ICAB Syllabus (2023)

Advanced Level

Corporate Reporting

Module aim

To enable candidates to apply technical knowledge, analytical techniques and

professional skills to resolve financial reporting issues that arise in the context of
the preparation and evaluation of corporate reports and from providing audit
services.

Students will be required to use technical knowledge and professional judgement to identify,
explain and evaluate alternatives. The commercial context and impact of recommendations
and ethical issues will also need to be considered in making such judgements.

On completion of this module, students will be able to:

formulate, implement and evaluate corporate reporting policies for single entities
and groups of varying sizes and in a variety of industries. They will be able to
discern and formulate the appropriate financial reporting treatment for complex
transactions and complex scenarios. Students will be able to evaluate and apply
technical knowledge from individual accounting standards and apply
professional skills to integrate knowledge where several accounting standards
are simultaneously applicable and interact.
analyses, interpret, evaluate and compare financial statements of entities
both over time and across a range of industries.
explain the processes involved in planning an audit, evaluate internal
controls, appraise risk including analyzing quantitative and qualitative data,
gather evidence including using data analytics software to draw conclusions
in accordance with the terms of the engagement. In addition, they will be
able to perform a range of assurance engagements and related tasks.
evaluate corporate reporting policies, estimates and disclosures in a scenario
in order to be able to assess whether they are in compliance with accounting
standards and are appropriate in the context of audit objectives.
identify and explain ethical issues. Where ethical dilemmas arise, students
will be able to recommend and justify and determine appropriate actions and
ethical safeguards to mitigate threats.

PRIOR KNOWLEDGE

This module assumes and develops the knowledge and skills acquired in the Financial
Accounting and Reporting module and in the Audit and Assurance module.

Background knowledge based upon the strategic elements of the Business

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 Planning modules, Business Strategy and Technology and Financial
Management modules will also be required in evaluating the business and
financial risks of reporting entities.
Regulation

The regulations relating to auditing and corporate reporting will have international application
and are therefore based upon IFRS standards and ISAs issued by the International Accounting

Method of assessment

Corporate Reporting will be examined using a paper-based assessment of 3.30 hours.

Each exam will contain questions requiring integration of knowledge and skills, including
ethics. The exam will consist of three questions. Ethical issues and problems could
appear in any of the three questions.

One question will require students to use data analytics software

to assist in preparing the answer, and for that question Advance
ETHICS AND PROFESSIONAL SCEPTICISM

At the Advanced Level, students will be expected to demonstrate the higher skills of
sound, discerning business judgement and critical evaluation. The use of
professional skepticism in a complex scenario is a necessary skill for the trusted
business professional. The ethical implications of complex scenarios will be both at
the organizational level and at the personal level for individuals. Professional
skepticism and ethical judgement are paramount whether the accountant be in
public practice or in business. The importance of ethical practice is reflected in
ethics being covered in its own specific syllabus area as well as featuring in the
integrated learning outcomes. Social responsibility, sustainability and environmental
matters, identifying earnings manipulation and creative accounting are included as
these areas require higher skills of judgement and evaluation. The ethical codes
referenced will be those issued by IESBA and ICAB.

SPECIFICATION GRID
This grid shows the relative weightings of subjects within this module and should guide the
relative study time spent on each. Over time the marks available in the assessment will be
within the ranges of weightings below, but slight variations may occur in individual
examinations to enable suitably rigorous questions to be set.

SYLLABUS AREA WEIGHTING

Corporate Reporting Compliance 45-55%
Corporate Reporting Financial Statement Analysis
10-15%

Audit and Assurance 30-40%

Ethics 5-10%

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 The following learning outcomes should be read in conjunction with the relevant sections
of the technical knowledge grids from at the end of this document. CORPORATE
REPORTING COMPLIANCE

Students will be able to formulate, implement and evaluate accounting and reporting policies
for single entities and groups of varying sizes and in a variety of industries. They will be able
to discern and formulate the appropriate financial reporting treatment for complex
transactions and complex scenarios. Students will be able to evaluate and apply technical
knowledge from individual accounting standards and apply professional skills to integrate
knowledge where several accounting standards are simultaneously applicable and interact.

In the assessment, students may be required to:

PRINCIPLES

explain the impact of accounting principles and bases of measurement in corporate

reporting, for example fair value measurement;

appraise corporate reporting regulations, and related legal requirements, with

respect to presentation, disclosure, recognition and measurement. Appraise
relevant financial reporting regulations of BSEC, FRC, BB, IDRA, RJSC etc.

Formulate and evaluate accounting and reporting policies for branch and liaison
entities considering BIDA and BB regulations.

explain and appraise accounting standards that relate to the impact of changes in
accounting policies and estimates;

explain and evaluate the impact of underlying assumptions on financial statements;

and identify and explain current and emerging issues in corporate reporting.

REPORTING PERFORMANCE

explain how different methods of recognizing and measuring assets and liabilities
can affect reported financial performance;

explain and appraise accounting standards that relate to reporting performance:

in respect of presentation of financial statements; revenue; operating segments;

continuing and discontinued operations; EPS; interim reporting;

formulate and evaluate accounting and reporting policies for single entities and
groups of varying sizes and in a variety of industries; and

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 calculate and disclose, from financial and other qualitative data, the amounts to be

applicable financial reporting standards and accounting and reporting policies.

ASSETS AND NON-FINANCIAL LIABILITIES

explain how different methods of recognizing and measuring assets and liabilities
can affect reported financial position, and explain the role of data analytics in
financial asset and liability valuation; and

explain and appraise accounting standards that relate to assets and non-financial
liabilities for example: property, plant and equipment; intangible assets, held-for-
sales assets; inventories; investment properties; provisions and contingencies.

FINANCING

determine and calculate how different methods for recognizing, measuring and
classifying financial assets and financial liabilities can impact upon reported
performance and position;

with respect to banks and financial institutions, determine and calculate the impact of

classifying financial assets and financial liabilities on reported performance and

position;

with respect to insurance companies, determine and calculate the impact of the
regulations of Insurance Development and Regulatory Authority concerning
methods of recognizing, measuring and classifying financial assets and financial
liabilities on reported performance and position;

appraise and evaluate cash flow measures and disclosures in single entities and
groups;

evaluate the impact of accounting policies and choice in respect of financing

decisions for example hedge accounting and fair values; and

explain
activities which include: financial instruments; leasing; cash flows; borrowing costs;
and government grants.

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 EMPLOYEE REMUNERATION
explain how different methods of providing remuneration for employees may impact
upon reported performance and position; and
explain and appraise accounting standards that relate to employee remuneration
which include different forms of short-term and long-term employee compensation;
retirement benefits; and share-based payment.
Explain and appraise the accounting and financial reporting implications of relevant
provisions of Bangladesh Labour Act, 2006 and the Bangladesh Labour Rules, 2015
that relate to various forms of worker compensations and retirement benefits.
GROUPS

identify and show the criteria used to determine whether and how different types of
investment are recognized and measured as business combinations;

identify and analyses common control transactions, methods of accounting and

reporting for different types of common control transactions;

appraise the accounting for goodwill impairment testing and financial reporting; and

calculate and disclose, from financial and other data, the amounts to be included in
ated financial statements in respect of its new, continuing and
discontinued interests (which include situations when acquisitions occur in stages
and in partial disposals) in subsidiaries, associates and joint ventures.

REPORTING TRANSACTIONS AND BALANCES IN FOREIGN CURRENCIES AND

OPERATIONS

determine and calculate how exchange rate variations are recognized and
measured and how they can impact on reported performance, position and cash
flows of single entities and groups; and

demonstrate, explain and appraise how foreign exchange transactions are

measured and how the financial statements of foreign operations are translated.

TAXATION

explain, determine and calculate how current and deferred tax is recognized and
appraise accounting standards that relate to current tax and deferred tax.

Explain and appraise the current and deferred tax consequence of various
accounting standards such as IFRS 16, IFRS 15 etc. in light of the Income Tax
Ordinance, 1984.

Explain and calculate the disclosure regarding effective tax reconciliation in the
context of Income Tax Ordinance, 1984.

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CORPORATE REPORTING FINANCIAL STATEMENT ANALYSIS

Students will be able to analyses, interpret, evaluate, and compare financial statements
of entities both over time and across a range of industries.

In the assessment, students may be required to:

FINANCIAL STATEMENT ANALYSIS

appraise the nature and validity of financial and non-financial information included
in published financial statements including how these correlate with an
understanding of the entity;

appraise the nature and validity of information disclosed in annual reports,

including integrated reporting and other voluntary disclosures, including those
relating to natural capital sustainability and climate change;

appraise the limitations of financial analysis;

analyses and evaluate the performance, position, liquidity, efficiency and solvency
of an entity through the use of ratios and similar forms of analysis including using
quantitative and qualitative data;

interpret the potentially complex economic environment in which an entity operates

and its strategy based upon financial and operational information contained within
the annual report (for example: financial and business reviews, reports on
operations by management, corporate governance disclosures, Climate-related
Financial Disclosures, financial summaries etc.);

appraise the significance of inconsistencies and omissions in reported information

in evaluating performance using audit data analytics software;

g. compare the performance and position of different entities allowing for

inconsistencies in the recognition and measurement criteria in the financial
statement information provided;

evaluate the performance of an entity using accounting information in data

analytics software using appropriate data analysis tools, including
spreadsheets, to interpret and present conclusions;
construct adjustments to reported earnings in order to determine
underlying earnings and compare the performance of an entity over time;

analyses and evaluate business risks and assess their implications for corporate
reporting;

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 analyses and evaluate financial risks (for example financing, currency and interest
rate risks) and assess their implications for corporate reporting; and

compare and appraise the significance of accruals basis and cash flow reporting.

Appraise the financial statements disclosure requirements considering the

Securities and Exchange Rules, 1987 including the relevant regulations of the
Bangladesh Securities and Exchange Commission. For example, such disclosures
will include reconciliation of cash flow, EPS, Net Operating Cash Flows Per Shares,
Net Assets Value etc.
Audit and Assurance:

Students will be able to explain the processes involved in planning an audit, evaluating
internal controls, appraising risk, gathering evidence and drawing conclusions in
accordance with the terms of the engagement. In addition, they will be able to perform a
range of assurance engagements and related tasks.

In the assessment, students may be required to:

AUDIT AND ASSURANCE

Students will be able to explain the processes involved in planning an audit, evaluating internal
controls, appraising risk including analyzing quantitative and qualitative data, gathering evidence
and drawing conclusions in accordance with the terms of the engagement. In addition, they will
be able to perform a range of assurance engagements and related tasks.

In the assessment, students may be required to:

PROFESSIONAL PRACTICE

appraise and explain the role and context of auditing;

explain the nature and purpose of quality assurance (both at the level of the firm
and the individual audit) and assess how it can contribute to risk management; and

evaluate and explain current and emerging issues in auditing including

developments in the use of technology (e.g., Climate-related Financial disclosures,
big data, data analytics and artificial intelligence).

PLANNING
identify the components of risk and how these components may interrelate;

appraise the entity and the, potentially complex, economic environment within
which it operates as a means of identifying and evaluating the risk of material
misstatement;

identify the risks, including analyzing quantitative and qualitative data, arising from,
or affecting, a potentially complex set of business processes and circumstances
and assess their implications for the engagement;

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 identify significant business risks (including those arising from cyber security and
technological advances including cloud computing, cryptocurrencies and robotic
process automations) and assess their potential impact upon the financial
statements and the audit engagement;

evaluate the impact of risk and materiality in preparing the audit plan, for example
the nature, timing and extent of audit procedures;

determine analytical procedures, where appropriate, at the planning stage using

technical knowledge of corporate reporting, data analytics software and skills of
financial statement analysis;

evaluate the components of audit risk for a specified scenario using data analytics
software when appropriate, including the interactions of inherent risk, control risk
and detection risk, considering their complementary and compensatory nature;

interrogate an or
identify audit risks communicate with the audit team;

show professional skepticism in assessing the risk of material misstatement,

having regard to the reliability of management;

evaluate, where appropriate, the need for, and extent of reliance to be placed on
expertise from other parties to support audit processes including when to challenge
the extent and working practices of other parties; and

prepare, based upon planning procedures, an appropriate audit strategy and

detailed audit plan or extracts.

INTERNAL CONTROL SYSTEMS

analyses and evaluate the control environment for an entity based on an understanding
of the entity, its operations and its processes;

processes for identifying, assessing and responding to business and

operating risks as they impact on the financial statements;

relevant to corporate reporting and communication including virtual arrangements and

cloud computing;
analyses and evaluate strengths and weaknesses of preventative and detective control
mechanisms and processes, highlighting control weaknesses; including weaknesses
related to cyber security and corporate data controls;
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3. evaluate controls relating to information technology and e-commerce; including controls
associated with cyber security and corporate data security;

al control
systems; and

devise, explain and evaluate tests of controls.

CORPORATE GOVERNANCE

describe and explain the nature and consequences of corporate governance and
accountability mechanisms in controlling the operating and financial activities of
entities of differing sizes, structures and industries;

explain the rights and responsibilities of the board, board committees (eg, audit and
risk committees), those charged with governance and individual executive and non-
executive directors, with respect to the preparation and audit of financial
statements. Explain their responsibilities considering regulations currently prevailing
in Bangladesh.

describe and explain the rights and responsibilities of stakeholder groups (eg,
executive management, bondholders, government, securities exchanges,
employees, public interest groups, financial and other regulators, institutional and
individual shareholders) with respect to the preparation and audit of financial
statements;

evaluate and appraise appropriate corporate governance mechanisms;

explain and evaluate the nature and consequence of relevant corporate governance
codes and set out the required compliance disclosures;

explain the principles, practices and disclosures of corporate governance;

explain the respective responsibilities of those charged with governance and

auditors for corporate risk management and risk reporting;

explain the respective responsibilities of those charged with governance and

auditors in respect of internal control systems;

explain and evaluate the role and requirement for effective two-way communication
between those charged with governance and auditors; and

describe and explain the roles and purposes of meetings of boards and of
shareholders.

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 AUDIT EVIDENCE
explain and evaluate the relationship between audit risk and audit evidence;

determine audit objectives for each financial statement assertion;

determine for a particular scenario what comprises sufficient, appropriate audit

evidence;

design and determine audit procedures in a range of circumstances and scenarios,

for example identifying an appropriate mix of tests of controls, analytical procedures
and tests of details;

apply professional skepticism to the process of gathering audit evidence and

evaluating its reliability including the use of client-generated information and external
market information and audit data analytics software;

demonstrate how professional skepticism should be applied to the process of

gathering audit evidence and evaluating its reliability including the use of client-
generated information and external market information in data analytics;

demonstrate and explain, in the application of audit procedures, how relevant ISAs
affect audit risk and the evaluation of audit evidence;

evaluate, applying professional judgement, whether the quantity and quality of

evidence gathered from various audit procedures, including interpreting and
extrapolating the results of sampling, analytical procedures and data analytics, is
sufficient to draw reasonable conclusions;

prepare appropriate audit documentation; and

recognize issues arising whilst gathering assurance evidence that should be

referred to a senior colleague or other specialist.

Reporting and concluding

appraise the appropriateness of the going concern basis of accounting and
evaluate relevant going concern disclosures;
appraise and assess the significance of events after the reporting period;
evaluate, quantitatively and qualitatively using analytical procedures and appropriate
data analysis tools, the results and conclusions obtained from audit procedures;
conclude and justify the nature of the report on an audit engagement, and
formulate an opinionfor a statutory audit, which are consistent with the results of
the audit evidence gathered;
compose suitable extracts for reports (for example any report to the
management or those charged with governance issued as part of the
engagement); and

misstatements in this information and material inconsistencies with the financial

statements.
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 a. .
ASSURANCE ENGAGEMENTS

explain the nature of a range of different assurance engagements including those

relating toenvironmental and sustainability disclosures;

evaluate the evidence necessary to report at the appropriate level of assurance;

evaluate the evidence necessary to execute certification on remittance of

dividends, royalty, technical know-how fee, technical assistance fee, application for
grant of loans and advances (i.e. Form L) in light of the Foreign Exchange
Regulations Act, 1947, the regulations of Bangladesh Investment Development
Authority (BIDA) and Bangladesh Bank;

evaluate risk in relation to the nature of the assurance engagement and the entity
or process for a given scenario; and

design and determine procedures necessary to attain the relevant assurance

objectives in a potentially complex scenario.

OTHER ENGAGEMENTS

evaluate the role of internal audit and design appropriate procedures to achieve
the planned objectives;

appraise and explain the nature and purposes of forensic audit and prepare and
plan procedures required to achieve a range of differing objectives;

explain the roles and responsibilities that auditors may have with respect to a
variety of different types of information and design procedures sufficient to achieve
agreed objectives; and

explain the nature and purposes of due diligence procedures (for example:
financial, commercial, operational, legal, tax, human resources) and plan
procedures required to achieve a range of differing financial objectives.

AUDIT AND CORPORATE REPORTING INTEGRATED LEARNING OUTCOMES

Students will be able to evaluate corporate reporting policies, estimates and disclosures in a
scenario to be able to assess whether they are in compliance with accounting standards and
are appropriate in the context of audit objectives.

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In the assessment, students may be required to:

INTEGRATED LEARNING OUTCOMES

identify and explain corporate reporting and assurance issues in respect of social
responsibility, sustainability and environmental matters for a range of stakeholders;
critically evaluate accounting policies choices and estimates, identifying issues of
earnings manipulation and creative accounting; and
critically appraise corporate reporting policies, estimates and measurements for
single entities and groups in the context of an audit.

Design, test and evaluate management override of controls comprising test of

journal entries, accounting estimates and significant unusual transactions.

ETHICS

Students will be able to identify and explain ethical issues. Where ethical dilemmas arise,
they will be able to recommend, justify and determine appropriate actions and ethical
safeguards to mitigate threats. In the assessment, students may be required, in the context
of corporate reporting and auditing, to:
a. ETHICS

identify and explain ethical issues in reporting, assurance and business scenarios;

explain the relevance, importance and consequences of ethical issues (in light of ICAB
Codes and IESBA Codes);

evaluate the impact of ethics on a reporting entity, relating to the actions of stakeholders;

recommend and justify appropriate actions where ethical and professional conduct
issues arise in a given scenario; and

design and evaluate appropriate safeguards to mitigate threats and provide resolutions
to ethical problems.

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 ICAB Syllabus (2023)
Advanced Level

Strategic Business Management and Leadership

Module Aim

To enable students to demonstrate quantitative and qualitative skills, in order to make

realistic business recommendations in complex scenarios. Business awareness will need
to be demonstrated at strategic, operating and transactional levels.

To achieve this aim, students will be required to use technical knowledge and professional
judgement to apply appropriate models and to analyses quantitative and qualitative data
from multiple sources, including corporate reports, to evaluate alternatives and determine
appropriate solutions.

On completion of this module, in a national or global context, and for a range of different
business structures and industry scenarios, students will be able to:

analyses and identify the external environment and internal strategic capability
of an entity; evaluate the consequences of strategic choices; recommend
strategies to achieve stakeholder objectives, recommend appropriate methods
of implementing strategies and monitoring strategic performance; manage
business risks; and advise on corporate governance.

identify and advise upon appropriate finance requirements; evaluate financial

risks facing a business and advise upon appropriate methods of measuring and
managing those risks; provide valuations for businesses and securities; and
advise upon investment and distribution decisions.

identify and explain ethical issues. Where ethical dilemmas arise, students will
be able to recommend and justify and determine appropriate actions and
ethical safeguards to mitigate threats.

interpret and apply corporate reporting information in evaluating business and

financial performance; recognize and explain the corporate reporting
consequences of business and financial decisions; apply corporate reporting
information in appropriate models to determine asset, equity and entity
valuations, demonstrating an understanding of the usefulness and limitations of
accounting information in this context.

appraise and explain the role of assurance in raising new equity and debt funding
and in the subsequent monitoring of such funding arrangements; understand,
explain and evaluate the role of assurance in selecting and implementing key
business decisions including acquisitions and strategic alliances; understand and
explain the role of assurance in financial and business risk management.

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 PRIOR KNOWLEDGE

This module assumes and develops the knowledge and skills acquired in the Financial
Accounting and Reporting module, the Business Strategy and Technology module and the
Financial Management module.

Background knowledge based upon the strategic elements of the Business Planning:
Taxation and the Audit and Assurance module will also be required in evaluating the
business and financial risks of reporting entities.
Ethics

Ethical codes will be those issued by IFAC and the ICAB. The ethical implications will be
at both the organizational level and for individuals, particularly with respect to the
accountant in business.

METHOD OF ASSESSMENT

The Strategic Business Management module will be examined using a paper-based

assessment of 3.30 hours.. Each exam will contain questions requiring integration of
knowledge and skills, including ethics. The exam will consist of two questions and Ethical
issues and problems could appear in either question.

ETHICS AND PROFESSIONAL SCEPTICISM

Ethical thinking must be at the forefront of the strategic business awareness that students
will be demonstrating. Students will be considering notions of stakeholder impact and scope

as well as appropriate safeguards within a specific learning outcome. Over and

above this, recommendations relating throughout the syllabus will only by definition
be valid if they fulfil fundamental requirements of being fair and just. This is guided
by specific focus across a range of considerations from social responsibility and
sustainability to transparency. Professional skepticism will need to be evidenced in
complex scenarios, recognizing bias and gaps in evidence.
SPECIFICATION GRID

The grid below shows the relative weightings of subjects within this module and should
guide the study time spent on each. Over time the marks available in the assessment
will be within the ranges of weightings below, while slight variations may occur in
individual assessments to enable suitably rigorous questions to be set.
Syllabus area Weighting (indicative %)
Business Strategy, Management and Leadership 30-40
Financial Strategy
25-35
Financial Structure and Financial Reconstruction
Financial Instruments and Financial Markets
Corporate Reporting 15-20
Assurance 10
Ethics 5-10

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BUSINESS STRATEGY, MANAGEMENT AND LEADERSHIP

Students will be able to analyses and identify the external environment and internal
strategic capability of an entity; evaluate the consequences of strategic choices;
recommend strategies to achieve stakeholder objectives, recommend appropriate methods
of implementing strategies and monitoring strategic performance; measure and manage
business risks; and advise on corporate governance. Students will also be able to apply
corporate reporting and assurance principles and practices in the context of key business
decisions and events.

In the assessment, students may be required to:

STRATEGIC ANALYSIS

describe and explain the strategic objectives of an entity considering the interests
of stakeholders;

analyses and evaluate, for a given scenario, the external economic, market and

identify and evaluate the significance of the internal organizational and operational

chosen strategic objectives, (including core competencies, existing business

processes, human capital and workforce flexibility);

financial perspective and a non-financial perspective, using a variety of internal and

external information sources;

demonstrate how strategic analysis tools can be used in a complex scenario;

demonstrate how business strategy and financial strategy can interrelate in a

complex scenario;

evaluate and advise upon the strategic capability of an entity;

evaluate strategy at corporate, business unit and operational levels; and

analyses and evaluate current technology developments including those relating to

big data, internet of things, digital assets, automation, intelligent systems,
distributed ledger technology e.g., block-chain and cryptocurrencies.

explain, demonstrate and evaluate how data from multiple sources can be selected,
captured and analyzed to provide management information, recognizing the causes and
effects of different types of data bias, data omissions. data limitations and data trends and
applying an appropriate degree of professional skepticism;

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financial and non-financial data, presented in different formats, applying appropriate
statistical and data analysis tools; and
explain and evaluate the causes and effects of different types of data distributions
and data trends using appropriate statistical and data analysis tools, including the
implications for business risk; determining and explaining sensitivity in a range of
scenarios.
Strategic choices:
a. assess, advise on and propose appropriate business strategies to meet stated objectives;
b. identify and evaluate business unit strategies to achieve sustainable competitive
advantage;
c. explain and demonstrate how financial and non-financial data can be analyzed in order to
select an optimal business strategy, including the impact of big data on business models;
d. explain and demonstrate how strategic business models can be used in a given scenario,
to identify factors that a business can consider in choosing between competing strategies;

explain international strategies; appraise international value chains and markets;

including the concepts of globalization and the borderless business; and show the
impact on individual and group financial statements of changes in foreign exchange
rates; and
evaluate digital strategies, including the use of cloud accounting, digital assets,
automation, artificial intelligence, machine learning and robotic process automation;
explain and demonstrate how management information can be used to select from
proposed strategies, taking account of limitations of data, including data bias, and
structure, assimilate and evaluate historic and estimated data in appropriate ways,
using appropriate statistical and data analysis tools, to support business decisions.

STRATEGIC IMPLEMENTATION

demonstrate and explain the impact of acquisitions and strategic alliances in

implementing corporate strategy and evaluate the nature and role of
assurance procedures in selecting and monitoring such strategies;

evaluate and explain the relationship between business strategy and

organizational structure;

evaluate and explain the impact of partial sell off, demerger, equity carve outs
and management/leveraged buyouts in implementing corporate strategy;

explain the impact of long outstanding pending taxation and other litigation
during business takeover;

explain and evaluate the nature and methods of change management

and advise on the implementation of change in complex scenarios;

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 demonstrate and explain the techniques that may be used in implementing a
strategy to reduce costs, for example supply chain management, business
process re-engineering and outsourcing;

evaluate, in a given scenario, the functional strategies necessary to achieve a

develop business plans and proposals and advise on technical issues relating
to business and organizational plans, assessing the impact on historic and
projected corporate reporting information;

demonstrate an understanding of, and provide advice on, data security issues,
including cyber security issues, arising from communications, shared systems
and data sharing throughout the supply chain and with strategy partners; and

identify and explain barriers to implementation of digital strategy and make

recommendations as to how they may be overcome.

STRATEGIC PERFORMANCE MANAGEMENT

advise on, and develop, appropriate performance management approaches for

businesses and business units, including the use of data analytics;

explain and demonstrate how a business can analyses complex, quantitative and
qualitative data from multiple sources to provide strategic management accounting
information to implement, monitor and modify a strategy at an appropriate organizational
level in order to create competitive advantage;

use financial and non-financial performance data from a variety of sources, including
integrated reporting disclosures, to measure multiple aspects of performance at a variety of
organizational levels;

advise on, and develop, appropriate remuneration and reward packages for staff and
executives linked to performance, considering agency relationship issues; and evaluate the
impact on corporate reports arising from employee remuneration, including pensions and
share-based payment; and

e. develop measures to evaluate performance in the context of social responsibility,

sustainability, environmental matters, natural capital and climate change.
f. set out and explain assurance procedures for qualitative and quantitative
disclosures relating to social responsibility, sustainability, environmental matters and
demonstrate how effective assurance can benefit stakeholders and the public interest.

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STRATEGIC MARKETING AND BRAND MANAGEMENT

assess strategic marketing issues and demonstrate the application of quantitative

and qualitative marketing techniques in complex scenarios;

evaluate and analyses markets and the marketing environment and develop a
marketing strategy consistent with the overall business strategy;

explain, using information provided, how to position particular products and

services in the market place (domestic or international) to maximize competitive
advantage, and assess thecorporate reporting impact arising from revenue and
profit recognition in accordance;
demonstrate, across a range of industries, how elements of the marketing mix can
be used to promote competitive advantage;

develop and explain marketing strategies using databases, big data and information
technology applications such as social media and other internet sources;

develop and explain the strategies for managing and sustaining existing brands;

prepare marketing strategies and show how they can be used to develop brands;
and

demonstrate how appraisal techniques can be used for valuing brands, patents,
R&D projects and intellectual property and evaluate relevant corporate reporting
recognition and measurement for Intangible Assets.
analyses and evaluate the key types of business risks using relevant quantitative and
qualitative data and assess their implications within a given scenario, for business
strategy and corporate reporting disclosures;

advise on the risks involved in business and organizational plans and show how
these risks can be managed by assurance procedures and other forms of risk
mitigation including managing the strategic, operating and financial risks arising from
climate change;

explain the responsibility of those charged with governance for managing risk and
assess the role of assurance in risk mitigation;

assess the impact of risk on a variety of stakeholders;

explain and assess the various steps involved in constructing a business risk
management plan, by establishing context, identifying risks and the assessment and
quantification of risk;

evaluate and explain the limitations of business risk management; and

assess and explain enterprise risk management, evaluating its framework and its
benefits; and analyses, structure and assimilate data provided to evaluate
business risks under a range of complex scenarios using appropriate

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 statistical and data analysis tools, recognizing various types of data bias in a
variety of scenarios

CORPORATE GOVERNANCE

assess the nature of governance and the explain the characteristics and principles
of good governance in a variety of scenarios;

assess the interests and impact of organizational stakeholders in determining

strategy and the consequences for stakeholders of strategic choices; including
responsibilities to stakeholders for environmental, social and governance (ESG)
policies;

evaluate the impact of governance mechanisms on a range of stakeholders;

assess and advise on appropriate corporate governance mechanisms, and

evaluate stakeholder management;

analyses and evaluate the strengths and weaknesses of corporate governance

mechanisms and processes; including governance over data;

responsibility, sustainability and environmental matters and advise on corporate

reporting disclosures relating to these policies;

evaluate the suitability of corporate governance and organizational structures for

implementing strategy;

explain the role of boards in monitoring corporate performance and risk, and
assess the role of assurance procedures in this context; and

explain the nature, and assess the consequences, of the legal framework within
which businesses, assurance and governance systems operate (with particular
reference to company law, fraud, money laundering, civil liabilities, social security
law, employment law, contract law, tort and environmental law).

a. undertake appropriate quantitative and qualitative data analysis, statistical

analysis, business analysis and financial statement analysis;

b. explain financial and operational data and other management information, drawing
inferences relating to its completeness, accuracy and credibility, as a basis for a
meaningful analysis of the position, future prospects and risks for a business;

c. demonstrate how suitable financial, strategic and operational analysis techniques

can be used to analyses financial and operational data and to evaluate business
position, prospects and risks, including the analysis and ben
artificial intelligence and machine learning
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 d. communicate an explanation (stating any reservations regarding transparency and
objectivity of data and information) of the position, prospects and risks of a business,
based on analysis of financial and operational data and information, including data
analytics and assess the extent to which limited assurance and reasonable assurance
engagements can identify and mitigate information risks in this context;

a. apply professional skepticism to data sources and data capture in interpreting

quantitative andqualitative information;
b. analyses, structure and assimilate historic and forecast data provided to
evaluate performance, position and risk using relevant statistical tools, data
analysis and spreadsheets, recognizing the sensitivity of forecasts to
underlying assumptions and changes in estimates; and
c. assimilate, structure and analyses transactions and other granular data
provided, using spreadsheets.

1 INFORMATION STRATEGY

outline proposals and advise on outline requirements for information technology

applications to support business strategy, for example in the context of e-
commerce, e-business, virtual arrangements, artificial intelligence, digital assets
and cloud computing, including assurance issues in relation to data security;

use management accounting information (for example, costs, prices, budgets, transfer
prices) and management accounting tools (for example, break-even, variances, limiting
factors, expected values, ABC, balanced scorecard) to evaluate short and long-term aspects
of strategy;

explain and appraise how management information systems can provide

relevant quantitative and qualitative data to analyses markets, industry and
performance, including the capture and analysis of big data;

demonstrate and explain methods for determining the value of information in

the context of developing an information strategy;

assess financial and operational data and information from management

information systems, drawing inferences relating to its completeness, accuracy
and credibility, and provide an evaluation of assurance procedures in
evaluating information risks, including those relating to cyber security;

demonstrate and explain how businesses capture, analyses and utilize information
to develop competitive advantage;

evaluate the impact of cloud computing and the borderless business on

the provision of strategic management information, including the use of
cryptocurrencies;
explain and appraise corporate strategies for ensuring security of data and
preventions of attacks against data in the context of cyber security; and
explain the impact of regulations relating to data security (e.g., GDPR) including the issues
incurred in complying with such regulation.

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 explain the impact of regulations relating to cryptocurrencies (e.g. Bangladesh
Bank Regulations) including the issues incurred in complying with such regulation.

HUMAN RESOURCE MANAGEMENT

assess, explain and advise on the role of human resource management in

implementing strategy;

demonstrate and explain how human resource management can contribute to

business strategy, including flexible workforce management;

identify the impact of remuneration structures on organizational behavior and

other aspects of human resource management, and show the corporate reporting
consequences; and

demonstrate and explain the role and impact of human resource management in
change management.
Students will be able to identify and advise upon appropriate finance requirements; evaluate
financial risks facing a business and advise upon appropriate methods of managing and
quantifying those risks; provide valuations for businesses and securities; and advise upon
investment and distribution decisions. Students will also be able to apply corporate reporting
and assurance principles and practices in the context of key financing decisions and events.

In the assessment, students may be required to:

FINANCE AWARENESS

demonstrate and explain the financing alternatives available for projects and
assets, and make informed choices as to which alternative is the most compatible
with the overall financial strategy of the entity, showing the corporate reporting

consequences relating to presentation, disclosure, recognition and measurement

of projects and their financing;

assess and explain current and emerging issues in finance;

identify social responsibility, sustainability and environmental factors for a range of

financial stakeholders, including sustainable development goals , natural capital
and green finance, and assess assurance and corporate reporting issues relating
to such factors;

explain how financial crises, which have occurred in the past over a long time
period, may impact on approaches and attitudes to financial risk and may inform
corporate reporting practice; and

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 explain the role and impact of the finance function as a business partner
BUSINESS AND SECURITIES VALUATION

explain, advise on and demonstrate appropriate valuation methods for businesses

and equity securities using: asset-based; adjusted earnings-based; and cash-based
methods (for example SVA, EVAR, VBM, MVA and other appropriate techniques);

explain the key aspects of the International Valuation Standards (IVS) and its
application in Bangladesh context.

critically appraise the decision on sale of common shares versus the sale of assets.

critically appraise business and securities valuation methods in the context of

specified complex scenarios, including the consideration of natural capital;

explain and demonstrate appropriate valuation techniques in the context of

acquisitions and mergers; assess the contribution of due diligence procedures; and
show the impact on corporate reports arising from acquisitions for groups in
consolidated financial statements;
explain and demonstrate appropriate valuation techniques in the context of
demergers and for disposal of entities and business units, and show the impact on
corporate reporting issues relating to discontinued operations; and

determine the value of debt and explain the techniques used.

analyses, structure and assimilate historic and forecast data provided to evaluate
the impact on valuations using data analysis, relevant statistical tools and
spreadsheets, recognizing the sensitivity of valuations to underlying assumptions
and changes in estimates.

CAPITAL STRUCTURE

appraise and evaluate the sources of finance and the process for raising finance;

advise on and develop proposals for determining the appropriate financing mix for
new businesses and projects;

explain and advise on issues relating to the cost of capital;

show and explain how dividend policy impacts upon equity value and upon
financing and investment decisions; and

appraise and explain how the choice of financing impacts on reported corporate
performance, and on the recognition and measurement of financial assets and
financial liabilities.

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 FINANCIAL RECONSTRUCTION

show and explain how financial reconstruction takes place and explain the
consequences of such reconstructions for corporate reporting;

appraise and evaluate feasibility for loan restructure/reschedule in the context of

Bangladesh;

appraise and evaluate financial reconstruction proposals in a given scenario, and

determine the nature and role of assurance procedures in this context;

explain the different reasons for refinancing, and demonstrate how companies in
financial distress can be managed, having regard to insolvency law;

explain and appraise the workings of, and reasons for, securitization, showing the
impact on financial statement information;

explain and appraise the nature and consequences of leveraged buy outs; and

appraise and evaluate various forms of reconstruction (for example, spin-off, MBO,
divestment, demergers, purchase of own shares, use of distributable profits),
explaining the corporate reporting impact.

appraise and explain the small and medium-sized enterprise financing problem;

appraise and evaluate the various methods of financing available to small and
medium-sized enterprises, and explain the nature and role of assurance for small
and medium-sized companies in raising such finance; and

assess and explain the characteristics of sources of equity for smaller companies
and the financial institutions operating in these markets (for example, venture
capital and private equity).
FINANCIAL INSTRUMENTS AND FINANCIAL MARKETS

EQUITY INSTRUMENTS

assess and explain the types of equity securities, and evaluate the implications for
disclosure, presentation, recognition and measurement in financial statements;

appraise and explain the characteristics of equity markets and the financial
institutions operating in these markets; and

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 analyses and evaluate the cost of equity, portfolio theory and the use of
appropriate asset pricing models, applying principles of financial economics.
FIXED INTEREST

explain the types of fixed interest securities and evaluate the implications for
disclosure, presentation, recognition and measurement in financial statements;

appraise and explain the characteristics of bond markets and the financial
institutions operating in these markets;

appraise and evaluate the use of bonds/ loans as a method of finance, and
explain the implications of terms included in loan agreements in a given scenario
(for example, covenants and guarantees) and the explain the procedures by
which monitoring and assurance can be provided in respect of such agreements;

explain and appraise bond valuation techniques and assess flat and gross
redemption yields;

explain and appraise yield curves, sensitivity to yield and components of the yield;

evaluate and explain interest rate risk; and

appraise and evaluate credit risk and credit spread.

explain the types of derivative securities and evaluate the implications for
disclosure, presentation, recognition and measurement in financial statements;

assess and explain the characteristics of derivative markets and the financial
institutions operating in these markets; and

appraise and evaluate the characteristics of forwards, futures, options, swaps,

credit derivatives.
FINANCIAL RISK MANAGEMENT

a. analyses and evaluate financial risks and their implications (for example financing,
currency and interest rate risks) and show the application of qualitative and
quantitative risk disclosures
for financial instruments and other corporate reporting disclosures relevant to
risk assessment;

appraise and advise on appropriate methods to assess, manage and quantify

financial risk in specific business scenarios;

explain and appraise impact of currency fluctuation on cross-border

investment as well as forecast;

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 explain and appraise financial instruments available for hedging against interest
rate and foreign exchange rate risk, for example, swaps, collars and floors;

demonstrate and explain the nature and operation of financial instruments

underlying the disclosure, recognition and measurement requirements in financial
statements and

demonstrate and explain how interest rate hedging strategies and foreign
currency risk management strategies can be formulated, both at the level of the
individual transaction and for macro hedging arrangements.
explain and demonstrate the causes and effects of different types of data bias and
data distributions in evaluating financial risks, using appropriate statistical data
analysis and spreadsheets.

INTERNATIONAL FINANCIAL MANAGEMENT

a. explain and appraise the various methods of financing available for foreign
investments and evaluate the implications for disclosure, presentation, recognition
and measurement of changes in foreign exchange rates in financial statements;

b. appraise and explain global treasury organisation and international liquidity

management;

appraise and evaluate the factors affecting the capital structure of a multinational
company;

explain and appraise the advantages and risks associated with international borrowing;
demonstrate and explain the risks associated with international trade and the ways in
which these risks can be managed, and assess the nature and role of assurance procedures
in mitigating risk and the financial reporting consequences of currency hedging;
appraise and evaluate the different methods open to multinationals wishing to set up
foreign operations and the choices of finance available, identifying tax and corporate
reporting consequences;

appraise and evaluate the different methods open to foreign entities wishing to set up
business in Bangladesh, identifying tax, foreign exchange (dividends, royalties, technical
fees, franchise fees, expatriate employees, remittances, etc.), incorporation procedures,
legal structure and corporate reporting consequences;

assess and explain the impact of exchange controls and how companies can overcome
the effects of these controls;

I appraise and evaluate the management of dividends in multinational organisations; and

j. appraise and evaluate the management of transfer prices in multinational organisations

and the implications for reported profit and tax.

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[Link] APPRAISAL

select and advise on investment appraisal techniques which are appropriate to

the objectives and circumstances of a given business;

appraise and advise on appropriate measures of return and risk for assessing
business projects using appropriate statistical tools, data analysis and
spreadsheets;

demonstrate and evaluate investment appraisal techniques for international

projects, identifying the impact of tax and the effects on corporate reporting;

explain and appraise real options and determine the impact of options to
abandon, expand, delay and redeploy;

appraise and evaluate the quantitative and qualitative issues surrounding

international investment appraisal;

evaluate the impact of externalities when making investment appraisal

decisions; and

identify social responsibility, sustainability and environmental consequences

of investment decisions, explaining corporate reporting issues in relation to such
policies.
22. LEADERSHIP

strategy in the contemporary business environment.

the responsibility of leaders for strategic decisions.

strategic decision making.

the development of an organization's strategy and the roles of management and

leadership that drive the development of the strategy.

intrapreneurship.
and
the role of the accountant in the implementation and leadership functions.

of real-world examples integrated throughout the material, and apply these concepts
to business case scenarios through the use of a case studies.

consideration and application in their organizational environment.

[Link] AND WORKING CAPITAL MANAGEMENT

a. demonstrate and explain the role and responsibilities of the treasury

management function;

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 demonstrate and explain the role of treasury management in short-term
finance, short-term investment and liquidity risk;

appraise and evaluate the contribution of working capital management to short

term and long term financing;

evaluate the risks arising from working capital management and how these may be
mitigated;
evaluate and explain working capital requirements for a range of different
organizations and circumstances;

demonstrate and explain the nature and role of working capital management
within financial management; and

appraise, evaluate and advise with respect to working capital management

techniques.
ETHICS

In the assessment, students may be required to:

recognize and explain ethical and professional conduct issues;

explain the relevance, importance and consequences of ethical issues;

use of data;
evaluate the impact of ethics on an entity, its stakeholders and the scope of its
strategies and operations considering the public interest;
recommend and justify appropriate actions where ethical dilemmas arise in a
given scenario; and

design and evaluate appropriate ethical safeguards.

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 ICAB Syllabus (2023)
Advanced Level

Case Study (No change is made)

Module aim
To ensure that candidates can provide advice in respect of complex business issues in the
form of a written report.
The objective of the Ca
business issues and the ability to analyses financial and non-financial data, exercise
professional and ethical judgement, and develop conclusions and recommendations.
Case Study format
The Case Study scenario may be based on any one of a variety of different organizational
structures or operations. Candidates will be provided with advance information on the
organization and its business environment ahead of the exam.
This information will not give specific indication of the eventual requirements of the Case
Study. Candidates will be expected to familiarize themselves with the information provided
about the organization and the industry in which it operates, undertaking some additional
analysis and research. Candidates may take the results of their work into the examination
room.
Assessment
The Case Study will not require the detailed computations needed for the Certificate,
Professional and Advanced Levels; but candidates will be required to undertake financial
and business analysis.
Requirements will be open in that there will be no predetermined correct answers to the
Case Study. All areas of the syllabus may be tested over time 4:30 hours.
Preparation and approach to the case
The Case Study is designed to reproduce a typical situation in which chartered
accountants find
themselves. This will involve using information arising from meetings and communicated in
memoranda, letters or reports from a variety of business and professional advisors and
stakeholders. The situation will generally relate to a business plan or transaction and will
require preparation for the submission of a report.
The reality of such situations is that in drafting a report you would:
receive some materials in advance;
carry out some work beforehand and make use of it in the report;
include additional analysis in appendices to the report;
develop additional lines of enquiry as you assemble the report; and
expect to discuss and advise on relevant matters.
The limited class time available with a tutor, even when supplemented by extensive home
study, is insufficient for success in the Case Study. Candidates must bring work experience
into their preparation and development programme.
Success at the Case Study requires an integration of the technical knowledge and skills
acquired from all of the ACA modules, namely:

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the core technical knowledge and skills and practical application acquired at the Certificate and
Professional levels;
the technical, analytical, evaluative and integration skills from Corporate Reporting and Strategic
Business Management; and
the advisory, judgmental and communication skills acquired through practical work experience
undertaken during the training agreement.

- The End -

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