THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) · 2018-06-03 · Mr Osei Adjaye-Gyamfi Director,...
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Transcript of THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) · 2018-06-03 · Mr Osei Adjaye-Gyamfi Director,...
THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA)
Our Mission
To produce professional accountants of the highest quality, ready to provide cutting edge
services to their clients at all times and upholding the ethical values of the accountancy
profession.
Our Vision:
· To be premier institute of Chartered Accountants in Africa by:
· Having a technically competent and appropriate membership;
· Providing services of the highest professional standards to industry, commerce and
government;
· Being recognised for highest standards of competencies, integrity and excellence;
· Providing the best services to members and students; and
· Being accepted as an authoritative body in accountancy and financial matters.
Our Core Values:
· Competency: to display the highest professional competency in the technical
services rendered to the public, matching worldwide standards and measurable
through benchmarking with first class institutes.
· Integrity: to serve as trustworthy, dependable and respected in the conduct of our
duties, services and pronouncements relating to the profession.
· Excellence: to strive at all times to achieve excellence through continuous
improvement, benchmarking, research, technology, knowledge and expertise in
various fields and services provision to clients, members and students.
· Versatility: to proactively respond to changing times and challenges that are faced by
the profession, clients, members and students by maintaining a forward looking
posture that learns from the past and strives to anticipate and plan for future
developments.
Our Motto:
· Integrity
iTHE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA)
Our Mission
To produce professional accountants of the highest quality, ready to provide cutting edge
services to their clients at all times and upholding the ethical values of the accountancy
profession.
Our Vision:
· To be premier institute of Chartered Accountants in Africa by:
· Having a technically competent and appropriate membership;
· Providing services of the highest professional standards to industry, commerce and
government;
· Being recognised for highest standards of competencies, integrity and excellence;
· Providing the best services to members and students; and
· Being accepted as an authoritative body in accountancy and financial matters.
Our Core Values:
· Competency: to display the highest professional competency in the technical
services rendered to the public, matching worldwide standards and measurable
through benchmarking with first class institutes.
· Integrity: to serve as trustworthy, dependable and respected in the conduct of our
duties, services and pronouncements relating to the profession.
· Excellence: to strive at all times to achieve excellence through continuous
improvement, benchmarking, research, technology, knowledge and expertise in
various fields and services provision to clients, members and students.
· Versatility: to proactively respond to changing times and challenges that are faced by
the profession, clients, members and students by maintaining a forward looking
posture that learns from the past and strives to anticipate and plan for future
developments.
Our Motto:
· Integrity
iTHE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
iiiTHE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
THE MANAGEMENT
Philip K Sarfo
Finance Manager
Mr Eric Ofosu
HR Manager
Mr Nii Akwei Tetteh
Manager, AQM
Ms. Belinda Odonkor
Manager, AQM
Mr. O. Frimpong Heneh
Manager, Tech/Resedarch
Mr Emmanuel Arthur
Manager, Education Unit
Miss Abigail Armah
Manager, Marketing & PR
Mr. PTA Tsawe
Manager - Examinations
Mr Patrick Mensah
Director, Students Services
Mr. Augustine Addo
Director, Tech/Research
Mr Osei Adjaye-Gyamfi
Director, Members ServicesMr. Fred Moore
CEO
Mrs Pat Mankatah
Asst Manager,
Students Services
Mr. Samuel Ofosu
Asst Manager,
ICAG Kumasi
Nicholas Oclooo
Asst Manager,
ICAG Cape Coast/Takoradi
John Hanson
Asst Manager,
Business Development
Mr Ernest Denkyira
Manager, ICT
Mrs Cecilia KariKari
Asst. Manager - AQM
Akua Afrakoma Frimpong
Asst Manager Members Services
ii THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
MEMBERS OF COUNCIL 2012 - 2014
Mrs. Angela Peasah
President
Maj. Daniel Ablorh-Quarcoo (Rtd)
Member
Mr. Anthony Minlah
Member
Mr. Blessed Baffuor-Atta
Member
Mr. Christian Sottie
Member
Mr. Michael Asiedu-Antwi
Member
Dr. Williams Atuilik
Member
Ms. Rebecca Lomo
Member
Prof. Kwame Adom-Frimpong
Member
Prof. KB. Omane-Antwi
Vice President
Mad. Grace Francisca Adzroe
Member
iiiTHE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
THE MANAGEMENT
Philip K Sarfo
Finance Manager
Mr Eric Ofosu
HR Manager
Mr Nii Akwei Tetteh
Manager, AQM
Ms. Belinda Odonkor
Manager, AQM
Mr. O. Frimpong Heneh
Manager, Tech/Resedarch
Mr Emmanuel Arthur
Manager, Education Unit
Miss Abigail Armah
Manager, Marketing & PR
Mr. PTA Tsawe
Manager - Examinations
Mr Patrick Mensah
Director, Students Services
Mr. Augustine Addo
Director, Tech/Research
Mr Osei Adjaye-Gyamfi
Director, Members ServicesMr. Fred Moore
CEO
Mrs Pat Mankatah
Asst Manager,
Students Services
Mr. Samuel Ofosu
Asst Manager,
ICAG Kumasi
Nicholas Oclooo
Asst Manager,
ICAG Cape Coast/Takoradi
John Hanson
Asst Manager,
Business Development
Mr Ernest Denkyira
Manager, ICT
Mrs Cecilia KariKari
Asst. Manager - AQM
Akua Afrakoma Frimpong
Asst Manager Members Services
ii THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
MEMBERS OF COUNCIL 2012 - 2014
Mrs. Angela Peasah
President
Maj. Daniel Ablorh-Quarcoo (Rtd)
Member
Mr. Anthony Minlah
Member
Mr. Blessed Baffuor-Atta
Member
Mr. Christian Sottie
Member
Mr. Michael Asiedu-Antwi
Member
Dr. Williams Atuilik
Member
Ms. Rebecca Lomo
Member
Prof. Kwame Adom-Frimpong
Member
Prof. KB. Omane-Antwi
Vice President
Mad. Grace Francisca Adzroe
Member
1.0 President's Statement: ................................................................................................................................. 1
2.0 Council of the Institute: ................................................................................................................................. 5
2.1 The first Council:................................................................................................................................................. 5.
2.2 Past Presidents:................................................................................................................................................. 5
2.3 Members of Council (2012 – 2014):........................................................................................................... 6
2.4 Members of Council Sub-committees:.................................................................................................. 6
3.0 Reports of Standing Committees:............................................................................................................ 9
3.1 Publications & Public Relations Committee:..................................................................................... 9
3.2 Technical & Research Committee:........................................................................................................ 12
3.3 Professional Standards & Ethics Committee:................................................................................... 13
3.4 Audit Quality Monitoring:............................................................................................................................ 13
3.5 Examinations Committee:......................................................................................................................... 15
3.6 Education & Training Committee:.......................................................................................................... 16
3.7 Admissions Committee:............................................................................................................................. 20
3.8 Members Services Committee:.............................................................................................................. 21
3.9 Finance Committee:..................................................................................................................................... 25
Other Reports
3.10 The Secretariat:.............................................................................................................................................. 27
3. 11 ICAG School:................................................................................................................................................... 27
3. 12 Post-Chartered Diploma:.......................................................................................................................... 28
4.0 Financial Statements:................................................................................................................................... 29
1. Report of Auditor:................................................................................................................................................. 32
2. Statement of Comprehensive Income:..................................................................................................... 33
3. Statement of Financial Position:................................................................................................................... 34
4. Statement of Financial Cash Flows:............................................................................................................ 36
5. Notes to the Financial Statements:.............................................................................................................. 37
TABLE OF CONTENTS
vTHE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
THE INSTITUTE OF CHARTERED ACCOUNTANTS
(GHANA)
th50 AGM 2014
2013 Annual Reports & Financial Statements
iv THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
1.0 President's Statement: ................................................................................................................................. 1
2.0 Council of the Institute: ................................................................................................................................. 5
2.1 The first Council:................................................................................................................................................. 5.
2.2 Past Presidents:................................................................................................................................................. 5
2.3 Members of Council (2012 – 2014):........................................................................................................... 6
2.4 Members of Council Sub-committees:.................................................................................................. 6
3.0 Reports of Standing Committees:............................................................................................................ 9
3.1 Publications & Public Relations Committee:..................................................................................... 9
3.2 Technical & Research Committee:........................................................................................................ 12
3.3 Professional Standards & Ethics Committee:................................................................................... 13
3.4 Audit Quality Monitoring:............................................................................................................................ 13
3.5 Examinations Committee:......................................................................................................................... 15
3.6 Education & Training Committee:.......................................................................................................... 16
3.7 Admissions Committee:............................................................................................................................. 20
3.8 Members Services Committee:.............................................................................................................. 21
3.9 Finance Committee:..................................................................................................................................... 25
Other Reports
3.10 The Secretariat:.............................................................................................................................................. 27
3. 11 ICAG School:................................................................................................................................................... 27
3. 12 Post-Chartered Diploma:.......................................................................................................................... 28
4.0 Financial Statements:................................................................................................................................... 29
1. Report of Auditor:................................................................................................................................................. 32
2. Statement of Comprehensive Income:..................................................................................................... 33
3. Statement of Financial Position:................................................................................................................... 34
4. Statement of Financial Cash Flows:............................................................................................................ 36
5. Notes to the Financial Statements:.............................................................................................................. 37
TABLE OF CONTENTS
vTHE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
THE INSTITUTE OF CHARTERED ACCOUNTANTS
(GHANA)
th50 AGM 2014
2013 Annual Reports & Financial Statements
iv THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
1
P R E S I D E N T ' S
STATEMENT
MRS. ANGELA PEASAH PRESIDENT
THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
NOTICE is hereby given that the Annual General Meeting of the Members of the Institute of Chartered thAccountants (Ghana) will be held at the Accra International Conference Centre on the 16 of May, 2014
for the following business:
1. To receive and consider the report of Council, the Report of the Auditor and the
Financial Statements of the Institute for the year ended 31 December 2013.
2. To consider appointment of Auditor for the Institute.
3. To authorise Council to approve the remuneration of the Auditor.
4. To elect seven members into Council
By Order of the Council
Secretary
Dated this 28th day of April, 2014
NOTICE OF MEETING
vi THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
1
P R E S I D E N T ' S
STATEMENT
MRS. ANGELA PEASAH PRESIDENT
THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
NOTICE is hereby given that the Annual General Meeting of the Members of the Institute of Chartered thAccountants (Ghana) will be held at the Accra International Conference Centre on the 16 of May, 2014
for the following business:
1. To receive and consider the report of Council, the Report of the Auditor and the
Financial Statements of the Institute for the year ended 31 December 2013.
2. To consider appointment of Auditor for the Institute.
3. To authorise Council to approve the remuneration of the Auditor.
4. To elect seven members into Council
By Order of the Council
Secretary
Dated this 28th day of April, 2014
NOTICE OF MEETING
vi THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
3THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT2 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
3THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT2 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
2.0 COUNCIL OF THE INSTITUTE
The Institute is governed by an eleven member Council for a two-year period. In accordance
with section 7 (2) of the Chartered Accountants Act, 1963 (Act 170), seven members are
elected by the members at AGM while four are nominees of the Minister of Education.
2.1 The first Council (1963)
Dr. R. S. Amegashie President
Mr. D. A. W. Hewson Vice President
Mr. P. F. Wollen Secretary
Mr. Harry Dodoo Member
Mr. D. W. Simmonds Members
Mr. F. W. Wilson Member
Mr. J. D. Barnes Member
Mr. S. W. Awuku-Darko Member
Mr. J. Adabie Member
2.2 Past Presidents (1963 – 2012)
Dr. R.S. Amegashie
Mr. S.W. Awuku-Darko
Nana Aninkora Ababio
(Mr. S.I.K. Boakye-Agyeman)
Mr. H.A. Dodoo
Mr. J.K. Dadson
Mr. D.H. Simpson
Prof. B.C.F. Lokko
Mr. J. K. Forson
Mr. E. M. Boye
Mr. S. O. Annan
Mr. K. N. Owusu
Nii Quaye Mensah
Mr. P. A. Abotsie
Mr. John Sey
Hon. A. Kan-Dapaah
Mr. J. N. A. Hyde
Mr. F.D. Tweneboa
Ms. Aurore Lokko
Mr. J. A. Y. Klinogo
Mr. D. T. Acquaye
Nana Prof. J. B. Ato Ghartey
Mrs. Cecilia Nyann
Mr J.F.O. Blankson
1963 – 1967
1967 – 1969
1969 – 1974
1974 – 1976
1976 – 1978
1978 – 1980
1980 – 1982
1982 – 1984
1984 – 1986
1986 – 1988
1988 – 1990
1990 – 1992
1992 – 1994
1994 – 1996
1996 - 1996
1996 – 1998
1998 – 2000
2000 – 2002
2002 – 2004
2004 – 2006
2006 – 2008
2008 - 2010
2010 - 2012
5THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT4 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
2.0 COUNCIL OF THE INSTITUTE
The Institute is governed by an eleven member Council for a two-year period. In accordance
with section 7 (2) of the Chartered Accountants Act, 1963 (Act 170), seven members are
elected by the members at AGM while four are nominees of the Minister of Education.
2.1 The first Council (1963)
Dr. R. S. Amegashie President
Mr. D. A. W. Hewson Vice President
Mr. P. F. Wollen Secretary
Mr. Harry Dodoo Member
Mr. D. W. Simmonds Members
Mr. F. W. Wilson Member
Mr. J. D. Barnes Member
Mr. S. W. Awuku-Darko Member
Mr. J. Adabie Member
2.2 Past Presidents (1963 – 2012)
Dr. R.S. Amegashie
Mr. S.W. Awuku-Darko
Nana Aninkora Ababio
(Mr. S.I.K. Boakye-Agyeman)
Mr. H.A. Dodoo
Mr. J.K. Dadson
Mr. D.H. Simpson
Prof. B.C.F. Lokko
Mr. J. K. Forson
Mr. E. M. Boye
Mr. S. O. Annan
Mr. K. N. Owusu
Nii Quaye Mensah
Mr. P. A. Abotsie
Mr. John Sey
Hon. A. Kan-Dapaah
Mr. J. N. A. Hyde
Mr. F.D. Tweneboa
Ms. Aurore Lokko
Mr. J. A. Y. Klinogo
Mr. D. T. Acquaye
Nana Prof. J. B. Ato Ghartey
Mrs. Cecilia Nyann
Mr J.F.O. Blankson
1963 – 1967
1967 – 1969
1969 – 1974
1974 – 1976
1976 – 1978
1978 – 1980
1980 – 1982
1982 – 1984
1984 – 1986
1986 – 1988
1988 – 1990
1990 – 1992
1992 – 1994
1994 – 1996
1996 - 1996
1996 – 1998
1998 – 2000
2000 – 2002
2002 – 2004
2004 – 2006
2006 – 2008
2008 - 2010
2010 - 2012
5THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT4 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
Mrs. Nana Abena Adu-Gyamfi Member
Mr. Kwadwo Mpeani-Brantuo Member
Mr. John Klinogo Member
Mr. Francis S.O. Koranteng Member
Ms. Yaa Tiwaa Addo Danquah Member
Mr. Augustine Addo Member
2.4.3 Technical and Research Committee
Dr. Williams A. Atuilik Chairman
Mr. Michael Asiedu-Antwi Member
Mr. Ben Korley Member
Mrs. Juliana Asante Member
Mr. Owusu Donkor Member
Mr. Alexander Aryeetey Member
Mr. Isaac Nyame Member
Ms. Joyce Nkansah Member
Mr. Amediku Settor Member
Mr. Prosper Dickson Dagadu Member
Mr. Charles Ofori Owusu Member
2.4.4 Members' Services Committee
Ms. Rebecca A. Lomo Chairman
Mr. Blessed Baffour-Atta Member
Dr. Joe France Member
Mr. Emmanuel Forson Member
Mrs. Victoria Nipah Member
Mr. Eben Baddoo Member
Mr. Jonas Quaye Member
Mr. Richard Owusu-Afriyie Member
Mr. Richard Quarshie Member
Mr. Kofi Abaidoo Member
Mrs. Perpetual Tawiah Member
Barima Agyenim Boateng Member
Mr. Richard Kwagbenu Member
Mr. Kafui Buo Member
Mrs. Joyce Opoku-Duodu Member
Ms. Abigail Armah Member
2.4.5 Admissions Committee
Mr. Christian Sottie Chairman
Mr. Grace Adzroe Member
Mr. E.K. Abossey Member
Mr. J.E.K.A. Parry Member
Mr. A. Amporful Member
7THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
2.3 Members of Council 2012 – 2014
The composition of Council and members attendance at meetings since the last Annual
General Meeting are detailed below:
Mrs. Angela Peasah
Prof. K. B. Omane-Antwi
Major D. Ablorh-Quarcoo (Rtd)
Mr. Christian T. Sottie
Prof. K. Adom-Frimpong
Dr. Williams A. Atuilik
Ms. Rebecca A. Lomo
Mr. R. K. Tufour*
Ms. Grace Adzroe*
Mr. Michael Asiedu-Antwi
Mr. Anthony E. Minlah
Mr. Blessed Bafour-Atta
President
Vice- President
Member
Member
Member
Member
Member
Member
Member
Member
Member
Member
12
12
12
12
12
12
12
8
4
12
12
12
12
11
11
11
12
10
10
0
4
10
10
9
COUNCIL MEETING
2012- 2014MEMBERS TITLE
MAXIMUM ATTENDED
* Mr. R. K. Tufuor resigned from Council in June 2013. Ms. Grace Adzroe was nominated by the Minister
of Education in October 2013 as a replacement.
2.4 MEMBERS OF STANDING COMMITTEES
2.4.1 Executive Committee
Ms. Angela Peasah Chairman
Professor K. B. Omane-Antwi Member
Mr. Christian T. Sottie Member
Major D. Ablorh-Quarcoo (Rtd) Member
Fred N. K. Moore Member
2.4.2 Professional Standards and Ethics Committee
Mr. Michael Asiedu-Antwi Chairman
Mr. Blessed Baffour-Atta Member
Mr. Idris Egala Member
Mr. Joe Winful Member
Nana Sackey Member
Mrs. Joyce Opoku-Duodu Member
6 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
Mrs. Nana Abena Adu-Gyamfi Member
Mr. Kwadwo Mpeani-Brantuo Member
Mr. John Klinogo Member
Mr. Francis S.O. Koranteng Member
Ms. Yaa Tiwaa Addo Danquah Member
Mr. Augustine Addo Member
2.4.3 Technical and Research Committee
Dr. Williams A. Atuilik Chairman
Mr. Michael Asiedu-Antwi Member
Mr. Ben Korley Member
Mrs. Juliana Asante Member
Mr. Owusu Donkor Member
Mr. Alexander Aryeetey Member
Mr. Isaac Nyame Member
Ms. Joyce Nkansah Member
Mr. Amediku Settor Member
Mr. Prosper Dickson Dagadu Member
Mr. Charles Ofori Owusu Member
2.4.4 Members' Services Committee
Ms. Rebecca A. Lomo Chairman
Mr. Blessed Baffour-Atta Member
Dr. Joe France Member
Mr. Emmanuel Forson Member
Mrs. Victoria Nipah Member
Mr. Eben Baddoo Member
Mr. Jonas Quaye Member
Mr. Richard Owusu-Afriyie Member
Mr. Richard Quarshie Member
Mr. Kofi Abaidoo Member
Mrs. Perpetual Tawiah Member
Barima Agyenim Boateng Member
Mr. Richard Kwagbenu Member
Mr. Kafui Buo Member
Mrs. Joyce Opoku-Duodu Member
Ms. Abigail Armah Member
2.4.5 Admissions Committee
Mr. Christian Sottie Chairman
Mr. Grace Adzroe Member
Mr. E.K. Abossey Member
Mr. J.E.K.A. Parry Member
Mr. A. Amporful Member
7THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
2.3 Members of Council 2012 – 2014
The composition of Council and members attendance at meetings since the last Annual
General Meeting are detailed below:
Mrs. Angela Peasah
Prof. K. B. Omane-Antwi
Major D. Ablorh-Quarcoo (Rtd)
Mr. Christian T. Sottie
Prof. K. Adom-Frimpong
Dr. Williams A. Atuilik
Ms. Rebecca A. Lomo
Mr. R. K. Tufour*
Ms. Grace Adzroe*
Mr. Michael Asiedu-Antwi
Mr. Anthony E. Minlah
Mr. Blessed Bafour-Atta
President
Vice- President
Member
Member
Member
Member
Member
Member
Member
Member
Member
Member
12
12
12
12
12
12
12
8
4
12
12
12
12
11
11
11
12
10
10
0
4
10
10
9
COUNCIL MEETING
2012- 2014MEMBERS TITLE
MAXIMUM ATTENDED
* Mr. R. K. Tufuor resigned from Council in June 2013. Ms. Grace Adzroe was nominated by the Minister
of Education in October 2013 as a replacement.
2.4 MEMBERS OF STANDING COMMITTEES
2.4.1 Executive Committee
Ms. Angela Peasah Chairman
Professor K. B. Omane-Antwi Member
Mr. Christian T. Sottie Member
Major D. Ablorh-Quarcoo (Rtd) Member
Fred N. K. Moore Member
2.4.2 Professional Standards and Ethics Committee
Mr. Michael Asiedu-Antwi Chairman
Mr. Blessed Baffour-Atta Member
Mr. Idris Egala Member
Mr. Joe Winful Member
Nana Sackey Member
Mrs. Joyce Opoku-Duodu Member
6 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
Ms. Cecilia Karikari Member
Ms. Abigail Armah Member
3.1 PUBLICATION AND PUBLIC RELATIONS DEPARTMENT
3.1.1 Introduction
Various public relations and corporate image enhancement activities took place in 2013. The
following are some of them.
3.1.2 Induction Courses
For the first time in the history of the Institute, two induction courses were held for newly
admitted members. The first one took place between 20th and 22nd March 2013. 289 th thinductees attended the course. The second induction course took place from 12 to 14
November at Fiesta Royale Hotel. The inductees numbered 200.
Graduands were taken through such topics as:
· The history of the Institute
· The Chartered Accountants Act, 1963 (Act 170)
· The Structure of the Institute
· Code of Ethics for Professional Accountants
· The Role of the Professional Accountant in Nation Building
· Overview of the Ghanaian Business Environment
· Stress Management
· Career Guidance & Development, and
· Managing a Professional Office
3.1.3 Graduation & Admission Ceremony
Two graduation and admission ceremonies were held in 2013 to award certificates to newly
qualified accountants and to admit those with requisite practical experience into membership.
The first ceremony was held in Accra International Conference Centre and the second one
took place at the State Banquet Hall.
nd3.1.4 2 ACOA Conference – 2013
ICAG won the bid in April 2012 to organize the 2nd Africa Congress of Accountants under the
3.0 REPORTS OF STANDING COMMITTEES
9THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
Mr. David Annan Bonney Member
Mr. Kwaku Andah Member
Mr. Francis Nsiah-Afriyie Member
Mrs. Adokarkey Okpoti-Paulo Member
Mr. Anaamoatulim Anab Member
Mr. Stephen Senyo Sapati Member
Mr. Patrick Mensah Member
2.4.6 Education and Training Committee
Prof. Kwame Adom-Frimpong Chairman
Ms. Rebecca A. Lomo Member
Mr. Richard Owusu-Afriyie Member
Ms. Mary Larmie Member
Mr. Divine Tetteh Matey Member
Mr. Joseph K. Addo Member
Mr. James Baidoo Sagoe Member
Mr. Ebenezer Duncan Member
Mr. Patrick Kweku Sam Member
Mr. Patrick Mensah Member
2.4.7 Examinations Committee
Prof. K. B. Omane-Antwi Chairman
Prof. Kwame Adom-Frimpong Member
Prof. Edward Marfo-Yiadom Member
Mr. Ali-Nakyea Abdallah Member
Mr. Emmanuel Kwaku Ofosu Offei Member
Ms. Sena Dake Member
Mr. Sammy Kwamla Tsahey Member
Dr. Kwame Aveh Member
Mr. Augustine Addo Member
Mr. P.T.A. Tsawe Member
2.4.8 Publications and Public Relations Committee
Mr. Anthony E. Minlah Chairman
Mr. Joe Hyde Jr. Member
Mr. Eric Oduro Osae Member
Rev. Nicholas Darko Member
Mrs. Perpetual Tawiah Member
Mr. Theophilus V.A. Mensah Member
Mr. Victor Akakpo Member
Mrs. Esther Kenyenso Member
Mr. David Twum Antwi Member
Mr. Samuel Petterson Larbi Member
Mr. George Quarshie Member
8 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
Ms. Cecilia Karikari Member
Ms. Abigail Armah Member
3.1 PUBLICATION AND PUBLIC RELATIONS DEPARTMENT
3.1.1 Introduction
Various public relations and corporate image enhancement activities took place in 2013. The
following are some of them.
3.1.2 Induction Courses
For the first time in the history of the Institute, two induction courses were held for newly
admitted members. The first one took place between 20th and 22nd March 2013. 289 th thinductees attended the course. The second induction course took place from 12 to 14
November at Fiesta Royale Hotel. The inductees numbered 200.
Graduands were taken through such topics as:
· The history of the Institute
· The Chartered Accountants Act, 1963 (Act 170)
· The Structure of the Institute
· Code of Ethics for Professional Accountants
· The Role of the Professional Accountant in Nation Building
· Overview of the Ghanaian Business Environment
· Stress Management
· Career Guidance & Development, and
· Managing a Professional Office
3.1.3 Graduation & Admission Ceremony
Two graduation and admission ceremonies were held in 2013 to award certificates to newly
qualified accountants and to admit those with requisite practical experience into membership.
The first ceremony was held in Accra International Conference Centre and the second one
took place at the State Banquet Hall.
nd3.1.4 2 ACOA Conference – 2013
ICAG won the bid in April 2012 to organize the 2nd Africa Congress of Accountants under the
3.0 REPORTS OF STANDING COMMITTEES
9THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
Mr. David Annan Bonney Member
Mr. Kwaku Andah Member
Mr. Francis Nsiah-Afriyie Member
Mrs. Adokarkey Okpoti-Paulo Member
Mr. Anaamoatulim Anab Member
Mr. Stephen Senyo Sapati Member
Mr. Patrick Mensah Member
2.4.6 Education and Training Committee
Prof. Kwame Adom-Frimpong Chairman
Ms. Rebecca A. Lomo Member
Mr. Richard Owusu-Afriyie Member
Ms. Mary Larmie Member
Mr. Divine Tetteh Matey Member
Mr. Joseph K. Addo Member
Mr. James Baidoo Sagoe Member
Mr. Ebenezer Duncan Member
Mr. Patrick Kweku Sam Member
Mr. Patrick Mensah Member
2.4.7 Examinations Committee
Prof. K. B. Omane-Antwi Chairman
Prof. Kwame Adom-Frimpong Member
Prof. Edward Marfo-Yiadom Member
Mr. Ali-Nakyea Abdallah Member
Mr. Emmanuel Kwaku Ofosu Offei Member
Ms. Sena Dake Member
Mr. Sammy Kwamla Tsahey Member
Dr. Kwame Aveh Member
Mr. Augustine Addo Member
Mr. P.T.A. Tsawe Member
2.4.8 Publications and Public Relations Committee
Mr. Anthony E. Minlah Chairman
Mr. Joe Hyde Jr. Member
Mr. Eric Oduro Osae Member
Rev. Nicholas Darko Member
Mrs. Perpetual Tawiah Member
Mr. Theophilus V.A. Mensah Member
Mr. Victor Akakpo Member
Mrs. Esther Kenyenso Member
Mr. David Twum Antwi Member
Mr. Samuel Petterson Larbi Member
Mr. George Quarshie Member
8 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
Rwanda
2
2
Sierra Leone
1
1
2
South Africa
8
3
8
19
U.K.
3
3
6 Uganda
31
1
2
34
USA
4
4
8
Zambia
7
1
3
11
Zimbabwe
13
2
15
Total
880
18
67
965
Nigeria 193 3 12 208
Tanzania 29 1 4 34
Togo 2 1 3 Tunisia 1 1 Senegal
3
1
4
· A number of PAFA Board members were also chairpersons and discussants.
NAME
CATEGORY
AMOUNT USD
ICAN
Platinum
$35.000.00
ACCA
Platinum
$35,000.00
AAT
Gold
$25,000.00
ICAEW
Silver
$20,000.00
ANAN
Bronze
$15,000.00
GCB
Participating
$10,000.00
HFC Bank
Special
$ 6,000.00
GHS
ICAG
Host
GHS136,500.00
Africa Development Bank
Event
GHS74,484.48
Ghana Revenue Authority
Bronze
GHS28,549.50
CIMA
Bronze
GHS28,350.00
PwC
Bronze
GHS28,200.00
Subah Info solutions Co. Ltd.
Participating
GHS19,500.00
KPMG
Special
GHS10,000.00
Bank of Ghana Special GHS10,000.00
Ernst & Young Special GHS9,750.00
Ghana Audit Service Special GHS6,295.00
Ghana Civil Aviation Authority Special GHS2,000.00
SSNIT Other GHS2,000.00
Ghana Airports Co. Ltd.
NON-CASH SPONSORS
Free protocol desk at arrival and
departure lounges
Graphic Communications Group Free press coverage
11
LIST OF SPONSORS
THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
auspices of the Pan African Federation of Accountants (PAFA) in May 2013. The congress
hosted delegates from 23 African Countries. The Congress also attracted participants from
Europe, North America, New Zealand and Asia. It was held at the Accra International
Conference Centre (AICC) from 14th to 16th May 2013 under the theme, “Africa's Economic
Growth, Accountability and Democracy.”
The programme for the congress comprised three (3) plenary and Forty Eight (48) concurrent
sessions together with a round table session. It featured 77 speakers, discussants and
chairpersons. Some of the conference activities included a Welcome Cocktail held at
Mövenpick Ambassador Hotel, an Opening Ceremony at AICC, a Gala Dinner at La Palm
Royale Beach Hotel hosted by ICAG and a Closing Ceremony at AICC. The Congress was
preceded by a congress of the PAODC of IFAC and a PAFA Board Meeting. The Annual General
Meeting of PAFA was also held on Friday 17th May after the Congress. A tour of the Central
Region of Ghana was also organized for delegates.
Council established a 9-member Steering Committee supported by 4 sub-committees namely
Finance, Publicity, Registration and Protocol, and Accommodation and Transport Committees
to plan and organize the Congress. Mr. J.F.O. Blankson, a past president, was the Chairman of
the Local Organising Committee.
Congress Participation: Participation fell below the expected attendance of 1500 delegates.
Representation from countries with the biggest number of accountants fell below expectation.
Nine Hundred and Sixty five (965) delegates attended the congress. Details are provided as
Country
Delegates
*PAFA Board
Speakers/
Discussants/
Chairpersons
Total
Benin 3 1 4
Botswana 2 1 3
Burundi 3 3
Congo DR 1 1
Ghana 514 1 12 527
India 1 1
Kenya 39 2 3 44
Lesotho 6 6
Liberia 11 2 13
Malawi 3 1 4
Morocco 1 1 2
Mali 1 1 2
Mauritius 1 2 3
Namibia 1 1 1 3
The Netherlands 1 1
New Zealand 1 1
10 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
Rwanda
2
2
Sierra Leone
1
1
2
South Africa
8
3
8
19
U.K.
3
3
6 Uganda
31
1
2
34
USA
4
4
8
Zambia
7
1
3
11
Zimbabwe
13
2
15
Total
880
18
67
965
Nigeria 193 3 12 208
Tanzania 29 1 4 34
Togo 2 1 3 Tunisia 1 1 Senegal
3
1
4
· A number of PAFA Board members were also chairpersons and discussants.
NAME
CATEGORY
AMOUNT USD
ICAN
Platinum
$35.000.00
ACCA
Platinum
$35,000.00
AAT
Gold
$25,000.00
ICAEW
Silver
$20,000.00
ANAN
Bronze
$15,000.00
GCB
Participating
$10,000.00
HFC Bank
Special
$ 6,000.00
GHS
ICAG
Host
GHS136,500.00
Africa Development Bank
Event
GHS74,484.48
Ghana Revenue Authority
Bronze
GHS28,549.50
CIMA
Bronze
GHS28,350.00
PwC
Bronze
GHS28,200.00
Subah Info solutions Co. Ltd.
Participating
GHS19,500.00
KPMG
Special
GHS10,000.00
Bank of Ghana Special GHS10,000.00
Ernst & Young Special GHS9,750.00
Ghana Audit Service Special GHS6,295.00
Ghana Civil Aviation Authority Special GHS2,000.00
SSNIT Other GHS2,000.00
Ghana Airports Co. Ltd.
NON-CASH SPONSORS
Free protocol desk at arrival and
departure lounges
Graphic Communications Group Free press coverage
11
LIST OF SPONSORS
THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
auspices of the Pan African Federation of Accountants (PAFA) in May 2013. The congress
hosted delegates from 23 African Countries. The Congress also attracted participants from
Europe, North America, New Zealand and Asia. It was held at the Accra International
Conference Centre (AICC) from 14th to 16th May 2013 under the theme, “Africa's Economic
Growth, Accountability and Democracy.”
The programme for the congress comprised three (3) plenary and Forty Eight (48) concurrent
sessions together with a round table session. It featured 77 speakers, discussants and
chairpersons. Some of the conference activities included a Welcome Cocktail held at
Mövenpick Ambassador Hotel, an Opening Ceremony at AICC, a Gala Dinner at La Palm
Royale Beach Hotel hosted by ICAG and a Closing Ceremony at AICC. The Congress was
preceded by a congress of the PAODC of IFAC and a PAFA Board Meeting. The Annual General
Meeting of PAFA was also held on Friday 17th May after the Congress. A tour of the Central
Region of Ghana was also organized for delegates.
Council established a 9-member Steering Committee supported by 4 sub-committees namely
Finance, Publicity, Registration and Protocol, and Accommodation and Transport Committees
to plan and organize the Congress. Mr. J.F.O. Blankson, a past president, was the Chairman of
the Local Organising Committee.
Congress Participation: Participation fell below the expected attendance of 1500 delegates.
Representation from countries with the biggest number of accountants fell below expectation.
Nine Hundred and Sixty five (965) delegates attended the congress. Details are provided as
Country
Delegates
*PAFA Board
Speakers/
Discussants/
Chairpersons
Total
Benin 3 1 4
Botswana 2 1 3
Burundi 3 3
Congo DR 1 1
Ghana 514 1 12 527
India 1 1
Kenya 39 2 3 44
Lesotho 6 6
Liberia 11 2 13
Malawi 3 1 4
Morocco 1 1 2
Mali 1 1 2
Mauritius 1 2 3
Namibia 1 1 1 3
The Netherlands 1 1
New Zealand 1 1
10 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
3.2.2 Adoption of International Accounting Standards (IFRSs, IPSASs and IFRS for SMEs)
IFRSs were adopted in Ghana in 2007. All the public interest entities [PIEs] fully adopted IFRSs
in their financial reporting in 2013.
IPSASs are yet to be officially adopted in Ghana. Meanwhile, the main stakeholders, Controller
and Accountant General's Department, Ministry of Finance and Economic Planning, Ghana
Audit Service, Institute of Chartered Accountants (Ghana) and the Accounting/Auditing firms
have had preliminary meetings to set agenda for the adoption. It is hoped that the IPSASs
would be adopted before the end of 2014.
ICAG officially adopted IFRS for SMEs in January 2012. It was expected that the non-PIEs
would apply the standard in preparing their 2013 financial statements. Regrettably, however,
some SMEs could not comply with the standard. The Council of ICAG, in consultation with
other stakeholders, has extended the mandatory compliance date to 2015.
ICAG adopted the clarified International Standard on Auditing (ISAs) in January 2012. All audit
and assurance engagements are executed in compliance with the clarified ISAs.
The Technical and Research Committee, with the support of PWC Chartered Accountants,
KPMG Chartered Accountants, EY Chartered Accountants and National Insurance
Commission, commented on some exposure drafts issued by International Accounting
Standards Board (IASB) , International Auditing and Assurance Standards Board ( IAASB)
and International Public Sector Accounting Standards Board (IPSASB)
3.3 PROFESSIONAL STANDARDS AND ETHICS COMMITTEE [PSEC]
PSEC dealt with the following issues in 2013:
· Audit Quality Monitoring and Practice Quality Assurance Review
· Adoption of IFAC Code of Ethics for Professional Accountants
· Complaints and Disciplinary Procedures
· SME/SMP Development and Capacity Building
3.4 AUDIT QUALITY MONITORING AND PRACTICE QUALITY ASSURANCE REVIEW
The Audit Quality Monitoring (AQM) department is currently staffed with four experienced
audit practitioners. They have been carrying out quality reviews of practitioners in Ghana. The
AQM department has also been supporting the Liberian Institute of Certified Public
Accountants (LICPA). It has also been providing AQM advisory and consultancy services to
The Institute of Chartered Accountants of Sri Lanka (ICASL) and the accountancy professional
body in Malawi.
13THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
3.1.5 Annual General Meeting
thThe 2013 Annual General Meeting (AGM) was held on Wednesday, 26 June 2013 at the
auditorium of the College of Physicians and Surgeons at Ridge in Accra. 388 members
attended.
3.1.6 2013 Presidential Luncheon
thThe annual Presidential Luncheon was held at the Banquet Hall, State House on Friday, 6
September 2013. The luncheon recorded a total attendance of 457 including invited guests,
staff and the media. The theme for the luncheon was, “Accountability and integrity as agents for
transforming the Economy” and the Guest Speaker was Prof. Stephen Adei of the Pentecost
University College. The Acting Controller and Accountant-General, Madam Grace F. Adzroe
chaired the luncheon.
3.1.7 Professional Journal – The Professional Accountant
Three members' journals were published and distributed to members in 2013. Members are
encouraged to present articles for publication in the Journal.
3.2 TECHNICAL AND RESEARCH COMMITTEE
The Technical and Research Committee of ICAG, over the past year, executed the following
tasks in order to ensure success in the technical developmental drive of the Institute.
3.2.1 Revision of Action Plan for IFAC SMO Compliance
The International Federation of Accountants (IFAC), of which the Institute is a member, issued
Statements of Membership Obligations (SMOs) in 2004 and revised these in 2013. The SMOs
establish requirements for members and associates to promote, incorporate, and assist in
implementing international standards issued by IFAC and the International Accounting
Standard Board (IASB).
The seven SMOs are on the following topics:
SMO-1 Quality Assurance
SMO-2 Auditing Standard and other International Auditing and Assurance
Standards Board (IAASB) pronouncements
SMO-3 Ethics Standards
SMO-4 Education Standards
SMO-5 Public Sector Accounting Standard
SMO-6 Investigation and Discipline
SMO-7 International Financial Reporting Standards
A revised Action Plan was completed and posted to IFAC website in May 2013.
12 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
3.2.2 Adoption of International Accounting Standards (IFRSs, IPSASs and IFRS for SMEs)
IFRSs were adopted in Ghana in 2007. All the public interest entities [PIEs] fully adopted IFRSs
in their financial reporting in 2013.
IPSASs are yet to be officially adopted in Ghana. Meanwhile, the main stakeholders, Controller
and Accountant General's Department, Ministry of Finance and Economic Planning, Ghana
Audit Service, Institute of Chartered Accountants (Ghana) and the Accounting/Auditing firms
have had preliminary meetings to set agenda for the adoption. It is hoped that the IPSASs
would be adopted before the end of 2014.
ICAG officially adopted IFRS for SMEs in January 2012. It was expected that the non-PIEs
would apply the standard in preparing their 2013 financial statements. Regrettably, however,
some SMEs could not comply with the standard. The Council of ICAG, in consultation with
other stakeholders, has extended the mandatory compliance date to 2015.
ICAG adopted the clarified International Standard on Auditing (ISAs) in January 2012. All audit
and assurance engagements are executed in compliance with the clarified ISAs.
The Technical and Research Committee, with the support of PWC Chartered Accountants,
KPMG Chartered Accountants, EY Chartered Accountants and National Insurance
Commission, commented on some exposure drafts issued by International Accounting
Standards Board (IASB) , International Auditing and Assurance Standards Board ( IAASB)
and International Public Sector Accounting Standards Board (IPSASB)
3.3 PROFESSIONAL STANDARDS AND ETHICS COMMITTEE [PSEC]
PSEC dealt with the following issues in 2013:
· Audit Quality Monitoring and Practice Quality Assurance Review
· Adoption of IFAC Code of Ethics for Professional Accountants
· Complaints and Disciplinary Procedures
· SME/SMP Development and Capacity Building
3.4 AUDIT QUALITY MONITORING AND PRACTICE QUALITY ASSURANCE REVIEW
The Audit Quality Monitoring (AQM) department is currently staffed with four experienced
audit practitioners. They have been carrying out quality reviews of practitioners in Ghana. The
AQM department has also been supporting the Liberian Institute of Certified Public
Accountants (LICPA). It has also been providing AQM advisory and consultancy services to
The Institute of Chartered Accountants of Sri Lanka (ICASL) and the accountancy professional
body in Malawi.
13THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
3.1.5 Annual General Meeting
thThe 2013 Annual General Meeting (AGM) was held on Wednesday, 26 June 2013 at the
auditorium of the College of Physicians and Surgeons at Ridge in Accra. 388 members
attended.
3.1.6 2013 Presidential Luncheon
thThe annual Presidential Luncheon was held at the Banquet Hall, State House on Friday, 6
September 2013. The luncheon recorded a total attendance of 457 including invited guests,
staff and the media. The theme for the luncheon was, “Accountability and integrity as agents for
transforming the Economy” and the Guest Speaker was Prof. Stephen Adei of the Pentecost
University College. The Acting Controller and Accountant-General, Madam Grace F. Adzroe
chaired the luncheon.
3.1.7 Professional Journal – The Professional Accountant
Three members' journals were published and distributed to members in 2013. Members are
encouraged to present articles for publication in the Journal.
3.2 TECHNICAL AND RESEARCH COMMITTEE
The Technical and Research Committee of ICAG, over the past year, executed the following
tasks in order to ensure success in the technical developmental drive of the Institute.
3.2.1 Revision of Action Plan for IFAC SMO Compliance
The International Federation of Accountants (IFAC), of which the Institute is a member, issued
Statements of Membership Obligations (SMOs) in 2004 and revised these in 2013. The SMOs
establish requirements for members and associates to promote, incorporate, and assist in
implementing international standards issued by IFAC and the International Accounting
Standard Board (IASB).
The seven SMOs are on the following topics:
SMO-1 Quality Assurance
SMO-2 Auditing Standard and other International Auditing and Assurance
Standards Board (IAASB) pronouncements
SMO-3 Ethics Standards
SMO-4 Education Standards
SMO-5 Public Sector Accounting Standard
SMO-6 Investigation and Discipline
SMO-7 International Financial Reporting Standards
A revised Action Plan was completed and posted to IFAC website in May 2013.
12 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
monitoring process in Liberia. The Head Reviewer and a consultant carried out initial
assessment visits to 11 practising firms in Liberia in September 2013.
xii) The AQM department has also been providing advisory services to Institute of
Chartered Accountants – Sri Lanka [ICASL] on the development of the quality
monitoring process in Sri Lanka.
xiii) The accounting profession in Malawi is in the process of establishing an Institute. As
part of the process, they consulted the AQM department for a briefing on the quality
monitoring process.
3.4.1 Adoption of IFAC Code of Ethics for Professional Accountants
ICAG has adopted IFAC Code of Ethics for Professional Accountants and has charged the
District Societies and Practice Society to organise seminars to educate members on the
content and practical application of the Code.
Briefing new members on the IFAC Code of ethics has also become a permanent feature in the
orientation programme.
3.4.2 Complaints and Disciplinary Procedures
In 2013, PSEC, acting as an investigating panel, handled six complaints against some
members. The complaints included attempting to influence public officials, conflict of interest,
unfaithfulness to partners, non-compliance with fundamental ethical principles and non-
performance. Four of the cases were concluded and appropriate reprimands and advice were
given to the members involved. Two of the cases involving breach of confidentiality and
takeover of client without due process are still under investigation.
3.4.3 SME/SMP Development and Capacity Building
The Institute recognises the immense role the SMEs and SMPs play in the nation's economic
development and is more poised now than before to help them develop the requisite capacity.
The Institute keeps on encouraging the SMEs to adopt proper financial record keeping and
apply appropriate reporting standards. In 2013, some CPDs programmes covering content
and application of IFRS for SMEs were organised for members.
3.5 EXAMINATIONS COMMITTEE REPORT
In the year 2013, the Examinations Department engaged in a number of activities, prominent
among which were the following:
· Conduct of ATSWA Examinations in March and September
· Conduct of ICAG Professional Examinations in May and November
· Joint Syllabus Development with Education and Training Committee
15THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
The highlights of the milestones of the AQM unit in 2013 were as follows:
i) 168 firms were registered for the free access to Private Company Auditing System
(PCAS).
ii) AQM department held a training workshop on PCAS for SMPs on 18 June 2013 in
Accra and on 20 June 2013 in Kumasi. A total of 152 participants from 65 firms
attended the workshop (of which 35 participants from 10 firms were in Kumasi).
iii) Workshop was held for practitioners on Disciplinary and Principal Bye-Laws.
iv) Initial draft of the Audit regulation is also under review.
v) A list of licensed firms and a list of licensed individual practitioners were circulated to
the following regulatory bodies.
a. Ghana Audit Service
b. National Insurance Commission
c. Ghana Revenue Authority
d. The Controller & Accountant General's Department
e. Securities and Exchange Commission, Ghana
f. Ghana Stock Exchange
g. Banking Supervision Department - Bank of Ghana
h. Non-Bank Financial Institutions Department - Bank of Ghana
i. National Pension Regulatory Authority
vi) As at 31 December 2013, 336 practitioners had paid the practising fee for 2013.
vii) As at 31 December 2013, 169 Initial Assessment Visits to licensed firms had been
completed.
viii) The full monitoring visit to firms commenced in October 2013. 14 firms had been
visited as at 31 December 2013.
ix) 37 firms incorporated under the Companies Act , 1963 (Act 179) have been duly
notified by email on the above and the need to incorporate as a sole practitioner or a
partnership under Act 151 or Act 152 respectively in order to qualify as an auditor of a
company. They have been requested to regularize the status of their firms. 35 firms
have so far regularized their status. The remaining 2 are at various stages in
regularizing their status.
x) Deloitte IFRS Academy for SMPs was successfully launched on 11 January 2013 at La
Palm Royal Beach. Over 100 practitioners attended the launch. 45 individuals
registered for the Academy and an orientation course was held for them at
Accountancy House on 27 March 2013.
xi) The AQM department has been supporting LICPA to replicate the audit quality
14 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
monitoring process in Liberia. The Head Reviewer and a consultant carried out initial
assessment visits to 11 practising firms in Liberia in September 2013.
xii) The AQM department has also been providing advisory services to Institute of
Chartered Accountants – Sri Lanka [ICASL] on the development of the quality
monitoring process in Sri Lanka.
xiii) The accounting profession in Malawi is in the process of establishing an Institute. As
part of the process, they consulted the AQM department for a briefing on the quality
monitoring process.
3.4.1 Adoption of IFAC Code of Ethics for Professional Accountants
ICAG has adopted IFAC Code of Ethics for Professional Accountants and has charged the
District Societies and Practice Society to organise seminars to educate members on the
content and practical application of the Code.
Briefing new members on the IFAC Code of ethics has also become a permanent feature in the
orientation programme.
3.4.2 Complaints and Disciplinary Procedures
In 2013, PSEC, acting as an investigating panel, handled six complaints against some
members. The complaints included attempting to influence public officials, conflict of interest,
unfaithfulness to partners, non-compliance with fundamental ethical principles and non-
performance. Four of the cases were concluded and appropriate reprimands and advice were
given to the members involved. Two of the cases involving breach of confidentiality and
takeover of client without due process are still under investigation.
3.4.3 SME/SMP Development and Capacity Building
The Institute recognises the immense role the SMEs and SMPs play in the nation's economic
development and is more poised now than before to help them develop the requisite capacity.
The Institute keeps on encouraging the SMEs to adopt proper financial record keeping and
apply appropriate reporting standards. In 2013, some CPDs programmes covering content
and application of IFRS for SMEs were organised for members.
3.5 EXAMINATIONS COMMITTEE REPORT
In the year 2013, the Examinations Department engaged in a number of activities, prominent
among which were the following:
· Conduct of ATSWA Examinations in March and September
· Conduct of ICAG Professional Examinations in May and November
· Joint Syllabus Development with Education and Training Committee
15THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
The highlights of the milestones of the AQM unit in 2013 were as follows:
i) 168 firms were registered for the free access to Private Company Auditing System
(PCAS).
ii) AQM department held a training workshop on PCAS for SMPs on 18 June 2013 in
Accra and on 20 June 2013 in Kumasi. A total of 152 participants from 65 firms
attended the workshop (of which 35 participants from 10 firms were in Kumasi).
iii) Workshop was held for practitioners on Disciplinary and Principal Bye-Laws.
iv) Initial draft of the Audit regulation is also under review.
v) A list of licensed firms and a list of licensed individual practitioners were circulated to
the following regulatory bodies.
a. Ghana Audit Service
b. National Insurance Commission
c. Ghana Revenue Authority
d. The Controller & Accountant General's Department
e. Securities and Exchange Commission, Ghana
f. Ghana Stock Exchange
g. Banking Supervision Department - Bank of Ghana
h. Non-Bank Financial Institutions Department - Bank of Ghana
i. National Pension Regulatory Authority
vi) As at 31 December 2013, 336 practitioners had paid the practising fee for 2013.
vii) As at 31 December 2013, 169 Initial Assessment Visits to licensed firms had been
completed.
viii) The full monitoring visit to firms commenced in October 2013. 14 firms had been
visited as at 31 December 2013.
ix) 37 firms incorporated under the Companies Act , 1963 (Act 179) have been duly
notified by email on the above and the need to incorporate as a sole practitioner or a
partnership under Act 151 or Act 152 respectively in order to qualify as an auditor of a
company. They have been requested to regularize the status of their firms. 35 firms
have so far regularized their status. The remaining 2 are at various stages in
regularizing their status.
x) Deloitte IFRS Academy for SMPs was successfully launched on 11 January 2013 at La
Palm Royal Beach. Over 100 practitioners attended the launch. 45 individuals
registered for the Academy and an orientation course was held for them at
Accountancy House on 27 March 2013.
xi) The AQM department has been supporting LICPA to replicate the audit quality
14 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
3.5.3 (A) May 2013 Professional Examination
th thThe May 2013 examination was conducted from Tuesday 7 to Friday 10 May at all designated ICAG
examination centres including Liberia and London. Examination results were released to candidates ston 21 of June, 2013.
Total candidature for the examination was 4,305. Performance statistics for all the parts are given
below:
Performance Statistics for May 2013 Examination
PART ONE
No of candidates
%
PASSED (All papers)
299
50.33
120
20.76
284
12.24
265
32.59
One Paper Referral
-
-
-
-
-
-
306
37.64
Two Paper Referral
14
01.72
PARTIALLY
PASSED
295
49.67
458
79.24
2,036
87.76
228
28.05
TOTAL
594
100
578
100
2,320
100
813
100
PART TWO
PART THREE
PART FOUR
No of candidates
% No of candidates
% No of candidates
%
3.5.4 (B) November 2013 Professional Examination
The November 2013 professional examination was successfully held at all ICAG designated
examination centres in Ghana and Liberia. A total of 4,715 candidates registered to write the thexamination. Examination results were released to candidates on 17 December, 2013.
Performance statistics for the various parts are given below:
Performance Statistics for the November 2013 Examination
PART ONE
No of candidates
%
PASSED (All papers)
One Paper Referral
Two Paper Referral
PARTIALLY
PASSED
TOTAL
PART TWO
PART THREE
PART FOUR
No of candidates
% No of candidates
% No of candidates
%
206 37.73 354 46.64 370 14.71 219 24.50
- - - - - - 297 33.22
100
11.18
340
62.27
405
53.36
2,146
85.29
278
31.10
546
100
759
100
2,516
100
894
100
17THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
3.5.1 (A) March 2013 ATSWA Examination
thThe examination was held in collaboration with the ABWA Secretariat from Tuesday 19 to thWednesday 20 March, 2013. The examination was written at three centres in Ghana (Accra,
Kumasi and Sunyani) and one centre in Liberia.
A total of Eighty-four (84) candidates wrote the examination. Marking of ATSWA March 2013 th thexamination scripts took place at Marina Hotel, Dodowa from Friday 5 to Sunday 7 April,
th2013. Examination results were released to candidates on 4 June, 2013.
Performance statistics for the March 2013 ATSWA examination (Ghanaian candidates) is given
below:
Performance Statistics for March 2013 Examination
PART ONE
PART TWO
PART THREE
No of
candidates
%
No of
candidates
%
No of
candidates
%
Fully Passed
(All Papers)
00
00
05
10.42
13
46.43
Partially Passed (Not all
papers)
08
100
43
89.58
15
53.57
Total
08
100
48
100
28
100
3.5.2 (B) September 2013 ATSWA Examination
th thThe examination was conducted from Tuesday September 17 to Wednesday September 18 , 2013 at
three centres in Ghana. ATSWA for Liberia was conducted and marked in Liberia. Performance
statistics for the examination are presented below;
Performance Statistics for September 2013 Examination
PART ONE
PART TWO
PART THREE
No of
candidates
%
No of
candidates
%
No of
candidates
%
Fully Passed
(All Papers)
02
15.38
09
52.94
15
35.71
Partially Passed (Not all
papers)
11
84.62
08
47.06
27
64.29
Total
13
100
17
100
42
100
16 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
3.5.3 (A) May 2013 Professional Examination
th thThe May 2013 examination was conducted from Tuesday 7 to Friday 10 May at all designated ICAG
examination centres including Liberia and London. Examination results were released to candidates ston 21 of June, 2013.
Total candidature for the examination was 4,305. Performance statistics for all the parts are given
below:
Performance Statistics for May 2013 Examination
PART ONE
No of candidates
%
PASSED (All papers)
299
50.33
120
20.76
284
12.24
265
32.59
One Paper Referral
-
-
-
-
-
-
306
37.64
Two Paper Referral
14
01.72
PARTIALLY
PASSED
295
49.67
458
79.24
2,036
87.76
228
28.05
TOTAL
594
100
578
100
2,320
100
813
100
PART TWO
PART THREE
PART FOUR
No of candidates
% No of candidates
% No of candidates
%
3.5.4 (B) November 2013 Professional Examination
The November 2013 professional examination was successfully held at all ICAG designated
examination centres in Ghana and Liberia. A total of 4,715 candidates registered to write the thexamination. Examination results were released to candidates on 17 December, 2013.
Performance statistics for the various parts are given below:
Performance Statistics for the November 2013 Examination
PART ONE
No of candidates
%
PASSED (All papers)
One Paper Referral
Two Paper Referral
PARTIALLY
PASSED
TOTAL
PART TWO
PART THREE
PART FOUR
No of candidates
% No of candidates
% No of candidates
%
206 37.73 354 46.64 370 14.71 219 24.50
- - - - - - 297 33.22
100
11.18
340
62.27
405
53.36
2,146
85.29
278
31.10
546
100
759
100
2,516
100
894
100
17THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
3.5.1 (A) March 2013 ATSWA Examination
thThe examination was held in collaboration with the ABWA Secretariat from Tuesday 19 to thWednesday 20 March, 2013. The examination was written at three centres in Ghana (Accra,
Kumasi and Sunyani) and one centre in Liberia.
A total of Eighty-four (84) candidates wrote the examination. Marking of ATSWA March 2013 th thexamination scripts took place at Marina Hotel, Dodowa from Friday 5 to Sunday 7 April,
th2013. Examination results were released to candidates on 4 June, 2013.
Performance statistics for the March 2013 ATSWA examination (Ghanaian candidates) is given
below:
Performance Statistics for March 2013 Examination
PART ONE
PART TWO
PART THREE
No of
candidates
%
No of
candidates
%
No of
candidates
%
Fully Passed
(All Papers)
00
00
05
10.42
13
46.43
Partially Passed (Not all
papers)
08
100
43
89.58
15
53.57
Total
08
100
48
100
28
100
3.5.2 (B) September 2013 ATSWA Examination
th thThe examination was conducted from Tuesday September 17 to Wednesday September 18 , 2013 at
three centres in Ghana. ATSWA for Liberia was conducted and marked in Liberia. Performance
statistics for the examination are presented below;
Performance Statistics for September 2013 Examination
PART ONE
PART TWO
PART THREE
No of
candidates
%
No of
candidates
%
No of
candidates
%
Fully Passed
(All Papers)
02
15.38
09
52.94
15
35.71
Partially Passed (Not all
papers)
11
84.62
08
47.06
27
64.29
Total
13
100
17
100
42
100
16 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
3.6.5 ICAG Library services
Patronage of the ICAG Library services increased tremendously .The electronic section has
also been activated with library web page, making accessibility to books and other information
easy.
3.6.6 Continuing Professional Development Programmes
ICAG, as a professional body, has a responsibility to ensure that its members continue to
develop and maintain the competence demanded by their professional roles and the users of
their services.
Consequently, in 2013, the Members Services Directorate organised twenty-two Continuing
Professional Development (CPD) programmes. Five hundred and fifty-nine members participated in
the CPD programmes. The Institute has started compiling the record of credit units earned by members
as an additional requirement for determining members in good standing.
The table below provides further highlights:
CPD Programme Venue Date No.
1 IFRS for SMEs Accra 13th-15th Feb 63
2 IFRS for SMEs Kumasi 20th-22nd Feb 21
3 IFRS for SMEs Takoradi 27th Feb-1st Mar 23
4 Effective Project Audit and Management Accra 7th-8th Mar 41
5 Income Tax Planning - Essential Principles and
Practices
Accra 10th-11th Apr 56
6 Microsoft Office - Excel Tools for Accountants Accra 24th-25th Apr 62
7 Developing and Implementing Business Plan Kumasi 17th-18th Apr 10
8 Internal Auditors Conference Accra 22nd-24th May 60
9 Orientation for Practising Certificate Accra 10th-14th Jun 14
10 Word and PowerPoint Tools for Accountants Takoradi 12th-13th Jun 20
11 Word and PowerPoint Tools for Accountants Accra 10th-11th Jul 18
12 Excel Tools for Accountants Bogoso 17th-18th Jul 12
13 International Public Sector Accounting Standards Accra 24th-25th Jul 29
14 Effective Proposal and Report Writing Kumasi 7th-8th Aug 14
15 Tax on Employment Income Accra 14th-15th Aug 51
16 IFRS Updates Accra 21st-22nd Aug 51
17 Financial Modelling for Accountants Kumasi 2nd-3rd Oct 15
18 Financial Modelling for Accountants Takoradi 16th-17th Oct 24
19 Financial Modelling for Accountants Accra 29th-30th Oct 80
20 Effective Proposal and Report Writing Accra 20th-21st Nov 18
21 Tax on Employment Income Kumasi 3rd-4th Dec 30
22 Communication Skills for Accountants Accra 10th-11th Dec 36
19THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
3.5.5 Joint Syllabus Development Meetings
The Examinations Committee and Education & Training Committee held three joint meetings
on the review of the ICAG syllabus.
A stakeholders' forum was held to seek expert inputs and comments on the draft syllabus. The
forum was attended by lecturers from the universities and polytechnics, major employers of
accountants, the auditing and accounting firms, examiners and a representative from the
World Bank.
3.6 EDUCATION AND TRAINING COMMITTEE
The Education and Training Committee held several meetings to strategise and strengthen the
various units that function under its direction.
The various areas of performance included students' services administration, Business
Development Unit, the Library Services and the ICAG School.
3.6.1 Saturday revision classes
This programme saw an increased patronage in both sessions. One session started in
January 2013 and ended in April 2013. It was directed towards preparing candidates for the
May 2013 Examinations.
The second session which was directed towards November 2013 examination started in July
2013 and ended in October 2013. Since the change in venue from Accra Poly to ICAG school,
the numbers have increased tremendously.
3.6.2 Interventions
Special intervention sessions were held for May 2013 and November 2013 Exams in Kumasi
and Accra to offer guidance on examination techniques to students. These sessions were
designated 'Meet the Subject Experts'. Chief Examiners and other experienced lecturers were
engaged to explain the techniques of answering examinations on difficult topics. Attendance
to the sessions was quite good.
3.6.3 Outreach programmes
Many outreach programmes were organized during the year 2013. Visits were made to many
of the universities, polytechnics and other diploma awarding institutions to market ICAG and
the professional accountancy programme. This was a contributing factor to the increased
studentship enrollment.
3.6.4 Educational Fair
The Institute participated in three (3) educational fairs organized by I-Texon Ghana in
Koforidua and Ho and a third one organized by Ghana Telecom University. These
opportunities were used to explain ICAG programmes to potential students who visited our
stands.
18 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
3.6.5 ICAG Library services
Patronage of the ICAG Library services increased tremendously .The electronic section has
also been activated with library web page, making accessibility to books and other information
easy.
3.6.6 Continuing Professional Development Programmes
ICAG, as a professional body, has a responsibility to ensure that its members continue to
develop and maintain the competence demanded by their professional roles and the users of
their services.
Consequently, in 2013, the Members Services Directorate organised twenty-two Continuing
Professional Development (CPD) programmes. Five hundred and fifty-nine members participated in
the CPD programmes. The Institute has started compiling the record of credit units earned by members
as an additional requirement for determining members in good standing.
The table below provides further highlights:
CPD Programme Venue Date No.
1 IFRS for SMEs Accra 13th-15th Feb 63
2 IFRS for SMEs Kumasi 20th-22nd Feb 21
3 IFRS for SMEs Takoradi 27th Feb-1st Mar 23
4 Effective Project Audit and Management Accra 7th-8th Mar 41
5 Income Tax Planning - Essential Principles and
Practices
Accra 10th-11th Apr 56
6 Microsoft Office - Excel Tools for Accountants Accra 24th-25th Apr 62
7 Developing and Implementing Business Plan Kumasi 17th-18th Apr 10
8 Internal Auditors Conference Accra 22nd-24th May 60
9 Orientation for Practising Certificate Accra 10th-14th Jun 14
10 Word and PowerPoint Tools for Accountants Takoradi 12th-13th Jun 20
11 Word and PowerPoint Tools for Accountants Accra 10th-11th Jul 18
12 Excel Tools for Accountants Bogoso 17th-18th Jul 12
13 International Public Sector Accounting Standards Accra 24th-25th Jul 29
14 Effective Proposal and Report Writing Kumasi 7th-8th Aug 14
15 Tax on Employment Income Accra 14th-15th Aug 51
16 IFRS Updates Accra 21st-22nd Aug 51
17 Financial Modelling for Accountants Kumasi 2nd-3rd Oct 15
18 Financial Modelling for Accountants Takoradi 16th-17th Oct 24
19 Financial Modelling for Accountants Accra 29th-30th Oct 80
20 Effective Proposal and Report Writing Accra 20th-21st Nov 18
21 Tax on Employment Income Kumasi 3rd-4th Dec 30
22 Communication Skills for Accountants Accra 10th-11th Dec 36
19THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
3.5.5 Joint Syllabus Development Meetings
The Examinations Committee and Education & Training Committee held three joint meetings
on the review of the ICAG syllabus.
A stakeholders' forum was held to seek expert inputs and comments on the draft syllabus. The
forum was attended by lecturers from the universities and polytechnics, major employers of
accountants, the auditing and accounting firms, examiners and a representative from the
World Bank.
3.6 EDUCATION AND TRAINING COMMITTEE
The Education and Training Committee held several meetings to strategise and strengthen the
various units that function under its direction.
The various areas of performance included students' services administration, Business
Development Unit, the Library Services and the ICAG School.
3.6.1 Saturday revision classes
This programme saw an increased patronage in both sessions. One session started in
January 2013 and ended in April 2013. It was directed towards preparing candidates for the
May 2013 Examinations.
The second session which was directed towards November 2013 examination started in July
2013 and ended in October 2013. Since the change in venue from Accra Poly to ICAG school,
the numbers have increased tremendously.
3.6.2 Interventions
Special intervention sessions were held for May 2013 and November 2013 Exams in Kumasi
and Accra to offer guidance on examination techniques to students. These sessions were
designated 'Meet the Subject Experts'. Chief Examiners and other experienced lecturers were
engaged to explain the techniques of answering examinations on difficult topics. Attendance
to the sessions was quite good.
3.6.3 Outreach programmes
Many outreach programmes were organized during the year 2013. Visits were made to many
of the universities, polytechnics and other diploma awarding institutions to market ICAG and
the professional accountancy programme. This was a contributing factor to the increased
studentship enrollment.
3.6.4 Educational Fair
The Institute participated in three (3) educational fairs organized by I-Texon Ghana in
Koforidua and Ho and a third one organized by Ghana Telecom University. These
opportunities were used to explain ICAG programmes to potential students who visited our
stands.
18 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
organised for the second batch of graduands from 18th to 20th September 2013 at Fiesta
Royale Hotel for Two Hundred and Fifty (250) Inductees. This was followed by an Admission
and Graduation Ceremony at Banquet Hall State House on 19th October 2013 for the
Graduands.
Council approved the two proposals put forward by the Admissions Committee for a review of
both Membership and Practising Certificate applications. There will however be a transitional
period where the old and new procedures will run side by side until December 31st 2015 when
the old system will be phased out.
3.7.4 Subscription and Levies
A list of Two Thousand, Three Hundred and Seventy-Two (2,372) Members in Good Standing
was published in the New Times Newspaper on 24th June 2013. A supplementary list of Fifty-
Four (54) Members in Good Standing was published in July 2013. This brought the number of
Members in Good Standing for the year 2013 to Two Thousand, Four Hundred and Twenty Six
(2,426).
Three hundred and Thirty-Two (332) practising members renewed their practice certificate.
Five hundred and Forty-One members (541) paid their Building Levy.
3.8 REPORT OF MEMBERS SERVICES COMMITTEE
3.8.1 District Societies
The Member Service Committee worked closely with the District Societies. The District
Societies made their activities known to the Committee. Some of the Societies also visited the
Secretariat to offer useful suggestions on how best to advance the course of the Institute and
the profession.
In 2013 the Cape Coast District Society was inaugurated. As at the year end, four regions,
namely Eastern, Northern, Upper East and Upper West did not have District Societies of
Accountants. Council wishes to encourage members domiciled or working in the listed
regions to initiate the process.
3.8.2 Ho District Society
Ho District Society had 12 regular monthly meetings in 2013. Other activities included the
following:
I) Continuing Professional Development (CPD) on IPSAS adoption
ii) Outreach to Senior High Schools (SHSs) and tertiary institutions.
iii) Seminars for public institutions/departments, bank officials and small business
operators.
iv) Excursions, Health Walks and Family Parties.
v) Health and business talks.
21THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
3.7 ADMISSIONS COMMITTEE REPORT
3.7.1 Introduction
The focus of the Admissions Committee during the year under review was to streamline the
admission procedure and to encourage the many who pass the qualifying examinations (and
have acquired the relevant practical experience) to seek membership.
3.7.2 Admission of Students
The year 2013 recorded the highest number of studentship admission since the inception of
the Institute. A record number of 2,636 students were enrolled. What is more gratifying is that
most of the students admitted were university graduates, some holding academic
qualifications other than accounting/business administration. The year also recorded the
largest number of admitted students who migrated from other professional accountancy
bodies.
The trend of studentship admission for the last five years is as shown below:
Year
Admitted
Students
% Increase over
previous year
2008
683
2009
909
32.7
2010
1,423
56.5
2011
1,730
21.5
2012
2,329
34.6
2013
2,636
13.2
3.7.3 Admission of Members
A ceremony was held at Alisa Hotel from 20th to 22nd March 2013 to formally induct Two
Hundred and Ninety (291) new persons into the fold of the existing membership of the Institute.
One Hundred and Eighty-Eight (188) of the new members qualified by participating and
passing the CA professional examinations organized by the Institute whilst One Hundred and
Three (103) met the requirements via the assessment of training they had received while being
members of equivalent foreign professional accountancy bodies. An Admission and
Graduation Ceremony was organised on 13th April, 2013 at the International Conference
Centre for the Graduands.
A decision was taken to organise a second Induction, Admission and Graduation event for the
year 2013 as part of the 50th Anniversary of the Institute. An Induction programme was
20 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
organised for the second batch of graduands from 18th to 20th September 2013 at Fiesta
Royale Hotel for Two Hundred and Fifty (250) Inductees. This was followed by an Admission
and Graduation Ceremony at Banquet Hall State House on 19th October 2013 for the
Graduands.
Council approved the two proposals put forward by the Admissions Committee for a review of
both Membership and Practising Certificate applications. There will however be a transitional
period where the old and new procedures will run side by side until December 31st 2015 when
the old system will be phased out.
3.7.4 Subscription and Levies
A list of Two Thousand, Three Hundred and Seventy-Two (2,372) Members in Good Standing
was published in the New Times Newspaper on 24th June 2013. A supplementary list of Fifty-
Four (54) Members in Good Standing was published in July 2013. This brought the number of
Members in Good Standing for the year 2013 to Two Thousand, Four Hundred and Twenty Six
(2,426).
Three hundred and Thirty-Two (332) practising members renewed their practice certificate.
Five hundred and Forty-One members (541) paid their Building Levy.
3.8 REPORT OF MEMBERS SERVICES COMMITTEE
3.8.1 District Societies
The Member Service Committee worked closely with the District Societies. The District
Societies made their activities known to the Committee. Some of the Societies also visited the
Secretariat to offer useful suggestions on how best to advance the course of the Institute and
the profession.
In 2013 the Cape Coast District Society was inaugurated. As at the year end, four regions,
namely Eastern, Northern, Upper East and Upper West did not have District Societies of
Accountants. Council wishes to encourage members domiciled or working in the listed
regions to initiate the process.
3.8.2 Ho District Society
Ho District Society had 12 regular monthly meetings in 2013. Other activities included the
following:
I) Continuing Professional Development (CPD) on IPSAS adoption
ii) Outreach to Senior High Schools (SHSs) and tertiary institutions.
iii) Seminars for public institutions/departments, bank officials and small business
operators.
iv) Excursions, Health Walks and Family Parties.
v) Health and business talks.
21THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
3.7 ADMISSIONS COMMITTEE REPORT
3.7.1 Introduction
The focus of the Admissions Committee during the year under review was to streamline the
admission procedure and to encourage the many who pass the qualifying examinations (and
have acquired the relevant practical experience) to seek membership.
3.7.2 Admission of Students
The year 2013 recorded the highest number of studentship admission since the inception of
the Institute. A record number of 2,636 students were enrolled. What is more gratifying is that
most of the students admitted were university graduates, some holding academic
qualifications other than accounting/business administration. The year also recorded the
largest number of admitted students who migrated from other professional accountancy
bodies.
The trend of studentship admission for the last five years is as shown below:
Year
Admitted
Students
% Increase over
previous year
2008
683
2009
909
32.7
2010
1,423
56.5
2011
1,730
21.5
2012
2,329
34.6
2013
2,636
13.2
3.7.3 Admission of Members
A ceremony was held at Alisa Hotel from 20th to 22nd March 2013 to formally induct Two
Hundred and Ninety (291) new persons into the fold of the existing membership of the Institute.
One Hundred and Eighty-Eight (188) of the new members qualified by participating and
passing the CA professional examinations organized by the Institute whilst One Hundred and
Three (103) met the requirements via the assessment of training they had received while being
members of equivalent foreign professional accountancy bodies. An Admission and
Graduation Ceremony was organised on 13th April, 2013 at the International Conference
Centre for the Graduands.
A decision was taken to organise a second Induction, Admission and Graduation event for the
year 2013 as part of the 50th Anniversary of the Institute. An Induction programme was
20 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
· IFRS for SMEs.
· Anti-Money laundering
· ICAG Code of Ethics
· Takeovers and Mergers
nd th thThe Society celebrated its yearly “GANDS Week” from 2 to 9 , and 15 December 2013. The
celebrations involved the following activities:
i. Visit to the ICAG Secretariat;
ii. General Meeting;
iii. Lecture on the Commodities Market;
iv. Visit to the Frafraha Orphanage; and
v. End of Year Get-Together
Other activities of the society were as follows:
i. Monthly health walks from Ayi Mensah to Peduase Lodge and back.
ii. A trip to Bojo Beach Resort.
iii. A trip to Mount Afadjato
3.8.7 Accra East District Society
Regular monthly meetings were held on the second Thursday of every month throughout the
year at which the under listed activities were held.
I. Presentation on Presentation on Forensic Audit
ii. Evening with the Health Expert
iii. Talk on the work of Public Accounts Committee (PAC) and Finance Committee -
Promoting Transparency & Effective use of Public Finance
iv. Networking Lunch
v. Presentation on Treasury Management
vi. Challenges
The major challenge of the society continues to be the poor patronage of programmes and
meetings by members. This made it difficult to follow through with programmes.
3.8.8 Accra –West District Society [AWDS] Report
AWDS started the year with the executives rendering accounts to members and arranging for
elections to be held.
The society organized a number of knowledge updates/CPD programmes facilitated by
seasoned resource persons, few of which are cited below:
- Monetary Policy and the Economy of Ghana
They also joined the people of Asogli Traditional area to celebrate their Yam Festival at the Ho
Sports Stadium
23THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
3.8.3 Kumasi District Society
During the year under review, 13 new members joined the District Society. As at the end of
December, 2013, the membership of the society stood at ninety five. The District Society
organized a seminar on adoption of IFRS for the members. Apart from annual dinner, the
Society could not organize any other social activity for members.
3.8.4 Sekondi-Takoradi District Society
Four CPD programmes were organized for members during 2013. Two were organized by
ICAG Secretariat and two were internally organized.
The topics for the CPDs were:
i) Financial Modelling
ii) Internal Audit
iii) Stress Management
iv) First Aid
thThe Accountants' Week was celebrated in a grand style. On the 26 May, 2012 there was a
Health Walk through the principal streets of Takoradi. On 27th May, 2012 the Society attended
a Church Service at Effia-Kuma Presby Church. This was followed by visits to aged and retired
members.
thThe annual get-together was held at Akroma Plaza Hotel on 14 December, 2013.
3.8.5 Tema District Society
3.8.6 GA North District Society
The society held twelve general meetings during the year 2013. The highest attendance
recorded at general meetings was 30 in the month of January whilst the lowest was 16 in the
month of April. The average attendance at meetings was 25 for the year.
The following CPD's were held during the year:
· Mandate of the Securities and Exchange Commission, and upcoming events of the
Commission.
The general meeting of the Society was held on the 31st of July 2013 during which Mr Kwadwo
Kwarteng was appointed as the auditor for the society. Their membership at the end of the year
stood at thirty-one. Two new members joined the society during the year
The Society organised a number of activities during the year whikch included two CPD
programs for members on the topics: Electonic Banking - Business Prospects; Risks and
Opportunities and IFRS for SME - Content and Application.
The society is especially appreciative of the support from regular members especially Messrs.
Opoku, Andoh & Co. for their continued and immense support in the provision of logistics to the
executive committee and members.
22 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
· IFRS for SMEs.
· Anti-Money laundering
· ICAG Code of Ethics
· Takeovers and Mergers
nd th thThe Society celebrated its yearly “GANDS Week” from 2 to 9 , and 15 December 2013. The
celebrations involved the following activities:
i. Visit to the ICAG Secretariat;
ii. General Meeting;
iii. Lecture on the Commodities Market;
iv. Visit to the Frafraha Orphanage; and
v. End of Year Get-Together
Other activities of the society were as follows:
i. Monthly health walks from Ayi Mensah to Peduase Lodge and back.
ii. A trip to Bojo Beach Resort.
iii. A trip to Mount Afadjato
3.8.7 Accra East District Society
Regular monthly meetings were held on the second Thursday of every month throughout the
year at which the under listed activities were held.
I. Presentation on Presentation on Forensic Audit
ii. Evening with the Health Expert
iii. Talk on the work of Public Accounts Committee (PAC) and Finance Committee -
Promoting Transparency & Effective use of Public Finance
iv. Networking Lunch
v. Presentation on Treasury Management
vi. Challenges
The major challenge of the society continues to be the poor patronage of programmes and
meetings by members. This made it difficult to follow through with programmes.
3.8.8 Accra –West District Society [AWDS] Report
AWDS started the year with the executives rendering accounts to members and arranging for
elections to be held.
The society organized a number of knowledge updates/CPD programmes facilitated by
seasoned resource persons, few of which are cited below:
- Monetary Policy and the Economy of Ghana
They also joined the people of Asogli Traditional area to celebrate their Yam Festival at the Ho
Sports Stadium
23THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
3.8.3 Kumasi District Society
During the year under review, 13 new members joined the District Society. As at the end of
December, 2013, the membership of the society stood at ninety five. The District Society
organized a seminar on adoption of IFRS for the members. Apart from annual dinner, the
Society could not organize any other social activity for members.
3.8.4 Sekondi-Takoradi District Society
Four CPD programmes were organized for members during 2013. Two were organized by
ICAG Secretariat and two were internally organized.
The topics for the CPDs were:
i) Financial Modelling
ii) Internal Audit
iii) Stress Management
iv) First Aid
thThe Accountants' Week was celebrated in a grand style. On the 26 May, 2012 there was a
Health Walk through the principal streets of Takoradi. On 27th May, 2012 the Society attended
a Church Service at Effia-Kuma Presby Church. This was followed by visits to aged and retired
members.
thThe annual get-together was held at Akroma Plaza Hotel on 14 December, 2013.
3.8.5 Tema District Society
3.8.6 GA North District Society
The society held twelve general meetings during the year 2013. The highest attendance
recorded at general meetings was 30 in the month of January whilst the lowest was 16 in the
month of April. The average attendance at meetings was 25 for the year.
The following CPD's were held during the year:
· Mandate of the Securities and Exchange Commission, and upcoming events of the
Commission.
The general meeting of the Society was held on the 31st of July 2013 during which Mr Kwadwo
Kwarteng was appointed as the auditor for the society. Their membership at the end of the year
stood at thirty-one. Two new members joined the society during the year
The Society organised a number of activities during the year whikch included two CPD
programs for members on the topics: Electonic Banking - Business Prospects; Risks and
Opportunities and IFRS for SME - Content and Application.
The society is especially appreciative of the support from regular members especially Messrs.
Opoku, Andoh & Co. for their continued and immense support in the provision of logistics to the
executive committee and members.
22 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
their quota to society.
It was not all non-technical education; AWAG organized a talk on 'Fighting Financial Crime'
presented by a renowned financial crime expert, educating members on ways to detect and
prevent financial crime. The presentation was well received and generated much discussion.
Unfortunately the year 2013 saw us loose another member in her prime Cecelia Meyers
departed from the living in June 2013, leaving the association devastated. May her soul rest in
peace
AWAG continues to sponsor the Best Female Award at each Graduation Ceremony, and we
use this opportunity to encourage awardees to play a significant role in influencing their
colleague women to participate in AWAG activities. All female accountants have automatic
membership of AWAG and are encouraged to participate fully in its activities and growth.
The year 2014 has begun with very exciting continuing education talks and presentations and
we hope to see all women at our monthly meetings. AWAG!!!! BALANCE!!!!
3.9 FINANCE COMMITTEE REPORT
3.9.1 Gross Income
Gross Income grew from GH¢ 6,704,143 in 2012 to GH¢ 9,203,364 in 2013, representing a
growth in income of 37%.
The number of students who sat for the Institute's examinations increased considerably in
2013. Also 254 new members were admitted in the year. These increases accounted, partly, for
the growth in income.
The breakdown of the income for the period is as follows:
2013 2012
GH¢ GH¢
General Income 2,844,185 1,604,040
Examination/Other Students Activities 4,508,513 3,445,775
Continuing Professional Development 555,738 206,826
Professional Body Activities 401,516 1,084,300
Other Operating Activities 722,688 312,228
Investment 170,724 50,974 ------------- -------------
Total Income 9,203,364 6,704,143
======== ========
3.9.2 General Income
General income represents fees from Members – Subscription, Practice License, Graduate
Fees and Entrance Fees. It also includes students subscription and registration fees.
25THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
- Tax amnesty is the way forward? Lessons learnt
- How to tap on creativity of your management team
- How to exceed customer's expectations
- Projecting a positive image
The society also organized a number of recreational activities in collaboration with other
District Societies. For instance, it organized a beach party at The Sand Piper Beach Hotel
for members and their families in Langma near Kokrobite.
The society crowned the year by collaborating with newly inaugurated Cape Coast District
Society to donate assorted items and cash to the Human Services Trust Orphanage in Cape
Coast.
3.8.9
The inauguration of the Society took place at the University of Cape Coast Senior Staff Club
House amidst pomp and pageantry. The event was a colourful one that witnessed the
presence of the Oguaamanhene, Osabarima Kwesi Atta II – also a Chartered Accountant – as
the distinguished Chairman, officials of ICAG including the President of Council, Mrs. Angela
Peasah and the C.E.O., Mr. Fred Moore. Also present to grace the occasion were the Central
Regional Minister, Mr. Sarpong and representative of the Vice Chancellor, University of Cape
Coast as well as other Deans and Directors of Faculties and Directorates of the University.
Fraternal and goodwill messages were received from various groups and persons who
graced the occasion including a message from the Secondi/Takoradi District Society.
The five member executive committee were sworn in at the occasion by the Council President,
Mrs. Angela Peasah after brief addresses were received from the C.E.O., the Regional Minister
and representative of the Vice Chancellor of UCC.
The total membership during the inaugural ceremony was twenty seven full members of the
Institute, and four associate members, bringing the total number of the Cape Coast District
Society membership to thirty-one (31).
After the inauguration, there were two more general meetings to evaluate the inaugural
function and to plan for the coming year (i.e. 2014)
3.8.10 Association of Women Accountants, Ghana [AWAG]
The Association of Women Accountants, Ghana (AWAG) continues to create a common
platform for women in the accounting profession to promote continuous learning and meet
other social needs of the modern day career woman.
Due to activities lined up for ICAG's 50th anniversary celebration, AWAG did not have a packed
calendar for the year 2013, since members were encouraged to participate fully in the
anniversary programs. Nonetheless the AWAG devoted the year 2013 to 'Healthy Living' and
activities undertaken included healthy cooking, a presentation on 'keeping the balance' in our
lives, and a talk and physical examination from a spinal doctor. The theme for the year was
inspired by the need for professional career women to live healthy and long lives to contribute
Cape District Society
24 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
their quota to society.
It was not all non-technical education; AWAG organized a talk on 'Fighting Financial Crime'
presented by a renowned financial crime expert, educating members on ways to detect and
prevent financial crime. The presentation was well received and generated much discussion.
Unfortunately the year 2013 saw us loose another member in her prime Cecelia Meyers
departed from the living in June 2013, leaving the association devastated. May her soul rest in
peace
AWAG continues to sponsor the Best Female Award at each Graduation Ceremony, and we
use this opportunity to encourage awardees to play a significant role in influencing their
colleague women to participate in AWAG activities. All female accountants have automatic
membership of AWAG and are encouraged to participate fully in its activities and growth.
The year 2014 has begun with very exciting continuing education talks and presentations and
we hope to see all women at our monthly meetings. AWAG!!!! BALANCE!!!!
3.9 FINANCE COMMITTEE REPORT
3.9.1 Gross Income
Gross Income grew from GH¢ 6,704,143 in 2012 to GH¢ 9,203,364 in 2013, representing a
growth in income of 37%.
The number of students who sat for the Institute's examinations increased considerably in
2013. Also 254 new members were admitted in the year. These increases accounted, partly, for
the growth in income.
The breakdown of the income for the period is as follows:
2013 2012
GH¢ GH¢
General Income 2,844,185 1,604,040
Examination/Other Students Activities 4,508,513 3,445,775
Continuing Professional Development 555,738 206,826
Professional Body Activities 401,516 1,084,300
Other Operating Activities 722,688 312,228
Investment 170,724 50,974 ------------- -------------
Total Income 9,203,364 6,704,143
======== ========
3.9.2 General Income
General income represents fees from Members – Subscription, Practice License, Graduate
Fees and Entrance Fees. It also includes students subscription and registration fees.
25THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
- Tax amnesty is the way forward? Lessons learnt
- How to tap on creativity of your management team
- How to exceed customer's expectations
- Projecting a positive image
The society also organized a number of recreational activities in collaboration with other
District Societies. For instance, it organized a beach party at The Sand Piper Beach Hotel
for members and their families in Langma near Kokrobite.
The society crowned the year by collaborating with newly inaugurated Cape Coast District
Society to donate assorted items and cash to the Human Services Trust Orphanage in Cape
Coast.
3.8.9
The inauguration of the Society took place at the University of Cape Coast Senior Staff Club
House amidst pomp and pageantry. The event was a colourful one that witnessed the
presence of the Oguaamanhene, Osabarima Kwesi Atta II – also a Chartered Accountant – as
the distinguished Chairman, officials of ICAG including the President of Council, Mrs. Angela
Peasah and the C.E.O., Mr. Fred Moore. Also present to grace the occasion were the Central
Regional Minister, Mr. Sarpong and representative of the Vice Chancellor, University of Cape
Coast as well as other Deans and Directors of Faculties and Directorates of the University.
Fraternal and goodwill messages were received from various groups and persons who
graced the occasion including a message from the Secondi/Takoradi District Society.
The five member executive committee were sworn in at the occasion by the Council President,
Mrs. Angela Peasah after brief addresses were received from the C.E.O., the Regional Minister
and representative of the Vice Chancellor of UCC.
The total membership during the inaugural ceremony was twenty seven full members of the
Institute, and four associate members, bringing the total number of the Cape Coast District
Society membership to thirty-one (31).
After the inauguration, there were two more general meetings to evaluate the inaugural
function and to plan for the coming year (i.e. 2014)
3.8.10 Association of Women Accountants, Ghana [AWAG]
The Association of Women Accountants, Ghana (AWAG) continues to create a common
platform for women in the accounting profession to promote continuous learning and meet
other social needs of the modern day career woman.
Due to activities lined up for ICAG's 50th anniversary celebration, AWAG did not have a packed
calendar for the year 2013, since members were encouraged to participate fully in the
anniversary programs. Nonetheless the AWAG devoted the year 2013 to 'Healthy Living' and
activities undertaken included healthy cooking, a presentation on 'keeping the balance' in our
lives, and a talk and physical examination from a spinal doctor. The theme for the year was
inspired by the need for professional career women to live healthy and long lives to contribute
Cape District Society
24 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
3.10 THE SECRETARIAT
3.10.1 Staff Recruitment
During the year, four (4) members of staff were recruited. They include:
· Mr. Fred N.K Moore as the CEO
· Mr. Kwaku Osei Adjaye Gyamfi as Director, Member Services
· Mr. Ofori Henne Frimpong as the Technical and Research Manager
· Mr. Nicholas Sena Ocloo as the Librarian
3.10.2 Retirement
During the year, two (2) members of staff retired from the services of the Institute.
They are:
· Mr. Kwasi Asante [The CEO]
· Mr. A. A. Yeboah [The cashier]
3.11 ICAG SCHOOL REPORT
3.11.1 Introduction
The ICAG School seeks to offer students the opportunity to have quality tuition in the Institutes'
Professional program. The School is organized on semester / session basis. The first session is
from January to April while the second session starts from July and ends in October. The
School is organized in three streams of Regular/Morning, Evening and Week End.
3.11.2 January-April Session
The ICAG School registered a total of seven hundred and thirty- nine (739) students for the
Regular, Evening and Week-end Sessions; from Parts one to four of the professional
programme.
Below is a summary of the students' registration.
Morning Evening Week-End Total
Part One 63 60 49 172
Part Two 29 46 43 118
Part Three 50 110 200 360
Part Four 34 55 89
Total 142 250 347 739
27THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
General Income grew from GH¢1,604,040 in 2012 to GH¢2,844,185 in 2013 representing a 77%
growth.
3.9.3 Investment income
Investment income grew by over 200%. The loan facility at HFC Bank was fully paid up in 2012.
Therefore extra funds were available for investment, resulting in the growth.
3.9.4 Firm Registration Fees
Practicing Firms fee increased from GH¢481,500 in 2012 to GH¢590,100 in 2013, resulting in a
23% increase. This stream of income was added to the traditional sources of income to the
Institute.
3.9.5 Expenditure
Gross Revenue Expenditure grew from GH¢5,380,103 in 2012 to GH¢7,731,982 in 2013 resulting
in a 43.7% increase.
The increase in Revenue Expenditure was due partly to Staff cost which increased from
GH¢1,678,500 in 2012 to GH¢ 2,509,169 (representing an increase of 49%) and increase in
Administrative expenses from GH¢ 1,293,885 in 2012 to GH¢ 1,718,832 (a growth of 33%).
Three new Management staff were employed for the Members' Services, Library and
Technical and Research departments. There was also an overlapping period of two months
between the exit date and entrance date of the old and new CEOs.
Telecommunication expenses went up due to the operation of the e-library and the increase of
internet bandwidth from 1megabit to 6megabit.
3.9.6 Net Surplus
Net Surplus increased from GH¢ 1,324,020 in 2012 to GH¢ 1,471,381 in 2013, resulting in 11%
growth.
Administrative expenses increased from GH¢ 1,293,885 in 2012 to GH¢ 1,718,832, a growth of
33%. Telecommunication expenses went up due to the operation of the e-library and the
increase of internet bandwidth from 1megabit to 6megabit.
3.9.7 Cash Flows
Cash and Cash equivalents grew from GH¢ 685,597 in 2012 to GH¢ 2,008,052 in 2013.
The increase was due, partly, to increases in membership, student sitting for examination and
release of funds due to the full payment of the HFC Bank loan in 2012. In addition a grant to
support advocacy in the implementation of IPSAS was received from STAR Ghana late in the
year.
26 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
3.10 THE SECRETARIAT
3.10.1 Staff Recruitment
During the year, four (4) members of staff were recruited. They include:
· Mr. Fred N.K Moore as the CEO
· Mr. Kwaku Osei Adjaye Gyamfi as Director, Member Services
· Mr. Ofori Henne Frimpong as the Technical and Research Manager
· Mr. Nicholas Sena Ocloo as the Librarian
3.10.2 Retirement
During the year, two (2) members of staff retired from the services of the Institute.
They are:
· Mr. Kwasi Asante [The CEO]
· Mr. A. A. Yeboah [The cashier]
3.11 ICAG SCHOOL REPORT
3.11.1 Introduction
The ICAG School seeks to offer students the opportunity to have quality tuition in the Institutes'
Professional program. The School is organized on semester / session basis. The first session is
from January to April while the second session starts from July and ends in October. The
School is organized in three streams of Regular/Morning, Evening and Week End.
3.11.2 January-April Session
The ICAG School registered a total of seven hundred and thirty- nine (739) students for the
Regular, Evening and Week-end Sessions; from Parts one to four of the professional
programme.
Below is a summary of the students' registration.
Morning Evening Week-End Total
Part One 63 60 49 172
Part Two 29 46 43 118
Part Three 50 110 200 360
Part Four 34 55 89
Total 142 250 347 739
27THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
General Income grew from GH¢1,604,040 in 2012 to GH¢2,844,185 in 2013 representing a 77%
growth.
3.9.3 Investment income
Investment income grew by over 200%. The loan facility at HFC Bank was fully paid up in 2012.
Therefore extra funds were available for investment, resulting in the growth.
3.9.4 Firm Registration Fees
Practicing Firms fee increased from GH¢481,500 in 2012 to GH¢590,100 in 2013, resulting in a
23% increase. This stream of income was added to the traditional sources of income to the
Institute.
3.9.5 Expenditure
Gross Revenue Expenditure grew from GH¢5,380,103 in 2012 to GH¢7,731,982 in 2013 resulting
in a 43.7% increase.
The increase in Revenue Expenditure was due partly to Staff cost which increased from
GH¢1,678,500 in 2012 to GH¢ 2,509,169 (representing an increase of 49%) and increase in
Administrative expenses from GH¢ 1,293,885 in 2012 to GH¢ 1,718,832 (a growth of 33%).
Three new Management staff were employed for the Members' Services, Library and
Technical and Research departments. There was also an overlapping period of two months
between the exit date and entrance date of the old and new CEOs.
Telecommunication expenses went up due to the operation of the e-library and the increase of
internet bandwidth from 1megabit to 6megabit.
3.9.6 Net Surplus
Net Surplus increased from GH¢ 1,324,020 in 2012 to GH¢ 1,471,381 in 2013, resulting in 11%
growth.
Administrative expenses increased from GH¢ 1,293,885 in 2012 to GH¢ 1,718,832, a growth of
33%. Telecommunication expenses went up due to the operation of the e-library and the
increase of internet bandwidth from 1megabit to 6megabit.
3.9.7 Cash Flows
Cash and Cash equivalents grew from GH¢ 685,597 in 2012 to GH¢ 2,008,052 in 2013.
The increase was due, partly, to increases in membership, student sitting for examination and
release of funds due to the full payment of the HFC Bank loan in 2012. In addition a grant to
support advocacy in the implementation of IPSAS was received from STAR Ghana late in the
year.
26 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
29
FINANCIAL STATEMENTSFor the year ended 31st December 2013
3.12 THE CHARTERED DIPLOMA PROGRAMME
The Chartered Diploma Programme is a unique course introduced by the Institute to enhance
the work efficiency and professionalism of members as well as to improve their competence in
specialized areas
The Programme has eight models, namely:
· Chartered Diploma in Forensic Audit,
· Oil and Gas Accounting,
· Corporate Financial Management,
· Treasury and Risk Management,
· Internal Auditing and Governance,
· Charity Accounting and Finance,
· Public Sector Accounting, and
· Legal Accounting,
Two modules on IFRS and Oil & Gas were rolled out in 2013.
Enrolment was as follows:
I) IFRS - 22
ii) Oil and Gas - 25
28
3.11.3 July to October Session
The Second Session of 2013 saw a remarkable growth in terms of student enrollment. The ndschool opened the second session in July and lectures officially begun on 2 July, 2013 and
stended on the 31 October, 2013.
Below is a summary of the students' registration for the second session:
52 52 64 168
30 56 104 190
23
119 230
372
39 65 104
105 266 463 834
Morning Evening Week-End Total
Part One
Part Two
Part Three
Part Four
Total
THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
29
FINANCIAL STATEMENTSFor the year ended 31st December 2013
3.12 THE CHARTERED DIPLOMA PROGRAMME
The Chartered Diploma Programme is a unique course introduced by the Institute to enhance
the work efficiency and professionalism of members as well as to improve their competence in
specialized areas
The Programme has eight models, namely:
· Chartered Diploma in Forensic Audit,
· Oil and Gas Accounting,
· Corporate Financial Management,
· Treasury and Risk Management,
· Internal Auditing and Governance,
· Charity Accounting and Finance,
· Public Sector Accounting, and
· Legal Accounting,
Two modules on IFRS and Oil & Gas were rolled out in 2013.
Enrolment was as follows:
I) IFRS - 22
ii) Oil and Gas - 25
28
3.11.3 July to October Session
The Second Session of 2013 saw a remarkable growth in terms of student enrollment. The ndschool opened the second session in July and lectures officially begun on 2 July, 2013 and
stended on the 31 October, 2013.
Below is a summary of the students' registration for the second session:
52 52 64 168
30 56 104 190
23
119 230
372
39 65 104
105 266 463 834
Morning Evening Week-End Total
Part One
Part Two
Part Three
Part Four
Total
THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
REPORT OF COUNCIL
The Council is pleased in submitting its annual report together with the audited
of the Institute for the year ended 31st December, 2013 showing an Accumulated Fund of
GH¢ 5,890,454 made up as follows:
financial statements
2013 2012
GH¢ GH¢
Balance as at 1st January 4,419,073 3,095,033
Add Surplus for the year 1,471,381 1,324,040
Balance as at 31st December 5,890,454 4,419,073
Results
The Statement of Comprehensive Income for the year ended 31st December 2013 is set
out on pages 33 - 51
Activities of the Institute
The Institute carried out its main functions as enshrined in the Chartered Accountants Act 1963,
Act 170.
By Order of the Council
……………………………………………….. ………………………………….
President Vice-President
Date:17th April, 2014
31THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
FINANCIAL STATEMENTS
31 DECEMBER, 2013
CORPORATE INFORMATION
MEMBERS OF COUNCIL
Angela Peasah (Mrs) President
K. B. Omane-Antwi (Prof) Vice-President
Christian T. Sottie Member
Major D. Ablorh-Quarcoo (Rtd) Member
R. K. Tuffour (2012 - March 2013) Member
Rebecca A. Lomo (Ms) Member
Michael Asiedu-Antwi Member
Anthony E. Minlah Member
K. Adom Frimpong (Prof) Member
Blessed Barffour-Atta Member
Willams A. Atuilik (Dr) Member
Grace Adzroe (April 2013 - Dec 2013) Member
PRINCIPAL PLACE OF BUSINESS
Accountancy Village
Okponglo, East Legon
P O Box 4268, Accra
Telephone
0544336701 - 2
0277801422 - 2
E-mail:
Website: www.icagh.com
Auditor
Harold K. A. Richardson
11, First Close
South Tesano
P O Box AN 5023
THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA)
30 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
REPORT OF COUNCIL
The Council is pleased in submitting its annual report together with the audited
of the Institute for the year ended 31st December, 2013 showing an Accumulated Fund of
GH¢ 5,890,454 made up as follows:
financial statements
2013 2012
GH¢ GH¢
Balance as at 1st January 4,419,073 3,095,033
Add Surplus for the year 1,471,381 1,324,040
Balance as at 31st December 5,890,454 4,419,073
Results
The Statement of Comprehensive Income for the year ended 31st December 2013 is set
out on pages 33 - 51
Activities of the Institute
The Institute carried out its main functions as enshrined in the Chartered Accountants Act 1963,
Act 170.
By Order of the Council
……………………………………………….. ………………………………….
President Vice-President
Date:17th April, 2014
31THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
FINANCIAL STATEMENTS
31 DECEMBER, 2013
CORPORATE INFORMATION
MEMBERS OF COUNCIL
Angela Peasah (Mrs) President
K. B. Omane-Antwi (Prof) Vice-President
Christian T. Sottie Member
Major D. Ablorh-Quarcoo (Rtd) Member
R. K. Tuffour (2012 - March 2013) Member
Rebecca A. Lomo (Ms) Member
Michael Asiedu-Antwi Member
Anthony E. Minlah Member
K. Adom Frimpong (Prof) Member
Blessed Barffour-Atta Member
Willams A. Atuilik (Dr) Member
Grace Adzroe (April 2013 - Dec 2013) Member
PRINCIPAL PLACE OF BUSINESS
Accountancy Village
Okponglo, East Legon
P O Box 4268, Accra
Telephone
0544336701 - 2
0277801422 - 2
E-mail:
Website: www.icagh.com
Auditor
Harold K. A. Richardson
11, First Close
South Tesano
P O Box AN 5023
THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA)
30 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
Notes 2013 2012
GH¢ GH¢
GENERAL INCOME
Members Subscription and Fees 4.1 2,176,002 1,562,275
Students Subscription and Fees 4.2 668,183 523,265
2,844,185
2,085,540
Operating Activities
Examinations & Other Student Activities 5.1 2,579,953 2,105,103
Continuing Professional Development 5.2 258,310 116,312
Professional Body Activities 5.3 (718,029) (272,038)
Other Operational Activities 5.4 694,565 299,734
Council/Committee Expenses 5.5 (133,326) (89,200)
Employment Cost 6 (2,506,169) (1,678,500)
General Administrative Expenses 7 (1,718,833) (1,293,885)
Net Operating Deficit (1,543,528) (812,474)
Net Surplus before Investment Income 1,00,657 1,273,066
Investment Income 8 170,724 50,974
Net Surplus for the Year 1,468,681 1,324,040
Other Comprehensive Income - -
Total Comprehensive Income 1,471,381 1,324,040
STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 31 DECEMBER 2013
33THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT 32
TO THE MEMBERS OF THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA)
I have audited the Financial Statements of The Institute of Chartered Accountants (Ghana) which stcomprise the Statement of Financial Position as at 31 December 2013, Statement of Comprehensive
Income, statement of changes in Equity and Statement of Cash Flows for the year then ended, together
with the summary of significant accounting policies and other explanatory information as set out on
pages 33 - 51.
Council's Responsibility for the Financial Statements
The Council is responsible for the preparation of the Financial Statements that give a true and fair view,
in accordance with International Financial Reporting Standards and in compliance with the Chartered
Accountants Act, 1963 (Act170) and for such internal controls, accounting estimates and appropriate
accounting policies as Council determines as necessary to enable the preparation of Financial
Statements that are free from material misstatements, whether due to fraud or error.
Auditor's Responsibility
My responsibility is to express an opinion on these Financial Statements based on my audit. I
conducted my audit in accordance with International Standards on Auditing. Those standards require
that I comply with ethical requirements and plan and perform my audit to obtain reasonable assurance
about whether the financial statements are free from material misstatements.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures
in the Financial Statements. The procedures selected depend on the auditor's judgment, including the
assessment of risks of material misstatement of the Financial Statements, whether due to fraud or error.
In making those risk assessments, the auditor considers Internal Controls relevant to the entity's
preparation of financial Statements that give a true and fair view in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the entity's Internal controls. Ana audit also includes evaluating the appropriateness of
the accounting policies used and the reasonableness of accounting estimates made by management
as well as evaluating the overall presentation of the financial Statements.
I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for
my audit opinion.
Opinion
In my opinion, the financial statements give a true and fair view of the financial position of The Institute of stChartered Accountants, Ghana as at 31 December 2013 and of its financial performance and its cash
flows for the year then ended in accordance with International Financial Reporting Standards.
Harold Richardson
ICAG/P/1164thDate: 17 April 2014
INDEPENDENT AUDITOR'S REPORT
THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
Notes 2013 2012
GH¢ GH¢
GENERAL INCOME
Members Subscription and Fees 4.1 2,176,002 1,562,275
Students Subscription and Fees 4.2 668,183 523,265
2,844,185
2,085,540
Operating Activities
Examinations & Other Student Activities 5.1 2,579,953 2,105,103
Continuing Professional Development 5.2 258,310 116,312
Professional Body Activities 5.3 (718,029) (272,038)
Other Operational Activities 5.4 694,565 299,734
Council/Committee Expenses 5.5 (133,326) (89,200)
Employment Cost 6 (2,506,169) (1,678,500)
General Administrative Expenses 7 (1,718,833) (1,293,885)
Net Operating Deficit (1,543,528) (812,474)
Net Surplus before Investment Income 1,00,657 1,273,066
Investment Income 8 170,724 50,974
Net Surplus for the Year 1,468,681 1,324,040
Other Comprehensive Income - -
Total Comprehensive Income 1,471,381 1,324,040
STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 31 DECEMBER 2013
33THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT 32
TO THE MEMBERS OF THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA)
I have audited the Financial Statements of The Institute of Chartered Accountants (Ghana) which stcomprise the Statement of Financial Position as at 31 December 2013, Statement of Comprehensive
Income, statement of changes in Equity and Statement of Cash Flows for the year then ended, together
with the summary of significant accounting policies and other explanatory information as set out on
pages 33 - 51.
Council's Responsibility for the Financial Statements
The Council is responsible for the preparation of the Financial Statements that give a true and fair view,
in accordance with International Financial Reporting Standards and in compliance with the Chartered
Accountants Act, 1963 (Act170) and for such internal controls, accounting estimates and appropriate
accounting policies as Council determines as necessary to enable the preparation of Financial
Statements that are free from material misstatements, whether due to fraud or error.
Auditor's Responsibility
My responsibility is to express an opinion on these Financial Statements based on my audit. I
conducted my audit in accordance with International Standards on Auditing. Those standards require
that I comply with ethical requirements and plan and perform my audit to obtain reasonable assurance
about whether the financial statements are free from material misstatements.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures
in the Financial Statements. The procedures selected depend on the auditor's judgment, including the
assessment of risks of material misstatement of the Financial Statements, whether due to fraud or error.
In making those risk assessments, the auditor considers Internal Controls relevant to the entity's
preparation of financial Statements that give a true and fair view in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the entity's Internal controls. Ana audit also includes evaluating the appropriateness of
the accounting policies used and the reasonableness of accounting estimates made by management
as well as evaluating the overall presentation of the financial Statements.
I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for
my audit opinion.
Opinion
In my opinion, the financial statements give a true and fair view of the financial position of The Institute of stChartered Accountants, Ghana as at 31 December 2013 and of its financial performance and its cash
flows for the year then ended in accordance with International Financial Reporting Standards.
Harold Richardson
ICAG/P/1164thDate: 17 April 2014
INDEPENDENT AUDITOR'S REPORT
THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER, 2013
Accumulated Building Prize Total
Fund Fund Fund
GH¢ GH¢ GH¢ GH¢
Balance at 1 January 4,419,073 713,372 11,655 5,144,100
Surplus for the year 1,468,681 - - 1,468,681
Building Fund - 154,190 - 154,190
Increase in Prize Fund - - 373 373
Balance 31 December 5,887,754 867,562 12,028 6,767,344
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER, 2012
Accumulated Building Prize Total
Fund Fund Fund
GH¢ GH¢ GH¢ GH¢
Balance at 1 January 3,095,033 626,022 8,418 3,729,473
Surplus for the year 1,324,040 - - 1,324,040
Building Fund - 87,350 - 87,350
Increase in Prize Fund - - 3,237 3,237
Balance 31 December 4,419,073 713,372 11,655 5,144,100
35THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
Notes 2013 2012
GH¢ GH¢
ASSETS
Non Current Assets
Property Plant & Equipement 9 4,642,578 4,558,044
Intangible Asset 9b 103,522 31,682
4,746,100 4,589,726
Current Assets
Inventories 10 160,762 189,700
Sundry Receivables & Prepayments 11 462,406 368,406
Cash & Cash Equivalent 12 2,008,052 685,598
2,631,220 1,243,704
TOTAL ASSETS 7,377,320 5,833,430
MEMBERS' FUNDS AND LIABILITIES
Members' Funds
Accumulated Fund 15 5,890,454 4,419,073
Building Fund 14b 867,562 713,372
Prize Fund 14 12,028 11,655
Total Funds 6,770,047 5,144,100
Current Liabilities
Subscription in Advance 134,950 133,750
Sundry payables 13 353,531 167,282
Deffered Income 18b 118,795 388,298
607,276 689,330
Total Liabilities 607,276 689,330
TOTAL MEMBERS' FUNDS AND LIABILITIES 7,377,320 5,833,430
The Council approved the 2013 Financial Statements set out on pages ….. to …. On 17th April 2014
………………………………… …………………………………….
PRESIDENT VICE PRESIDENT
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2013
34 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER, 2013
Accumulated Building Prize Total
Fund Fund Fund
GH¢ GH¢ GH¢ GH¢
Balance at 1 January 4,419,073 713,372 11,655 5,144,100
Surplus for the year 1,468,681 - - 1,468,681
Building Fund - 154,190 - 154,190
Increase in Prize Fund - - 373 373
Balance 31 December 5,887,754 867,562 12,028 6,767,344
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER, 2012
Accumulated Building Prize Total
Fund Fund Fund
GH¢ GH¢ GH¢ GH¢
Balance at 1 January 3,095,033 626,022 8,418 3,729,473
Surplus for the year 1,324,040 - - 1,324,040
Building Fund - 87,350 - 87,350
Increase in Prize Fund - - 3,237 3,237
Balance 31 December 4,419,073 713,372 11,655 5,144,100
35THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
Notes 2013 2012
GH¢ GH¢
ASSETS
Non Current Assets
Property Plant & Equipement 9 4,642,578 4,558,044
Intangible Asset 9b 103,522 31,682
4,746,100 4,589,726
Current Assets
Inventories 10 160,762 189,700
Sundry Receivables & Prepayments 11 462,406 368,406
Cash & Cash Equivalent 12 2,008,052 685,598
2,631,220 1,243,704
TOTAL ASSETS 7,377,320 5,833,430
MEMBERS' FUNDS AND LIABILITIES
Members' Funds
Accumulated Fund 15 5,890,454 4,419,073
Building Fund 14b 867,562 713,372
Prize Fund 14 12,028 11,655
Total Funds 6,770,047 5,144,100
Current Liabilities
Subscription in Advance 134,950 133,750
Sundry payables 13 353,531 167,282
Deffered Income 18b 118,795 388,298
607,276 689,330
Total Liabilities 607,276 689,330
TOTAL MEMBERS' FUNDS AND LIABILITIES 7,377,320 5,833,430
The Council approved the 2013 Financial Statements set out on pages ….. to …. On 17th April 2014
………………………………… …………………………………….
PRESIDENT VICE PRESIDENT
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2013
34 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
37
1. Reporting Entity
The Institute of Chartered Accountants, Ghana is a statutory body established under the Chartered
Accountants Act 1963 (Act 170) for the regulation of the accountancy profession in Ghana. The Institute
is an approved non-profit organization operating under the Ministry of Education.
The address of the Institute is Accountancy Village, Okponglo, East Legon, Accra.
2. Summary of Significant accounting policies.
The principal accounting policies which have been consistently applied in the preparation of these
financial statements are set out below:
2.1 Basis of preparation
The financial statements have been prepared in compliance with International Financial Reporting
Standards (IFRS) issued by the International Accounting Standards Board. The financial statements
have been prepared under the historical cost convention except for certain financial instruments
classified as loans and receivables and carried at amortised cost.
2.1b Critical accounting estimates and judgments
The preparation of financial statements in conformity with IFRS requires the use of certain critical
accounting estimates. It also requires management to exercise its judgment in the process of applying
the Institute's accounting policies. All estimates and underlying assumptions are based on historical
experience and various other factors that management believes are reasonable under the
circumstances. The results of these estimates form the basis of judgments about the carrying value of
assets and liabilities that are not readily apparent from other sources.
Actual results may differ from these estimates. The estimates and underlying assumptions are
reviewed on an on-going basis. Revisions to accounting estimates are recognized in the period in
which the estimates are revised and any affected future periods.
Areas involving a higher degree of judgment or complexity, or areas where assumptions and
estimations are significant to the financial statements are:
Useful life of Property and equipment
Net realizable value of inventories
Recoverability of receivables
Classification of financial assets
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER, 2013
////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
Notes 2012
GH¢
Operating Activities
Net Cash Inflow from Operation 16 1,632,642
Investing Activities
Proceeds from Disposal 19 -
Purchase of Property and Equipment 9 (998,899)
Purchase of Intangible Asset 9b (48,934)
(1,047,833)
Financing Activities
Repayment of Borrowings 17 (495,172)
Deffered Income (Grant) 18 272,790
Deferred Grant 18b -
Movement in Prize Fund 14 3,237
Building Fund 87,352
Net Cash generated from finanacing activities (131,793)
Increase in Cash and Cash Equivalents 12 453,016
Movement in cash and cash equivalent
At start of the year 232,582
Increase 453,016
At the end of the year 685,598
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2013
36
2013
GH¢
2,294,322
38,500
(764,472)
(130,956)
(856,928)
-
(388,298)
118,795
373
154,190
(114,940)
1,322,454
685,598
1,322,454
2,008,052
THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
37
1. Reporting Entity
The Institute of Chartered Accountants, Ghana is a statutory body established under the Chartered
Accountants Act 1963 (Act 170) for the regulation of the accountancy profession in Ghana. The Institute
is an approved non-profit organization operating under the Ministry of Education.
The address of the Institute is Accountancy Village, Okponglo, East Legon, Accra.
2. Summary of Significant accounting policies.
The principal accounting policies which have been consistently applied in the preparation of these
financial statements are set out below:
2.1 Basis of preparation
The financial statements have been prepared in compliance with International Financial Reporting
Standards (IFRS) issued by the International Accounting Standards Board. The financial statements
have been prepared under the historical cost convention except for certain financial instruments
classified as loans and receivables and carried at amortised cost.
2.1b Critical accounting estimates and judgments
The preparation of financial statements in conformity with IFRS requires the use of certain critical
accounting estimates. It also requires management to exercise its judgment in the process of applying
the Institute's accounting policies. All estimates and underlying assumptions are based on historical
experience and various other factors that management believes are reasonable under the
circumstances. The results of these estimates form the basis of judgments about the carrying value of
assets and liabilities that are not readily apparent from other sources.
Actual results may differ from these estimates. The estimates and underlying assumptions are
reviewed on an on-going basis. Revisions to accounting estimates are recognized in the period in
which the estimates are revised and any affected future periods.
Areas involving a higher degree of judgment or complexity, or areas where assumptions and
estimations are significant to the financial statements are:
Useful life of Property and equipment
Net realizable value of inventories
Recoverability of receivables
Classification of financial assets
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER, 2013
////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
Notes 2012
GH¢
Operating Activities
Net Cash Inflow from Operation 16 1,632,642
Investing Activities
Proceeds from Disposal 19 -
Purchase of Property and Equipment 9 (998,899)
Purchase of Intangible Asset 9b (48,934)
(1,047,833)
Financing Activities
Repayment of Borrowings 17 (495,172)
Deffered Income (Grant) 18 272,790
Deferred Grant 18b -
Movement in Prize Fund 14 3,237
Building Fund 87,352
Net Cash generated from finanacing activities (131,793)
Increase in Cash and Cash Equivalents 12 453,016
Movement in cash and cash equivalent
At start of the year 232,582
Increase 453,016
At the end of the year 685,598
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2013
36
2013
GH¢
2,294,322
38,500
(764,472)
(130,956)
(856,928)
-
(388,298)
118,795
373
154,190
(114,940)
1,322,454
685,598
1,322,454
2,008,052
THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
IFRS 9, 'Financial instruments'
IFRS 9 retains but simplifies the mixed measurement model and establishes two primary measurement
categories for financial assets: amortised cost and fair value. The basis of classification depends on an
entity's business model and the contractual cash flow characteristics of the financial asset.
An instrument is subsequently measured at amortised cost, only and if it is a debt instrument and both
the objective of the entity's business model is to hold the asset to collect the contractual cash flows, and
the asset's contractual cash flows represent only payments of principal and interest (that is, it has only
'basic loan features'). All other debt instruments are to be measured at fair value through profit or loss.
All equity instruments are to be measured subsequently at fair value. Equity instruments that are held
for trading will be measured at fair value through profit or loss. For all other equity instruments, an
irrevocable election can be made at initial recognition, to recognise unrealised and realised fair value
gains and losses through other comprehensive income rather than profit or loss. There is to be no
recycling of fair value gains and losses to profit or loss. This election may be made on an instrument-by-
instrument basis. Dividends are to be presented in profit or loss, as long as they represent a return on
investment.
The guidance in IAS 39 on impairment of financial assets and hedge accounting continues to apply.
IFRS is effective for periods beginning on or after 1 January 2015. Prior periods need not be restated if an
entity adopts the standard for reporting periods beginning before 1 January 2012.
2.1.3 Foreign Currency translation
a) Functional and presentation currency
Items included in the financial statements are measured using the currency of the primary economic
environment in which the Institute operates ('the functional currency'). The financial statements are
presented in Ghana cedis which is the Institute's functional and presentation currency.
b) Transactions and balances
Foreign currency transactions are translated into Ghana cedis using the exchange rates prevailing at
the dates of the transactions. Foreign exchange gains and losses resulting from the settlements of such
transactions and from the translation at year-end exchange rates of monetary assets and liabilities
denominated in foreign currencies are recognized in profit or loss.
2.2 Property and equipment
Property and equipment is stated at historical cost less accumulated depreciation and any
accumulated impairment losses. Historical cost includes expenditure that is directly attributable to
bringing the asset to the location and condition necessary for it to be capable of operating in the
manner intended by management. Depreciation is charged so as to allocate the cost of assets less
their residual value over their estimated useful lives, using the straight-line method.
39THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
2.1.1 New and amended standards adopted by the Institute
The amendments to existing standards below are relevant to the Institute's operations
Standard Title
· IFRS 7 Financial instruments: Disclosures
The amendments to IFRS 7, 'Financial Instruments - Disclosures' on asset and liabilities off-setting. This
amendment includes new disclosures to facilitate comparison between entities that prepare financial
statements in accordance with US GAAP. The impact has simplified financial risk disclosures in the
financial statements.
· IAS 36 'Impairment of Asset
Amendment to 1AS 36, 'Impairment of Assets' on the recoverable amount disclosures for non-financial
assets. The amendment removed certain disclosures of the recoverable amount of CGUs which had
been included in IAS 36 by the issue of IFRS 13.
There are no amendments and interpretations to standards issued that would be expected to have a
significant effect on the Institute's financial statements.
· IFRS 13 Fair Value measurement I January 2013
IFRS 13 aims to improve consistency and reduce complexity by providing a precise definition of fair
value and a single source of fair value measurement and disclosure requirements for use across all
IFRSs. The requirements, which are largely aligned between IFRS and US GAAP, do not extend the use
of fair value accounting but provide guidance on how it should be applied where its use is already
required or permitted by other standards within IFRS.
There are no other IFRSs or IFRIC interpretations that are not yet effective that would be expected to
have a material impact on the Institute.
2.1.2 IAS 1 Presentation of financial statements
The title used by IAS 1 for the statement of comprehensive income has changed to 'statement of profit
or loss and other comprehensive income', though IAS 1 still permits entities to use other titles.
Standards, amendments and interpretations to existing standards that are not yet effective and have
not been early adopted by the Institute.
Various new standards, amendments and interpretations to existing standards have been issued but
are not yet effective. Below is a list of new standards that are likely to be relevant to the Institute.
However, Council is yet to assess their impact on the Institute's operations.
Standard Title Applicable for financial years beginning on/after
IFRS 9 Financial instruments 1 January 2015
38 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
IFRS 9, 'Financial instruments'
IFRS 9 retains but simplifies the mixed measurement model and establishes two primary measurement
categories for financial assets: amortised cost and fair value. The basis of classification depends on an
entity's business model and the contractual cash flow characteristics of the financial asset.
An instrument is subsequently measured at amortised cost, only and if it is a debt instrument and both
the objective of the entity's business model is to hold the asset to collect the contractual cash flows, and
the asset's contractual cash flows represent only payments of principal and interest (that is, it has only
'basic loan features'). All other debt instruments are to be measured at fair value through profit or loss.
All equity instruments are to be measured subsequently at fair value. Equity instruments that are held
for trading will be measured at fair value through profit or loss. For all other equity instruments, an
irrevocable election can be made at initial recognition, to recognise unrealised and realised fair value
gains and losses through other comprehensive income rather than profit or loss. There is to be no
recycling of fair value gains and losses to profit or loss. This election may be made on an instrument-by-
instrument basis. Dividends are to be presented in profit or loss, as long as they represent a return on
investment.
The guidance in IAS 39 on impairment of financial assets and hedge accounting continues to apply.
IFRS is effective for periods beginning on or after 1 January 2015. Prior periods need not be restated if an
entity adopts the standard for reporting periods beginning before 1 January 2012.
2.1.3 Foreign Currency translation
a) Functional and presentation currency
Items included in the financial statements are measured using the currency of the primary economic
environment in which the Institute operates ('the functional currency'). The financial statements are
presented in Ghana cedis which is the Institute's functional and presentation currency.
b) Transactions and balances
Foreign currency transactions are translated into Ghana cedis using the exchange rates prevailing at
the dates of the transactions. Foreign exchange gains and losses resulting from the settlements of such
transactions and from the translation at year-end exchange rates of monetary assets and liabilities
denominated in foreign currencies are recognized in profit or loss.
2.2 Property and equipment
Property and equipment is stated at historical cost less accumulated depreciation and any
accumulated impairment losses. Historical cost includes expenditure that is directly attributable to
bringing the asset to the location and condition necessary for it to be capable of operating in the
manner intended by management. Depreciation is charged so as to allocate the cost of assets less
their residual value over their estimated useful lives, using the straight-line method.
39THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
2.1.1 New and amended standards adopted by the Institute
The amendments to existing standards below are relevant to the Institute's operations
Standard Title
· IFRS 7 Financial instruments: Disclosures
The amendments to IFRS 7, 'Financial Instruments - Disclosures' on asset and liabilities off-setting. This
amendment includes new disclosures to facilitate comparison between entities that prepare financial
statements in accordance with US GAAP. The impact has simplified financial risk disclosures in the
financial statements.
· IAS 36 'Impairment of Asset
Amendment to 1AS 36, 'Impairment of Assets' on the recoverable amount disclosures for non-financial
assets. The amendment removed certain disclosures of the recoverable amount of CGUs which had
been included in IAS 36 by the issue of IFRS 13.
There are no amendments and interpretations to standards issued that would be expected to have a
significant effect on the Institute's financial statements.
· IFRS 13 Fair Value measurement I January 2013
IFRS 13 aims to improve consistency and reduce complexity by providing a precise definition of fair
value and a single source of fair value measurement and disclosure requirements for use across all
IFRSs. The requirements, which are largely aligned between IFRS and US GAAP, do not extend the use
of fair value accounting but provide guidance on how it should be applied where its use is already
required or permitted by other standards within IFRS.
There are no other IFRSs or IFRIC interpretations that are not yet effective that would be expected to
have a material impact on the Institute.
2.1.2 IAS 1 Presentation of financial statements
The title used by IAS 1 for the statement of comprehensive income has changed to 'statement of profit
or loss and other comprehensive income', though IAS 1 still permits entities to use other titles.
Standards, amendments and interpretations to existing standards that are not yet effective and have
not been early adopted by the Institute.
Various new standards, amendments and interpretations to existing standards have been issued but
are not yet effective. Below is a list of new standards that are likely to be relevant to the Institute.
However, Council is yet to assess their impact on the Institute's operations.
Standard Title Applicable for financial years beginning on/after
IFRS 9 Financial instruments 1 January 2015
38 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
conditions of the time value of money and the risk specific to the asset.
An assessment is made at each reporting date as to whether there is any indication that previously
recognized impairment losses may no longer exist or may have decreased. If such indication exists, the
recoverable amount is estimated. Other than for goodwill, a previously recognised impairment loss is
reversed if there has been a change in the estimate used to determine the asset's recoverable amount
since the last impairment loss was recognised. If that is the case, the carrying amount of the asset is
increased to its recoverable amount. The increased amount cannot exceed the carrying amount that
would have been determined, net of depreciation, had no impairment loss been recognized for the
asset in prior years. Such reversal is recognized in profit or loss. After such a reversal the depreciation
charge is adjusted in future periods to allocate the asset's revised carrying amount, less any residual
value, on a systematic basis over its remaining useful life.
2.5 Inventories
Stock of publications held for sale is stated at lower of cost and net realizable value. Cost is determined
on first-in-first-out basis. Cost incurred in producing members' journals is expensed in the year the
journals are produced.
Net realizable value represents estimated selling price less expenses incidental to make the sale.
2.6 Accounts receivable
Accounts receivable are recognised initially at fair value. They are subsequently measured at
amortised cost using the effective interest method, less provision for impairment. A provision for
impairment of accounts receivable is established when there is objective evidence that the Institute will
not be able to collect all amounts due according to the original terms of the receivables.
2.7 Cash and Cash equivalents
Cash and cash equivalents are carried in the statement of financial position at cost. Cash and cash
equivalents comprise cash on hand, balances with banks and other short-term highly liquid
investments with original maturities of three months or less.
2.8 Borrowings
Borrowings are recognised initially at the transaction price (that is, the present value of cash payable to
the lender, including transaction costs). Borrowings are subsequently stated at amortised cost. Interest
expense is recognised on the basis of the effective interest method and is included in finance costs.
Borrowings are classified as current liabilities unless the Institute has an unconditional right to defer
settlement of the liability for at least 12 months after the reporting date.
2.9 Accounts payable
Accounts payable are obligations to pay for goods or services that have been acquired in the ordinary
course of business from suppliers. Accounts payable are recognised initially at fair value and
subsequently measured at amortised cost using the effective interest method.
41THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
The annual rates in use are as follows:
Furniture and equipment 20%
Motor Vehicles 20%
Fittings 20%
Library Books 20%
Leasehold land and buildings over the period of the lease
Full year's depreciation provision is made irrespective of the date of purchase. Normal repairs and
maintenance expenses are charged to operating expenses during the financial period in which they
are incurred.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted
prospectively if appropriate, at the end of each reporting period. An asset's carrying amount is written
down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated
recoverable amount. Gains and losses on disposals are determined by comparing the proceeds with
the carrying amount and are recognized within 'other gains/ (losses)-net' in the statement of
comprehensive income.
2.3 Intangible assets-Computer software
Acquired computer software licenses are capitalized on the basis of the cost incurred to acquire and
bring to use the specific software. These costs are amortised on the straight-line basis over the
estimated useful lives of the assets (three to five years).
Costs associated with developing or maintaining computer software programs are recognised as an
expense as incurred. Costs that are directly associated with the development of identifiable and unique
software program controlled by the Institute and that will probably generate economic benefits
exceeding costs beyond one year, are recognised as intangible assets.
Computer software development costs recognised as assets are amortised over their estimated useful
lives (three years).
2.4 Impairment of non-financial assets
The Institute assesses at each reporting date whether there is an indication that an asset may be
impaired. If any such indication exists, or when annual impairment testing for an asset is required, the
Institute makes an estimate of the asset's recoverable amount. The recoverable amount is the higher of
the fair value less cost to sell and value in use and is determined for an individual asset, unless the asset
does not generate cash inflows that are largely independent of those from other assets or groups of
assets. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered
impaired and is written down to its recoverable amount. In assessing value in use, the estimated future
cash flows are discounted to their present value using a discount rate that reflects current market
40 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
conditions of the time value of money and the risk specific to the asset.
An assessment is made at each reporting date as to whether there is any indication that previously
recognized impairment losses may no longer exist or may have decreased. If such indication exists, the
recoverable amount is estimated. Other than for goodwill, a previously recognised impairment loss is
reversed if there has been a change in the estimate used to determine the asset's recoverable amount
since the last impairment loss was recognised. If that is the case, the carrying amount of the asset is
increased to its recoverable amount. The increased amount cannot exceed the carrying amount that
would have been determined, net of depreciation, had no impairment loss been recognized for the
asset in prior years. Such reversal is recognized in profit or loss. After such a reversal the depreciation
charge is adjusted in future periods to allocate the asset's revised carrying amount, less any residual
value, on a systematic basis over its remaining useful life.
2.5 Inventories
Stock of publications held for sale is stated at lower of cost and net realizable value. Cost is determined
on first-in-first-out basis. Cost incurred in producing members' journals is expensed in the year the
journals are produced.
Net realizable value represents estimated selling price less expenses incidental to make the sale.
2.6 Accounts receivable
Accounts receivable are recognised initially at fair value. They are subsequently measured at
amortised cost using the effective interest method, less provision for impairment. A provision for
impairment of accounts receivable is established when there is objective evidence that the Institute will
not be able to collect all amounts due according to the original terms of the receivables.
2.7 Cash and Cash equivalents
Cash and cash equivalents are carried in the statement of financial position at cost. Cash and cash
equivalents comprise cash on hand, balances with banks and other short-term highly liquid
investments with original maturities of three months or less.
2.8 Borrowings
Borrowings are recognised initially at the transaction price (that is, the present value of cash payable to
the lender, including transaction costs). Borrowings are subsequently stated at amortised cost. Interest
expense is recognised on the basis of the effective interest method and is included in finance costs.
Borrowings are classified as current liabilities unless the Institute has an unconditional right to defer
settlement of the liability for at least 12 months after the reporting date.
2.9 Accounts payable
Accounts payable are obligations to pay for goods or services that have been acquired in the ordinary
course of business from suppliers. Accounts payable are recognised initially at fair value and
subsequently measured at amortised cost using the effective interest method.
41THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
The annual rates in use are as follows:
Furniture and equipment 20%
Motor Vehicles 20%
Fittings 20%
Library Books 20%
Leasehold land and buildings over the period of the lease
Full year's depreciation provision is made irrespective of the date of purchase. Normal repairs and
maintenance expenses are charged to operating expenses during the financial period in which they
are incurred.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted
prospectively if appropriate, at the end of each reporting period. An asset's carrying amount is written
down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated
recoverable amount. Gains and losses on disposals are determined by comparing the proceeds with
the carrying amount and are recognized within 'other gains/ (losses)-net' in the statement of
comprehensive income.
2.3 Intangible assets-Computer software
Acquired computer software licenses are capitalized on the basis of the cost incurred to acquire and
bring to use the specific software. These costs are amortised on the straight-line basis over the
estimated useful lives of the assets (three to five years).
Costs associated with developing or maintaining computer software programs are recognised as an
expense as incurred. Costs that are directly associated with the development of identifiable and unique
software program controlled by the Institute and that will probably generate economic benefits
exceeding costs beyond one year, are recognised as intangible assets.
Computer software development costs recognised as assets are amortised over their estimated useful
lives (three years).
2.4 Impairment of non-financial assets
The Institute assesses at each reporting date whether there is an indication that an asset may be
impaired. If any such indication exists, or when annual impairment testing for an asset is required, the
Institute makes an estimate of the asset's recoverable amount. The recoverable amount is the higher of
the fair value less cost to sell and value in use and is determined for an individual asset, unless the asset
does not generate cash inflows that are largely independent of those from other assets or groups of
assets. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered
impaired and is written down to its recoverable amount. In assessing value in use, the estimated future
cash flows are discounted to their present value using a discount rate that reflects current market
40 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
period has expired, any payment required to be made to the lessor by way of penalty is recognised as
an expense in the period in which termination takes place.
The leases entered into by the Institute are primarily operating leases.
The Institute as the lessor:
There were no lease arrangements at the reporting date in which the Institute was the lessor.
2.15 Financial assets
2.15.1 Classification, Recognition and Measurement
The Institute classifies its financial assets as loans and receivables. The classification depends on the
purpose for which the financial assets were acquired. Management determines the classification of
financial assets at initial recognition.
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are
not quoted in an active market. Loans and receivables are initially recognised at fair value including
direct and incremental transaction costs. They are subsequently arrived at amortised cost, using the
effective interest method. Loans and receivables are derecognized when the rights to receive cash
flows from the asset have expired or seized to exit or the assets have been transferred and substantially
all the risks and rewards of ownership of the assets are also transferred.
2.15.2 Offsetting financial instruments
Financial assets and liabilities are offset and the net amount reported in the statement of financial
position when there is a legally enforceable right to offset the recognised amounts and there is an
intention to settle on net basis or realize the asset and settle the liability simultaneously.
2.15.3 Impairment of financial assets
The Institute assesses at the end of each reporting period whether there is objective evidence that a
financial asset or a group of financial assets is impaired. A financial asset or a group of financial asset is
impaired and impairment losses are incurred only if there is objective evidence of impairment as a
result of one or more events that occurred after the initial recognition of the assets (a 'loss event') and
that loss event (or events) has an impact on the estimated future cash flows of the financial asset or
group of financial assets that can be reliably estimated.
2.16 Financial liabilities
Financial liabilities, other than trading liabilities and financial liabilities designated at fair value, are
carried at amortised cost using the effective interest method. Financial liabilities are derecognized
when they are redeemed or otherwise extinguished.
43THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
2.10 Provisions
Provisions are recognised when the Institute has a present legal or constructive obligation as a result of
past events; it is probable that a transfer of economic benefits will be required to settle the obligation;
and the amount can be reliably estimated.
Provisions are measured at the present value of the amount expected to be required to settle the
obligation using a pre-tax rate that reflects current market assessments of the time value of money and
the risks specific to the obligation.
2.11 Employee benefits obligations
The Institute has a defined contribution plan for its employees in respect of which the institute pays
contributions to publicly or privately administered pension insurance plans on a mandatory or
contractual basis.
The contributions are recognised as employee benefit expense when they are due. Under the plan the
Institute pays fixed contributions into a separate entity and has no legal or constructive obligation to pay
further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating
to employee service in the current and prior periods.
2.12 Revenue recognition
Revenue comprises the fair value of the consideration received or receivable for the sale of services in
the ordinary course of the Institute's activities. Revenue is shown net of value-added tax. The Institute
recognises revenue when the amount of revenue can be reliably measured; it is probable that future
economic benefits will flow to the entity; and specific criteria have been met for each of the Institute's
activities.
2.13 Taxation
The Institute is not a taxable entity. No provision is therefore made in the financial statements.
2.14 Leases
Leases are divided into finance leases and operating leases.
(a) The Institute as the lessee
(i) Operating lease
Leases in which a significant portion of the risks and rewards of ownership are retained by another
party, the lessor, are classified as operating leases. Payments, including pre-payments, made under
operating leases (net of any incentives received from the lessor) are charged to profit or loss on a
straight-line basis over the period of the lease.
The total payments made under operating leases are charged to 'general administrative expenses' on
a straight-line basis over the period of the lease. When an operating lease is terminated before the lease
42 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
period has expired, any payment required to be made to the lessor by way of penalty is recognised as
an expense in the period in which termination takes place.
The leases entered into by the Institute are primarily operating leases.
The Institute as the lessor:
There were no lease arrangements at the reporting date in which the Institute was the lessor.
2.15 Financial assets
2.15.1 Classification, Recognition and Measurement
The Institute classifies its financial assets as loans and receivables. The classification depends on the
purpose for which the financial assets were acquired. Management determines the classification of
financial assets at initial recognition.
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are
not quoted in an active market. Loans and receivables are initially recognised at fair value including
direct and incremental transaction costs. They are subsequently arrived at amortised cost, using the
effective interest method. Loans and receivables are derecognized when the rights to receive cash
flows from the asset have expired or seized to exit or the assets have been transferred and substantially
all the risks and rewards of ownership of the assets are also transferred.
2.15.2 Offsetting financial instruments
Financial assets and liabilities are offset and the net amount reported in the statement of financial
position when there is a legally enforceable right to offset the recognised amounts and there is an
intention to settle on net basis or realize the asset and settle the liability simultaneously.
2.15.3 Impairment of financial assets
The Institute assesses at the end of each reporting period whether there is objective evidence that a
financial asset or a group of financial assets is impaired. A financial asset or a group of financial asset is
impaired and impairment losses are incurred only if there is objective evidence of impairment as a
result of one or more events that occurred after the initial recognition of the assets (a 'loss event') and
that loss event (or events) has an impact on the estimated future cash flows of the financial asset or
group of financial assets that can be reliably estimated.
2.16 Financial liabilities
Financial liabilities, other than trading liabilities and financial liabilities designated at fair value, are
carried at amortised cost using the effective interest method. Financial liabilities are derecognized
when they are redeemed or otherwise extinguished.
43THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
2.10 Provisions
Provisions are recognised when the Institute has a present legal or constructive obligation as a result of
past events; it is probable that a transfer of economic benefits will be required to settle the obligation;
and the amount can be reliably estimated.
Provisions are measured at the present value of the amount expected to be required to settle the
obligation using a pre-tax rate that reflects current market assessments of the time value of money and
the risks specific to the obligation.
2.11 Employee benefits obligations
The Institute has a defined contribution plan for its employees in respect of which the institute pays
contributions to publicly or privately administered pension insurance plans on a mandatory or
contractual basis.
The contributions are recognised as employee benefit expense when they are due. Under the plan the
Institute pays fixed contributions into a separate entity and has no legal or constructive obligation to pay
further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating
to employee service in the current and prior periods.
2.12 Revenue recognition
Revenue comprises the fair value of the consideration received or receivable for the sale of services in
the ordinary course of the Institute's activities. Revenue is shown net of value-added tax. The Institute
recognises revenue when the amount of revenue can be reliably measured; it is probable that future
economic benefits will flow to the entity; and specific criteria have been met for each of the Institute's
activities.
2.13 Taxation
The Institute is not a taxable entity. No provision is therefore made in the financial statements.
2.14 Leases
Leases are divided into finance leases and operating leases.
(a) The Institute as the lessee
(i) Operating lease
Leases in which a significant portion of the risks and rewards of ownership are retained by another
party, the lessor, are classified as operating leases. Payments, including pre-payments, made under
operating leases (net of any incentives received from the lessor) are charged to profit or loss on a
straight-line basis over the period of the lease.
The total payments made under operating leases are charged to 'general administrative expenses' on
a straight-line basis over the period of the lease. When an operating lease is terminated before the lease
42 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
Cash of the Institute is placed in interest bearing current accounts to provide sufficient funding to meet
its debt financing plan. At the reporting date cash and cash equivalents amounted to GH¢2,008,052.
(2012: GH¢685,598). This is expected to readily generate cash inflows for managing liquidity risk.
3.2 Credit Risk
Credit risk arises from cash and cash equivalents as well as credit exposures to members and students,
including outstanding receivables and committed transactions. Credit risk is the risk that a
counterparty will default on its contractual obligations resulting in financial loss to the Institute.
Credit risk is managed by the Finance Committee. The Institute does not have any significant
concentrations of credit risk. The Finance Committee exercises strict credit control through monitoring
of cash received from counterparties and, when necessary, provision is made for specific doubtful
accounts. As at December 31, 2013, the Council was unaware of any significant un-provided credit risk.
3.3 Fair value of financial instruments
Management considers that the carrying amount of all financial assets and financial liabilities in the
financial statements approximate their fair values as the impact of discounting is considered not
significant. Fair value, which is determined for disclosure purposes is calculated based on the present
value of future principal and interest cash flows discounted at the market rate of interest at the
statement of financial position date. There are no financial assets and/ or liabilities recognised at fair
value through profit and loss.
3.4 Capital risk management
The Institute's objective when managing capital is to safeguard the Institute's ability to continue as a
going concern in order to carry out its mandate as enshrined in the Chartered Accountant's Act 1963,
(Act 170). The capital structure of the Institute consists of accumulated fund, and Prize Fund. In order to
maintain or adjust the capital structure, the Institute from time to time reviews the subscription payable
by members and students and may request members to pay special levies as appropriate.
45THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
2.17 Building Fund
Building fund is in respect of amounts contributed by members of the Institute to support the
construction of the Accountancy Village. All newly admitted members also contribute to the fund.
2.18 Prize fund
Prize fund relates to amounts received from individuals and organizations purposely to support the
Institute's Prize awards scheme. Amounts received are placed in interest-bearing instruments and
voluntary contributions used in financing the awards.
Contributions to the prize fund are recognised separately in reserves when received. Interest earned on
investment of contributions to the prize fund is included in the fund in the statement of financial position.
The costs of prizes awarded are charged to the prize fund in the year of the award.
2.19 Deferred Income
Grants are assistance provided by government by transfer of resources (either monetary or non-
monetary) to entities. Grants are provided in return for past or future compliance with certain conditions.
Thus grants should not be recognized until there is reasonable assurance that both the entity will
comply with the conditions attaching to the grant and that the grant(s) will be received.
“Grants should be recognized as income, on a systematic and rational basis, over the periods
necessary to match them with the related costs. Grants in recognition of specific costs are recognized
as income over the same period as the relevant expense. Grants in recognition of specific costs should
be taken to income over the period which matches the costs using a systematic and rational basis.
Grants relating to revenue expenditure is applied to reduce the related expenditure. Capital grants are
applied on a systematic basis over the useful life of the related asset.
3.0 Financial Risk Management
The Institute's activities expose it to certain financial risks: market risk (including interest rate risk), credit
risk and liquidity risk. The Institute's overall risk management program focuses on the unpredictability of
financial markets and seeks to minimise potential adverse effects on its financial performance. The
Institute does not hedge any of its risk exposures.
Financial risk management is carried out by the Finance Committee under policies approved by the
Council of the Institute.
3.1 Liquidity risk management
The Institute evaluates its ability to meet its obligations on an ongoing basis. Based on these
evaluations, the Council of the Institute devises strategies to manage liquidity risk.
Prudent liquidity risk management implies that sufficient cash is maintained and that sufficient funding
is available through an adequate amount of committed credit facilities.
44 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
Cash of the Institute is placed in interest bearing current accounts to provide sufficient funding to meet
its debt financing plan. At the reporting date cash and cash equivalents amounted to GH¢2,008,052.
(2012: GH¢685,598). This is expected to readily generate cash inflows for managing liquidity risk.
3.2 Credit Risk
Credit risk arises from cash and cash equivalents as well as credit exposures to members and students,
including outstanding receivables and committed transactions. Credit risk is the risk that a
counterparty will default on its contractual obligations resulting in financial loss to the Institute.
Credit risk is managed by the Finance Committee. The Institute does not have any significant
concentrations of credit risk. The Finance Committee exercises strict credit control through monitoring
of cash received from counterparties and, when necessary, provision is made for specific doubtful
accounts. As at December 31, 2013, the Council was unaware of any significant un-provided credit risk.
3.3 Fair value of financial instruments
Management considers that the carrying amount of all financial assets and financial liabilities in the
financial statements approximate their fair values as the impact of discounting is considered not
significant. Fair value, which is determined for disclosure purposes is calculated based on the present
value of future principal and interest cash flows discounted at the market rate of interest at the
statement of financial position date. There are no financial assets and/ or liabilities recognised at fair
value through profit and loss.
3.4 Capital risk management
The Institute's objective when managing capital is to safeguard the Institute's ability to continue as a
going concern in order to carry out its mandate as enshrined in the Chartered Accountant's Act 1963,
(Act 170). The capital structure of the Institute consists of accumulated fund, and Prize Fund. In order to
maintain or adjust the capital structure, the Institute from time to time reviews the subscription payable
by members and students and may request members to pay special levies as appropriate.
45THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
2.17 Building Fund
Building fund is in respect of amounts contributed by members of the Institute to support the
construction of the Accountancy Village. All newly admitted members also contribute to the fund.
2.18 Prize fund
Prize fund relates to amounts received from individuals and organizations purposely to support the
Institute's Prize awards scheme. Amounts received are placed in interest-bearing instruments and
voluntary contributions used in financing the awards.
Contributions to the prize fund are recognised separately in reserves when received. Interest earned on
investment of contributions to the prize fund is included in the fund in the statement of financial position.
The costs of prizes awarded are charged to the prize fund in the year of the award.
2.19 Deferred Income
Grants are assistance provided by government by transfer of resources (either monetary or non-
monetary) to entities. Grants are provided in return for past or future compliance with certain conditions.
Thus grants should not be recognized until there is reasonable assurance that both the entity will
comply with the conditions attaching to the grant and that the grant(s) will be received.
“Grants should be recognized as income, on a systematic and rational basis, over the periods
necessary to match them with the related costs. Grants in recognition of specific costs are recognized
as income over the same period as the relevant expense. Grants in recognition of specific costs should
be taken to income over the period which matches the costs using a systematic and rational basis.
Grants relating to revenue expenditure is applied to reduce the related expenditure. Capital grants are
applied on a systematic basis over the useful life of the related asset.
3.0 Financial Risk Management
The Institute's activities expose it to certain financial risks: market risk (including interest rate risk), credit
risk and liquidity risk. The Institute's overall risk management program focuses on the unpredictability of
financial markets and seeks to minimise potential adverse effects on its financial performance. The
Institute does not hedge any of its risk exposures.
Financial risk management is carried out by the Finance Committee under policies approved by the
Council of the Institute.
3.1 Liquidity risk management
The Institute evaluates its ability to meet its obligations on an ongoing basis. Based on these
evaluations, the Council of the Institute devises strategies to manage liquidity risk.
Prudent liquidity risk management implies that sufficient cash is maintained and that sufficient funding
is available through an adequate amount of committed credit facilities.
44 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
5.4 Other Operational Activities
Rental Income - - - 13,680
Exchange Difference 57,145 - 57,145 24,756
Miscellaneous Income 18,711 - 18,711 33,660
Government Grant 646,832 - 646,832 227,638
Disposal of Asset (Note 19) - 28,123 (28,123) -
722,688 28,123 694,565 299,734
5.5 Council and Committee Expenses] - 133,326 (133,326) (89,200)
- 133,326 (133,326) (89,200)
6. Employment Cost
Employee Benefits 0 1,889,243 (1,889,243) 1,292,738
Other Employment Cost 0 616,926 (616,926) 385,762
- 2,506,169 (2,506,169) 1,678,500
2013 2012
7. General Administrative Expenses GH¢ GH¢
Audit Fees 9,500 7,000 Bad Debt - - Bank Charges 14,487 11,401 Cleaning & Sanitation 37,625 30,913 Computer Accessories 21,981 20,420 Consultancy 44,686 33,660 Corporate Subscription 9,632 21,492 Depreciation - PPE 613,315 460,289 Depreciation -Intangibles 59,116 - Donation 41,272 31,277 Electricity & Water 60,259 51,363 General Expenses 45,857 46,833 50TH Anniversary 113,199 - Inauguration of ICAG House - 45,293 Insurance 8,148 7,936 Interest Payment -
51,016
Legal Charges/Stamp Duties 11,500
11,500
Motor Running Expenses 147,610
84,263
Hotel Expenses 24,504
-
Newspapers & Periodical 13,442
1,248
Newspapers Adverts 34,599
50,186
Postage and Courier 23,709
31,731
Printing & Stationery 166,541
63,952
Repairs and Maintenance 32,034
6,460
Rent/Rates 12,000
47,957
Repairs(Fixed Assets) 34,256 43,323
Security Services 37,374
45,580
Staff Travelling & Transport 13,894
31,017
Telecommunications 87,185
53,522
Venue Rental 1,110
4,253
1,718,833
1,293,885
47THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
2013 2012
GH¢ GH¢
4 General Income
4.1 Members Subscription & Fees
Practising Firm Fees 590,100 481,500
Entrance Fees 212,390 89,485
Subscription 1,240,762 871,787
Practice Licence 132,750 119,503
2,176,002 1,562,275
4.2 Students Subscription & Fee
Registration 189,748 155,145
Subscription 478,435 368,120
668,183 523,265
5. Operating Activities Income Expenditure Net Result Net Result
GH¢ GH¢ GH¢ GH¢
5.1 Exams & Other Student Activities
Examinations 3,166,152 639,341 2,526,811 2,088,626
Other Student Acivities 1,063,605 861,479 202,126 39,948
Manuals/Souvenirs 278,756 427,741 (148,985) (23,471)
4,508,513 1,928,561 2,579,952 2,105,103
5.2 Continuing Professional Development
CPD Activities 364,513 253,250 111,262 84,332
Chartered Diploma 191,225 44,177 147,048 31,980
555,738 297,427 258,310 116,312
5.3 Professional Body Activities
ACOA Conference Sponsorship - 157,834 (157,834) -
Accountants´ Week - 26,724 (26,724) 119,457
ABWA Expenses - 32,421 (32,421) (32,339)
Journal Expenses - 41,693 (41,693) (30,312)
Subscription Affiliate - 109,934 (109,934) (97,045)
Presidential Luncheon 76,298 63,073 13,224 -
Twining Arrangement - LICPA 287,418 186,100 101,318 -
Other Prof. Body Activities 37,800 501,765 (463,965) (231,799)
401,516 1,119,544 (718,029) (272,038)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2013
46 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
5.4 Other Operational Activities
Rental Income - - - 13,680
Exchange Difference 57,145 - 57,145 24,756
Miscellaneous Income 18,711 - 18,711 33,660
Government Grant 646,832 - 646,832 227,638
Disposal of Asset (Note 19) - 28,123 (28,123) -
722,688 28,123 694,565 299,734
5.5 Council and Committee Expenses] - 133,326 (133,326) (89,200)
- 133,326 (133,326) (89,200)
6. Employment Cost
Employee Benefits 0 1,889,243 (1,889,243) 1,292,738
Other Employment Cost 0 616,926 (616,926) 385,762
- 2,506,169 (2,506,169) 1,678,500
2013 2012
7. General Administrative Expenses GH¢ GH¢
Audit Fees 9,500 7,000 Bad Debt - - Bank Charges 14,487 11,401 Cleaning & Sanitation 37,625 30,913 Computer Accessories 21,981 20,420 Consultancy 44,686 33,660 Corporate Subscription 9,632 21,492 Depreciation - PPE 613,315 460,289 Depreciation -Intangibles 59,116 - Donation 41,272 31,277 Electricity & Water 60,259 51,363 General Expenses 45,857 46,833 50TH Anniversary 113,199 - Inauguration of ICAG House - 45,293 Insurance 8,148 7,936 Interest Payment -
51,016
Legal Charges/Stamp Duties 11,500
11,500
Motor Running Expenses 147,610
84,263
Hotel Expenses 24,504
-
Newspapers & Periodical 13,442
1,248
Newspapers Adverts 34,599
50,186
Postage and Courier 23,709
31,731
Printing & Stationery 166,541
63,952
Repairs and Maintenance 32,034
6,460
Rent/Rates 12,000
47,957
Repairs(Fixed Assets) 34,256 43,323
Security Services 37,374
45,580
Staff Travelling & Transport 13,894
31,017
Telecommunications 87,185
53,522
Venue Rental 1,110
4,253
1,718,833
1,293,885
47THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
2013 2012
GH¢ GH¢
4 General Income
4.1 Members Subscription & Fees
Practising Firm Fees 590,100 481,500
Entrance Fees 212,390 89,485
Subscription 1,240,762 871,787
Practice Licence 132,750 119,503
2,176,002 1,562,275
4.2 Students Subscription & Fee
Registration 189,748 155,145
Subscription 478,435 368,120
668,183 523,265
5. Operating Activities Income Expenditure Net Result Net Result
GH¢ GH¢ GH¢ GH¢
5.1 Exams & Other Student Activities
Examinations 3,166,152 639,341 2,526,811 2,088,626
Other Student Acivities 1,063,605 861,479 202,126 39,948
Manuals/Souvenirs 278,756 427,741 (148,985) (23,471)
4,508,513 1,928,561 2,579,952 2,105,103
5.2 Continuing Professional Development
CPD Activities 364,513 253,250 111,262 84,332
Chartered Diploma 191,225 44,177 147,048 31,980
555,738 297,427 258,310 116,312
5.3 Professional Body Activities
ACOA Conference Sponsorship - 157,834 (157,834) -
Accountants´ Week - 26,724 (26,724) 119,457
ABWA Expenses - 32,421 (32,421) (32,339)
Journal Expenses - 41,693 (41,693) (30,312)
Subscription Affiliate - 109,934 (109,934) (97,045)
Presidential Luncheon 76,298 63,073 13,224 -
Twining Arrangement - LICPA 287,418 186,100 101,318 -
Other Prof. Body Activities 37,800 501,765 (463,965) (231,799)
401,516 1,119,544 (718,029) (272,038)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2013
46 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
9b. Intangible Assets Computer Computer
Software Software
2013 2012
Cost GH ¢ GH ¢
At 1 January 2013 87,260 38,326
Additions 130,956 48,934
At 31 December 2013 218,216 87,260
Depreciation
At 1 January 2013 55,578 35,841
Charge for the Year 59,116 19,737
At 31 December 2013 114,694 55,578
Net Book Value
At 31 December 2013 103,522 31,682
2013 2012
GH¢ GH¢
10. Inventories
ICAG Souvenir Items 77,547 22,116
Study Manual 83,215 167,584
160,762 189,700
11. Sundry Receivables & Prepayments
Staff Debtors 133,931 40,113
Sundry Amounts Receivable 304,830 241,350
Prepayments 23,645 86,943
462,406 368,406
2013 2012
12. Cash & Cash Equivalents GH¢ GH¢
Cash and Bank Balances 476,278 623,134
Marketable Securities 1,531,774 62,464
2,008,052 685,598
13. Sundry Payables & Accruals
Sundry payables 336,309 90,249
Accrued Liabilities 17,222 77,033
353,531 167,282
14. Prize Fund
Prize Fund is in respect of amounts contributed by specified persons and entities which have been invested to
provide yield to fund prizes for candidates who excel in various subjects. The movements during the year are
shown below:
49THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
8. Investment Income
Discount on Treasury Bills 153,485 43,614
Interest on Call Accounts 17,239 7,360
170,724 50,974
9. Property & Equipment
Leasehold Motor Equipment Library
Land and Vehicle Furn/Fittings Books TOTAL
Buildings
GH¢ GH¢ GH¢ GH¢ GH¢
Cost
3,864,175 428,139 1,492,411 21,495 5,806,220
Additions 48,581 287,822 428,069 - 764,472
Disposal - (111,039) - - (111,039)
3,912,756 604,922 1,920,480 21,495 6,459,653
Depreciation
At 1 January 2013 297,393 184,763 750,298 15,722 1,248,176
Charge for the year 139,863 151,662 319,914 1,876 613,315
Disposal - (44,416) - - (44,416)
437,256 292,009 1,070,212 17,598 1,817,075
Net Book Value
3,475,500 312,913 850,268 3,897 4,642,578
Leasehold Motor Equipment Library
Land and Vehicles Furn/Fittings Books TOTAL
Buildings
GH¢ GH¢ GH¢ GH¢ GH¢
Cost
3,741,070 265,309 779,447 21,495 4,807,321
Additions 123,105 162,830 712,964 - 998,899
3,864,175 428,139 1,492,411 21,495 5,806,220
Depreciation
At 1 January 2012 164,487 141,186 490,064 11,888 807,625
Charge for the year 132,906 43,577 260,234 3,834 440,551
297,393 184,763 750,298 15,722 1,248,176
At 1 January 2012
At 1 January 2013
At 31 December 2013
At 31 December 2013
At 31 December 2013
At 31 December 2012
At 31 December 2012
Net Book Value
3,566,782 243,376 742,113 5,773 4,558,044At 31 December 2012
48
Total
THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
9b. Intangible Assets Computer Computer
Software Software
2013 2012
Cost GH ¢ GH ¢
At 1 January 2013 87,260 38,326
Additions 130,956 48,934
At 31 December 2013 218,216 87,260
Depreciation
At 1 January 2013 55,578 35,841
Charge for the Year 59,116 19,737
At 31 December 2013 114,694 55,578
Net Book Value
At 31 December 2013 103,522 31,682
2013 2012
GH¢ GH¢
10. Inventories
ICAG Souvenir Items 77,547 22,116
Study Manual 83,215 167,584
160,762 189,700
11. Sundry Receivables & Prepayments
Staff Debtors 133,931 40,113
Sundry Amounts Receivable 304,830 241,350
Prepayments 23,645 86,943
462,406 368,406
2013 2012
12. Cash & Cash Equivalents GH¢ GH¢
Cash and Bank Balances 476,278 623,134
Marketable Securities 1,531,774 62,464
2,008,052 685,598
13. Sundry Payables & Accruals
Sundry payables 336,309 90,249
Accrued Liabilities 17,222 77,033
353,531 167,282
14. Prize Fund
Prize Fund is in respect of amounts contributed by specified persons and entities which have been invested to
provide yield to fund prizes for candidates who excel in various subjects. The movements during the year are
shown below:
49THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
8. Investment Income
Discount on Treasury Bills 153,485 43,614
Interest on Call Accounts 17,239 7,360
170,724 50,974
9. Property & Equipment
Leasehold Motor Equipment Library
Land and Vehicle Furn/Fittings Books TOTAL
Buildings
GH¢ GH¢ GH¢ GH¢ GH¢
Cost
3,864,175 428,139 1,492,411 21,495 5,806,220
Additions 48,581 287,822 428,069 - 764,472
Disposal - (111,039) - - (111,039)
3,912,756 604,922 1,920,480 21,495 6,459,653
Depreciation
At 1 January 2013 297,393 184,763 750,298 15,722 1,248,176
Charge for the year 139,863 151,662 319,914 1,876 613,315
Disposal - (44,416) - - (44,416)
437,256 292,009 1,070,212 17,598 1,817,075
Net Book Value
3,475,500 312,913 850,268 3,897 4,642,578
Leasehold Motor Equipment Library
Land and Vehicles Furn/Fittings Books TOTAL
Buildings
GH¢ GH¢ GH¢ GH¢ GH¢
Cost
3,741,070 265,309 779,447 21,495 4,807,321
Additions 123,105 162,830 712,964 - 998,899
3,864,175 428,139 1,492,411 21,495 5,806,220
Depreciation
At 1 January 2012 164,487 141,186 490,064 11,888 807,625
Charge for the year 132,906 43,577 260,234 3,834 440,551
297,393 184,763 750,298 15,722 1,248,176
At 1 January 2012
At 1 January 2013
At 31 December 2013
At 31 December 2013
At 31 December 2013
At 31 December 2012
At 31 December 2012
Net Book Value
3,566,782 243,376 742,113 5,773 4,558,044At 31 December 2012
48
Total
THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
18a. Deferred Income
The World Bank approved a grant of GH¢874,469 (USD497,000) in 2010. The grant was fully utilised in 2013.
2013 2012
GH¢ GH¢
Balance as January 1 388,298 115,506
Amount received 258,534 500,429
Amount utilised (646,832) (227,637)
Balance as at December 31 - 388,298
18b Deferred Income
In Decemeber 2013 Star Ghana provided a GH¢118,795 (USD50,000) grant to ICAG to be disbursed for
advocacy on awareness and improvement in public sector financial reporting with particular emphasis
on the adoption of IPSAS as an integral part of of the GIFMIS roll-out.
2013 2012
GH¢ GH¢
Balance- January - -
Amount received 118,795 -
Amount utilised - -
Balance -December 118,795 -
51
19. Disposal of Asset
Cost of Asset 111,039 -
Less Accumulated Depreciation 44,416 -
66,623 -
Proceeds on Disposal 38,500 -
Loss on Disposal (Note5.4) 28,123 -
21 Contingencies
There were no contingent liabilities as at reporting date (2012: Nil)
22. Capital Commitment
There were no capital commitments at the reporting (2012: Nil)
THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
2,013 2,012
GH¢ GH¢
Balance
January 1 11,655 8418
Additions 2013 3,446 5000
Awards- 2013 5,400 3700
Interest 2,327 1937
Balance
Year end 12,028 11,655
14b Buiding Fund 2013 2012
GH¢ GH¢
January 1 713,372 626,022
Additions 154,190 87,350
Year end 867,562 713,372
Borrowing
Balance at 1 January - 495,172
Draw down - -
Repayments - (495,172)
Balance at 31 December - -
2013 2012
GH¢ GH¢
15. Accumulated Fund
Balance at 1 January 4,419,073 3,095,033
Current Year Surplus 1,471,381 1,324,040
Balance at 31 December 5,890,454 4,419,073
16 Cash Generated from Operation
Net Surplus for the year 1,471,381 1,324,040
Depreciation Charged 613,315 440,551
Depreciation - Intangible 59,116 19,737
Loss on Disposal 28,123 -
Working Capital Movement 122,387 (151,686)
( Increase) in Inventories 28,938 (13,860)
Decrease/(Increase( in Debtors/Prepayment (94,000) (208,038)
Increase/(Decrease) in Payables & Accruals 187,449 70,212
Net Cash Inflow from Operating Activities 2,294,322 1,632,642
17. Borrowings:
The Institute obtained a loan facility of GH¢1,300,000 from HFC Bank Limited in 2009 to finance the completion
of the office building at 33.5% per annum and repayable over three years. The interest rate was re-negotiated
to 20% in 2011. The loan was fully paid off in 2012
50 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
18a. Deferred Income
The World Bank approved a grant of GH¢874,469 (USD497,000) in 2010. The grant was fully utilised in 2013.
2013 2012
GH¢ GH¢
Balance as January 1 388,298 115,506
Amount received 258,534 500,429
Amount utilised (646,832) (227,637)
Balance as at December 31 - 388,298
18b Deferred Income
In Decemeber 2013 Star Ghana provided a GH¢118,795 (USD50,000) grant to ICAG to be disbursed for
advocacy on awareness and improvement in public sector financial reporting with particular emphasis
on the adoption of IPSAS as an integral part of of the GIFMIS roll-out.
2013 2012
GH¢ GH¢
Balance- January - -
Amount received 118,795 -
Amount utilised - -
Balance -December 118,795 -
51
19. Disposal of Asset
Cost of Asset 111,039 -
Less Accumulated Depreciation 44,416 -
66,623 -
Proceeds on Disposal 38,500 -
Loss on Disposal (Note5.4) 28,123 -
21 Contingencies
There were no contingent liabilities as at reporting date (2012: Nil)
22. Capital Commitment
There were no capital commitments at the reporting (2012: Nil)
THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
2,013 2,012
GH¢ GH¢
Balance
January 1 11,655 8418
Additions 2013 3,446 5000
Awards- 2013 5,400 3700
Interest 2,327 1937
Balance
Year end 12,028 11,655
14b Buiding Fund 2013 2012
GH¢ GH¢
January 1 713,372 626,022
Additions 154,190 87,350
Year end 867,562 713,372
Borrowing
Balance at 1 January - 495,172
Draw down - -
Repayments - (495,172)
Balance at 31 December - -
2013 2012
GH¢ GH¢
15. Accumulated Fund
Balance at 1 January 4,419,073 3,095,033
Current Year Surplus 1,471,381 1,324,040
Balance at 31 December 5,890,454 4,419,073
16 Cash Generated from Operation
Net Surplus for the year 1,471,381 1,324,040
Depreciation Charged 613,315 440,551
Depreciation - Intangible 59,116 19,737
Loss on Disposal 28,123 -
Working Capital Movement 122,387 (151,686)
( Increase) in Inventories 28,938 (13,860)
Decrease/(Increase( in Debtors/Prepayment (94,000) (208,038)
Increase/(Decrease) in Payables & Accruals 187,449 70,212
Net Cash Inflow from Operating Activities 2,294,322 1,632,642
17. Borrowings:
The Institute obtained a loan facility of GH¢1,300,000 from HFC Bank Limited in 2009 to finance the completion
of the office building at 33.5% per annum and repayable over three years. The interest rate was re-negotiated
to 20% in 2011. The loan was fully paid off in 2012
50 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
53THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
NOTES
52 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
NOTES
53THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
NOTES
52 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
NOTES
54 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
NOTES
54 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) 2013 ANNUAL REPORT
NOTES
