IAC Ace: Accounting Flashcards

IAC Ace hands you back the cards you were about to forget.

Built for candidates preparing for the Initial Assessment of Competence
(IAC) - formerly the Initial Test of Competence (ITC) - and for CTA / PGDA
students who need to hold a huge volume of material in memory until exam day.

SPACED REPETITION THAT ACTUALLY SCHEDULES
Every card sits in a Leitner box. Get it right and it comes back later; miss it
and it comes back first. Short daily sessions, a daily goal that sizes itself to
your sitting date, and a streak to keep you honest.

ORGANISED ON THE COMPETENCY FRAMEWORK
Cards are grouped by competency area rather than by old subject headings:
strategy and governance, reporting, decision-making, value reporting,
compliance and tax, assurance and ethics, and the enabling competencies -
including digital acumen, newly assessed from 2026.

SCENARIO CARDS, NOT JUST DEFINITIONS
Worked cases with step-by-step workings, and a "trap" on each card naming the
look-alike rule candidates confuse it with.

THE RIGHT TAX YEAR
The IAC examines a year of assessment that lags the current SARS tables. Tax
cards are stamped with the examinable year, not today's figures.

WHAT IS EXAMINABLE?
Search the published examinable scope by section, standard or topic -
s 11(e), IAS 36, licensing, turnover tax - and see whether it is in, out, or at
which proficiency level.

CODE INDEX AND SUMMARIES
Look up a section or standard mid-scenario, or re-read a short summary after a
card catches you out.

WORKS OFFLINE
Everything is on your phone. No account, no sign-up.

SOURCES
Content is written from these official public sources, and each is linked
inside the app under Settings - Sources:
- Tax rates and thresholds, National Treasury Budget: https://www.treasury.gov.za/documents/national%20budget/
- Income Tax Act, VAT Act and related legislation: https://www.gov.za/documents/acts
- IAC exam information: https://www.saica.org.za/become-a-member/future-members/exam-information/
- IFRS Accounting Standards: https://www.ifrs.org/issued-standards/list-of-standards/
- International Standards on Auditing: https://www.iaasb.org/standards-pronouncements
- King Code, Institute of Directors in South Africa: https://www.iodsa.co.za/
Standards are cited and explained in original words, never reproduced.

IMPORTANT
IAC Ace is an independent revision aid. It is not affiliated with, endorsed by
or connected to SAICA, SARS or any government entity, and it is not a
substitute for a board course. Always check figures against the sources above
and your own course material.

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