, make notes and consult their reference books during and after the reading time. Each paper will count 100 marks, the total for the examination thus amounting to 400 marks. Each paper may comprise one or more questions. The four papers will be written on two consecutive days: one paper will be written each morning and another each afternoon with a break between the two papers. 3
INITIAL TEST OF COMPETENCE EXAMINATION SYLLABUS THE SYLLABUS The Board has an agreement with the South African Institute of Chartered Accountants under which the Qualifying Examinations are identical except where there are differences between the two countries in legal provisions, taxation, auditing or accounting standards. The Part I syllabus includes Financial Accounting, Managerial Accounting and Financial Management, Zimbabwe Taxation, the Theory and Concepts of Auditing, and Business Information Systems. Financial Accounting Candidates should be able to: a) Identify the overall objectives of financial reporting, the specific information needs of equity investors, and the general information needs of other users; b) Define the elements of financial statements related to the measurement of financial position, of performance, and of cash flow, and apply them to the presentation of financial reports; c) Define the qualitative characteristics and apply them to presentation and measurement issues to enhance the decision-usefulness of financial reporting; d) Identify recognition and measurement criteria and apply them to the incorporation of items in primary or supplementary financial statements; e) Explain the need for a conceptual framework and for standards for financial reporting; f) Identify the statutory disclosure requirements, and explain the meaning of fair presentation; g) Explain the meaning of accounting standards, and describe and apply the assumptions which may be generally presumed to underlie the preparation of financial statements; and h) Describe the processes involved in the drafting and setting of accounting standards in Zimbabwe. Managerial Accounting and Financial Management Managerial Accounting Managerial accounting utilises cost and other relevant data for the purposes of planning, control and decision making. 4
INITIAL TEST OF COMPETENCE EXAMINATION SYLLABUS Candidates should be able to: a) Design and evaluate costing systems appropriate for various types of organisations and processes; b) Calculate, record and report information necessary for effective cost management; c) Apply cost management techniques which achieve the strategic objectives of the business; d) Advise on the issues and principles of control centres; and e) Build and manipulate simple financial models and test assumptions. Financial Management Financial management relates to the making of investment decisions within the context of strategic management. The ability to analyse and interpret financial statements is covered under Financial Accounting. Risk and uncertainty is covered in this part of the syllabus. Candidates should be able to: a) Identify and interpret appropriate measures of performance, risk and uncertainty; b) Advise on the investment, financing and dividend decisions; c) Apply the principles of finance to the valuation of a business entity and to the valuation of financial assets using appropriate techniques; d) Advise on management of working capital foreign exchange and investments; e) Advise on change in ownership transactions and f) Evaluate and select appropriate financing instruments for effective risk minimisation Theory and Concepts of Auditing Candidates should: be aware of the responsibilities, functions and qualities of the registered accountant and auditor; be able to explain the concepts and principles relevant to the audit function; assess internal control systems and make recommendations where appropriate; 5
INITIAL TEST OF COMPETENCE EXAMINATION SYLLABUS be able to demonstrate an understanding of the major stages of the audit process and the rationale behind each as part of the procedures for obtaining audit evidence; be able to explain and apply concepts and principles relevant to the internal audit function; be able to illustrate an awareness of the auditor s report on financial statements, special purpose audit reports and related service engagements reports; be aware of the need to comply with the legislation, regulations, generally accepted auditing standards and contractual requirements relating to that audit and/or related services engagement. Zimbabwe Taxation Accountancy students are not expected to become specialists in taxation. However, taxation is a core component in any study of accountancy. Professional accountants need to be able to understand taxation legislation, to interpret it, and to be able to apply it appropriately in the business world. It is not necessary to study beyond awareness level for either unusual sectorial taxation (e.g. banking and insurance), or unusual or exceptional main-stream taxation. Candidates should have: an understanding of the various taxation statutes and relevant case law together with the principles contained therein and the interaction between them; knowledge and understanding of court interpretations of significant cases; knowledge and understanding of administrative interpretations; awareness of sectorial taxation provisions; awareness of taxation exceptions and exemptions. Students should acquire the ability: To perform tax calculations, to determine associated liabilities from given information, and should develop the ability to contribute meaningfully to clients and employers tax plans and financial affairs. In particular, students should acquire the ability to interpret and apply the laws and procedures relating to 6
INITIAL TEST OF COMPETENCE EXAMINATION SYLLABUS 1. Taxes levied in terms of the Income Tax Act (Chapter 23:06). 2. Duties levied in terms of the Estate Duty Act (Chapter 23:03). 3. Taxes levied in terms of the Value Added Tax Act (Chapter 23:12). 4. Taxes levied in terms of the Capital Gains Tax Act (Chapter 23:01). 5. Other taxes, rates, levies and duties legislation and liability. Candidates will be examined on existing legislation. Questions will be aligned to a tax year end and candidates will be expected to apply the legislation to the year end specified. Business Information Systems A newly qualified Chartered Accountant can be involved with computer-based information systems in four ways: as a user (when the computer is utilised as a business tool); as a user participating in the implementation*, post-implementation review and maintenance of information systems; as a user participating in the management of the information systems environment; as a professional with the responsibility of advising on (and sometimes establishing) appropriate information systems. Much of the basic knowledge required is covered in first degree accountancy courses. Newly qualified chartered accountants are not expected to be competent in computer auditing and information systems development. Through further study and experience, however, they could become either computer audit specialists or specialist information systems developers. 1. Using The Computer As A Business Tool Candidates should be able to: a) Supply data to, or receive information from common business information systems and databases; b) Use computer applications commonly found in the business sector; c) Identify the relationship between manual and computer-based information systems; and d) Identify appropriate opportunities to use the computer as a business tool. 7
INITIAL TEST OF COMPETENCE EXAMINATION SYLLABUS 2. Implementation, Post-Implementation Review And Maintenance of Information Systems Candidates should be able to: a) Describe the basic concepts and issues which determine the way in which information systems are implemented, reviewed after implementation and maintained; b) Describe how feasibility studies for information systems are conducted; c) Conduct cost/benefit analyses of information systems; d) As a user, participate in specifying information system requirements; e) As a user, participate in the building of information systems; f) As a user, identify and participate in the activities associated with implementing an information system; g) Identify the advantages and disadvantages of different methods of acquiring and developing information systems; h) As a user, participate in post-implementation reviews of information systems; and i) Use recognised procedures to purchase information system components relevant to users 3. Managing In the Information Systems Environment Candidates should be able to: a) Describe the procedures for determining an information systems strategy; b) Describe the roles of personnel associated with the implementation of information systems; c) Describe how information system people are managed; d) Describe how information system projects are managed; e) Describe the procedures for controlling and evaluating the quality of information and information systems; and f) Determine how the costs associated with information systems can be recovered.. * Implementation means acquiring, developing and installing. 4. Establishing Information System Controls Candidates should be able to: Describe the theory, objectives and elements of controls; Determine information systems security strategy; 8
INITIAL TEST OF COMPETENCE EXAMINATION SYLLABUS Identify and illustrate the types of controls necessary in the information systems environment; and Identify, implement and manage the controls necessary in both basic and complex business cycles, and their related information systems environments. Legislation and Technical Documents Legislation affecting the profession, Accounting Standards and Auditing Standards, are continually being amended, revised, withdrawn and replaced. The examinable documents therefore vary between countries and between courses and subsequent examinations. Exposure drafts are not examinable 9
INITIAL TEST OF COMPETENCE : EXAMINABLE PRONOUNCEMENTS FINANCIAL REPORTING In consultation with the South African Institute of Chartered Accountants with which we work to set the professional examinations, the following is the list of pronouncements which will be examinable, or not if specific reference is made, for the ITC, January and June 2015 Examinations. International Financial Reporting Standards as issued by the International Accounting Standards Board on or before 31 December, 12 months prior to the ITC being written, plus significant changes to 30 June of the year preceding the January exam. In addition, any interpretations and circulars issued during the period (up to and including 30 June) relating to statements already examinable will be included in the ITC. For the ITC 2015 the cut-off date is therefore 31 December 2013 and for significant changes the cut-off date is 30 June 2014. Your attention is specifically drawn to the following: - The IFRS for SMEs is examinable. - Scope section Level 3 - Other sections t examinable - All Exposure Drafts are not examinable - Transitional arrangements contained in the paragraphs of the individual statements are NOT examinable in the ITC - IFRIC interpretations are interpretations of the accounting implications relating to existing IFRS (align the remaining part of the sentence to follow on here) Still to be done standards. Even though certain of these interpretations are examinable at a level 1 or not examinable at all, it may contain relevant examples and guidance that may assist candidates to understand and apply principles in examinable standards. (Align this sentence) The levels at which knowledge is examined in the ITC are as follows: Level 1 = Knowledge and awareness Level 2 = Identification of underlying problems and simple calculations 10
INITIAL TEST OF COMPETENCE : EXAMINABLE PRONOUNCEMENTS Level 3 = Perform complex calculations and answer an integrated question relating to the specific topics. - All statements in the list are examinable at level 3, unless otherwise indicated. The following is a complete list of Accounting pronouncements (per A Guide through IFRS handbooks, July 2013 which are examinable in the ITC in January and June 2015. The in ITC 2016 column is only indicative and not prescriptive at this stage: Reference Abbreviated Title Issued by IASB in ITC 2015 in ITC 2016 Preface to International September 2010 Financial Reporting Standards The Conceptual Framework for Financial Reporting September 2010 International Financial Reporting Standards (IFRS) IFRS 1 First-time Adoption of December 2010 International Financial Reporting Standards IFRS 2 Share-based Payment Level 2: Valuation of option (app. B, parr. B1-B41) Level 1: June 2009 - Share-based payments where the terms of arrangement provides the counterparty with choice of settlement (parr. 35-40) IFRS 3 Business Combinations May 2013 - Reverse acquisitions paragraphs B19- B27 are EXCLUDED (however, the 11
identification of an acquirer is included (parr. 6 and 7 and elaborated upon in B13-B18)) IFRS 4 Insurance Contracts October 2010 2005 Reference Abbreviated Title Issued by IASB in ITC 2015 in ITC 2016 IFRS 5 n-current Assets April 2009 Held for Sale and Discontinued Operations IFRS 6 Exploration for an April 2009 Evaluation of Mineral Resources IFRS 7 Level 2: Financial Instruments: Disclosures Level 1: December 2011 - Paragraphs 42A 42H and 17 IFRS 7 will only be examined in the context of an entity that is not a financial institution. IFRS 8 Operating Segments Level 1: April 2009 - Disclosures (parr. 20-34) IFRS 9 Financial Instruments October 2010 - As at December 2012 - IFRS 9 replaces the sections in IAS 39 dealing with the classification and measurement of financial assets and financial liabilities. Level 1: - First day gains and losses (B5.1.2A) 12
- Derecognition of financial assets and liabilities (3.2 and 3.3) - Identification of embedded derivatives (4.3) EXCLUDED: - Financial guarantee contracts - Loan commitments - Hedge Accounting excluded for ITC 2015 but included for ITC 2016. IFRS 10 Consolidated Financial June 2012 Statements IFRS 11 Joint Arrangements June 2012 IFRS 12 Disclosures of Interests June 2012 in Other Entities IFRS 13 Level 2: Fair Value Measurement May 2011 IFRS 15 Level 1: - Application to financial assets and financial liabilities with offsetting position in market risks or counterparty credit risks parr. 48-56 Revenue. Replaces IAS 18 July 2014 International Accounting Standards (IASs) IAS 1 Presentation of June 2011 Financial Statements IAS 2 Inventories December 2003 13
IAS 7 IAS 8 Statement of Cash Flows Level 1: - Foreign subsidiaries Accounting Policies, Changes in Accounting Estimates and Errors Events after the April 2009 December 2003 IAS 10 December Reporting Period 2003 IAS 11 Construction Contracts December 2003 as will be covered in the revenue standard which will be examinable Reference Abbreviated Tile IAS 12 Income Taxes Level: Issued by IASB December 2010 in ITC 2015 in ITC 2016 IAS 16 IAS 17 IAS 18 IAS 19 - Deferred tax equity-settled share-based payments (parr. 68A-68C) - Paragraphs 38-45 EXCLUDED and therefore no deferred tax to be provided on these items Property, Plant and Equipment Leases EXCLUDED: - Paragraphs 19 Revenue Level 1: - Appendix Financial service fees Employee Benefits Level 1: - Paragraphs (.67-.98)(actuarial May 2008 April 2009 April 2009 The new IFRS 15 on Revenue will be examinable June 2011 14
methods and assumptions) IAS 20 Level 1: Accounting for Government Grants and Disclosure of Government Assistance IAS 21 The Effects of Changes in Foreign Exchange Rates May 2008 December 2005 IAS 23 Borrowing Costs May 2008 IAS 24 Related Party December Disclosures 2009 IAS 26 Accounting and Reporting by Retirement Benefits Plans Jan 1987 IAS27 Separate Financial Statements Reference Abbreviated Title IAS 28 IAS 29 IAS 32 Investments in Associates and Joint Ventures Financial Reporting in Hyperinflationary Economies Financial Instruments: Presentation Level 2: - Compound financial instruments EXCLUDED - Puttable financial instruments and obligations arising on liquidation (IAS 32, parr. 16A-16F) IAS 33 Earnings per Share Level 1: - Headline earnings (Circ 2/13) IAS 34 Level 1: Interim Financial Reporting 15 May 2011 Issued by IASB in IYC 2015 in ITC 2016 May 2010 May 2008 October 2009 December 2003 May 2008 IAS 36 Impairment of Assets April 2009
IAS 37 Provisions, Contingent April 2001 Liabilities and Contingent Assets IAS 38 Intangible Assets April 2009 IAS 39 Financial Instruments: Recognition and Measurement. As in issue on 31 December 2012. October 2010 Please note: IFRS 9 replaces the sections in IAS 39 dealing with the classification and measurement of financial assets and financial liabilities. These sections in IAS 39 that are replaced will NOT be examinable. Reference Abbreviated Title Hedge Accounting will be examinable in terms of IAS 39 and not IFRS 9 for the 2015 ITC. For the 2016 ITC hedge accounting will be examinable in terms of IFRS 9 and not IAS 39. Issued by IASB in ITC 2015 in ITC 2016 All matters are examinable at a level 3 except as set out below: EXCLUDED: - Recognition and measurement of fair value hedge accounting for a portfolio hedge of interest rate risk (amendment June 2004) Level 1: - Hedge accounting of any risk 16
= other than foreign exchange risk hedged with an FEC* = or interest rate risk hedged with an interest rate swap* (*=level 3) Level 3: - Hedge accounting of foreign exchange risk with an FEC and interest rate risk with an interest rate swap. Reference Abbreviated Title IAS 40 Investment Property Issued by in IASB in ITC 2015 ITC 2016 May 2008 EXCLUDED: - Paragraph 6 Property interests held by a lessee under an operating lease which is classified and accounted for as an investment property - - Paragraph 25, 26, 34 and 41 IAS 41 Agriculture May 2088 IFRIC interpretations are interpretations of the accounting implications relating to existing IFRS standards. Even though certain of these interpretations are examinable at a level 1 or not examinable at all, it may contain relevant examples and guidance that may assist candidates to understand and apply principles in examinable standards. However excluded interpretations will not be examinable in the specific context of the interpretations. For example: we will not examine the accounting treatment of a service concession arrangement but may request candidates to apply IAS38 and IFRS 9 to the assessment of intangible assets or financial instruments in other contexts. Interpretations Reference Abbreviated Title Issued by IASB in ITC 2015 in ITC 2016 17
IFRIC 1 IFRIC 2 IFRIC 4 IFRIC 5 Changes in Existing Decommissioning, Restoration and Similar Liabilities Members Shares in Cooperative Entities and Similar Instruments Determining whether an Arrangement contains a Lease Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds September 2007 February 2008 vember 2009 September 2007 Reference Abbreviated Title IFRIC 6 IFRIC 7 IFRIC 10 See IAS 34 IFRIC 12 IFRIC 13 IFRIC 14 IFRIC 15 Liabilities arising from Participating in a Specific Market Waste Electrical and Electronic Equipment Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies Interim Financial Reporting and Impairment level 1 Service Concession Arrangements Customer Loyalty Programmes IAS 19 The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction Agreements for the Construction of Real Estate Issued by IASB September 2005 September 2007 October 2010 in ITC 2015 in ITC 2016 May 2011 May 2011 June 2011 July 2008 18
IFRIC 16 IFRIC 17 IFRIC 18 IFRIC 19 IFRIC 20 Hedges of a Net Investment in a Foreign Operation Level 1 Distributions of ncash Assets to Owners Transfers of Assets from Customers Extinguishing Financial Liabilities with Equity Instruments Stripping costs in the production phase of a surface mine April 2009 October 2010 January 2009 May 2011 October 2011 IFRIC 21 Levies May 2013 SIC 7 Introduction of the Euro May 2011 SIC 10 Government Assistance Specific Relation to Operating Activities Level l September 2007 Reference Abbreviated Title SIC 15 Operating Leases - Incentives SIC 25 Income Taxes Changes in the Tax Status of an Entity or its Shareholders SIC 27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease SIC 29 Service Concession Arrangements: Disclosures SIC 31 Revenue Barter Transactions Involving Advertising Services SIC 32 Intangible Assets Web Site Costs Issued by IASB September 2007 September 2007 October 2010 September 2007 in ITC 2015 in ITC 2016 May 2011 May 2011 19
INITIAL TEST OF COMPETENCE EXAMINABLE AUDITING PRONOUNCEMENTS International Standard on Quality Control ISQC 1 Quality control for firms that perform audits and reviews of historical Financial information, and other assurance and related services engagements. Reference Title ISA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing ISA 210 Agreeing the Terms of Audit Engagements ISA 220 Quality Control for an Audit of Financial Statements ISA 230 Audit Documentation ISA 240 The Auditor s Responsibilities Relating to Fraud in an Audit of Financial Statements ISA 250 Consideration of Laws and Regulations in an Audit of Financial Statements ISA 260 Communication with Those Charged with Governance ISA 265 Communication Deficiencies in Internal Control to Those Charged with Governance and Management in ITC 2015 Reference Title in ITC 2015 ISA 300 Planning an Audit of Financial Statements ISA 315 (Revised) Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment (effective for audits of financial statements for periods ending on or after December 15, 2013) ISA 320 Materiality in Planning and Performing and Audit ISA 330 The Auditor s Responses to Assessed Risks ISA 402 Audit Considerations Relating to an Entity Using a Service Organisation ISA 450 Evaluation of Misstatements Identified during the Audit ISA 500 Audit Evidence ISA 501 Audit Evidence Specific Considerations for Selected Items ISA 505 External Confirmations ISA 510 Initial Audit Engagements Opening Balances 20
ISA 520 Analytical Procedures ISA 530 Audit Sampling ISA 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates and Related Disclosures ISA 550 Related Parties ISA 560 Subsequent Events ISA 570 Going Concern ISA 580 Written Representations ISA 600 Special Considerations Audits of Group Financial Statements (Including the Work of Component Auditors) Appendices 2, 4 and 5 are examinable at knowledge level 1 only ISA Using the Work of Internal Auditors (effective for 610(Revised) audits of financial statements for periods ending on or after December 15, 2014) ISA 620 Using the Work of an Auditor s Expert ISA 700 Forming an Opinion and reporting on Financial Statements ISA 705 I Modifications to the Opinion in the Independent Auditor s Report ISA 706 ISA 710 ISA 720 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor s Report Comparative Information Corresponding Figures and Comparative Financial Statements The Auditor s Responsibilities Relating to Other Information in Documents Containing Audited Financial Statements Reference Title in ITC 2015 ISA 800 Special Considerations Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks ISA 805 Special Considerations Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement ISA 810 Engagements to report on Summary Financial Statements International Auditing Practice tes (IAPN) IAPN 1000 Special considerations in auditing financial instruments Conforming Amendments 21
CONFORM Confirming amendments to other ISAs International Framework for Assurance Engagements FRAMEWORK International Framework for Assurance Engagements International Standards on Review Engagements ISRE 2400 (Revised (ISRE) (2000 2699) (these standard are effective) Engagements to review financial statements (effective for reviews of financial statements for period beginning on or after 31 December 2013) ISRE 2410 Review of interim financial information performed by the independent auditor of the entity Assurance Engagements other than audits or Reviews of the Historical Financial Information International Standards on Assurance Engagements (ISAEs) (3000 3699) (these standards are effective) Applicable to all assurance engagements ISAE 3000 ISAE 3400 ISAE 3402 ISAE 3410 ISAE 3420 Assurance engagements other than audits or reviews of historical financial information Subject specific standards The examination of prospective financial information (previously ISA 810) Assurance reports on control at a service organization Atknowledge level 1 only Assurance engagements on greenhouse gas statements Assurance engagements to report on the compilation of pro forma financial information included in a prospectus Related Services International Standards on Related Services (ISRS) (4000-4699) ISRS 4400 Engagements to perform agreed-upon procedures ISRS 4410 (revised regarding financial information (previously ISA 920) Compilation engagements (Effective for compilation engagement reports dated on or after 1 July 2013) 22
INITIAL TEST OF COMPETENCE : LEGISLATIONS LEGISLATIONS 27:02 Chartered Accountants Act. 27:12 Public Accountants and Auditors Act. S.I. 177/97 Chartered Accountants By-laws, 1997 as amended in 1999. S.I. 320/96 Public Accountants and Auditors (General) By-laws, 1996. S.I. 144/97 Public Accountants and Auditors (Professional Conduct) By-laws, 1997. The Rules of Professional Conduct 1991 as amended in 1992 and 1997. S.I. 62/96 Companies (Financial Statements) Regulations 1996 as amended 24.03 Companies Act 24.19 Collective Investments Schemes Act 1997 and Regulations. 23.06 Income Tax Act. 23.01 Capital Gains Tax Act. 23.12 VAT Act. KING REPORT The King Report on Governance for South Africa (2009) and the King Code of Governance for South Africa (2009) are examinable for the ITC 2015 at the levels indicated in the Knowledge reference list for the Strategy, Risk Management and Governance competencies as contained in the Competency Framework Detailed Guidance for Academic Programmes, issued in 2010. STATEMENTS ON INTERNATIONAL MANAGEMENT ACCOUNTING International Management Accounting Statements are available free from the International Federation of Accountants or by downloading from the OFAC web site at http/www.ifac.org Preface Feb 1987 1. Management Accounting Concepts Feb 1988 2. The Capital Expenditure Decision Oct. 1989 3. Foreign Currency Exposure and Risk Management July 1990 revised Feb. 1996 4. Management Control of Projects Oct. 1991 5. Management Quality Improvements Mar. 1993 6. Post Completion Review Apr. 1994 7. Strategic Planning for Information Resources Management Feb. 1998 ***************** 23