ICAS Project In Practice

reader

Has anyone in practice, i.e. in an accountants' firm preparing tax returns + accounts etc, recently done the ICAS project? What subject did you choose to focus on?

I doubt I'll be able to do it on an individual client, our clients would probably find it annoying!

Becky V

Hi Reader i work for an accountant and i have recently passed my ICAS project. I based mine on our accounts preparation list how we could improve it for clients and make mine and our colleagues life easier in preparing accounts. My employer didnt want me to base it on a particular client so i based it on something within the workplace which did need improving! Hope this helps

reader

Hi Becky

It is incredibly kind of you to reply.

Thanks for the reply; I was beginning to think ICAS was impossible to do while working in practice.

By accounts prep list, do you mean your firm had a step-by-step list of things to do during accounts preparation and you improved this list?

Becky V

Its more like a step by step guide to what the client is claiming for eg if client was claiming for phone expenses, if they had public liabiality, vat registered or cis voucher etc. This was filled out at the end of the preparation of accounts and noted for the following year. If we didnt have any information then note it down so we could ask the client.

reader

Thanks

I'm struggling to get my head around the idea of an "accounting function", i.e. sales ledger, purchase ledger, payroll, stock, etc.

What function does your list come under? Also, how long did it take to do your project? Do I have to get a project planning form from Kaplan distance learning, fill it out and submit it to them? Are all my questions annoying you yet? Do you regret answering my first question? I'm so sorry

Rozzi Rainbow

I did my project 3 years ago now (can't believe that, where's the time gone!) so before all the module names changed, but I focused on job costing - how we keep track of the time spent on each client, how we calculate an hourly rate to use, and how rigidly we stick to the outcome. I found it quite interesting and think I'm going to do something similar for my ACCA project next year.

reader

I did not think of that! I kind of hate costings/management accounts but applying that to an accountants' firm does seem really interesting.

My manager thinks I should do my project in communication within our firm, between bookkeepers, accounts staff, managers and partners- although I'm not sure whether or not this idea will get approval.

Becky V

reader wrote: »

Thanks

I'm struggling to get my head around the idea of an "accounting function", i.e. sales ledger, purchase ledger, payroll, stock, etc.

What function does your list come under? Also, how long did it take to do your project? Do I have to get a project planning form from Kaplan distance learning, fill it out and submit it to them? Are all my questions annoying you yet? Do you regret answering my first question? I'm so sorry

Im not sure my project came under a function i will have to check my paperwork. I did a project planning form and sent it to kaplan first and they agreed it was ok, then started typing away!!! It was hard to start with but once i got going it was fine. It took me about 2 months to submit first draft then after few alterations it was done!! No your questions are not annoying me, i know how difficult it is and was so glad os this forum!!

reader

Hi Becky, please don't feel obliged to check your paperwork on my account, I'm already incredibly grateful for your help.

Thanks for giving me a rough idea regarding time it took for you to do your project.

Starting is definitely the hardest part but I'm glad it gets easier.

Thanks again