Thesis (MAcc)--Stellenbosch University, 2001. / ENGLISH ABSTRACT: Scrip dividends have become increasingly popular in South Africa SInce the introduction of secondary tax on companies (STC) in the 1993 budget. There is more than one approach to the treatment of scrip dividend schemes for accounting purposes, i.e. the reinvestment approach and the capitalisation issue approach. Unfortunately guidance in the form of a statement or guideline from the South African Institute of Chartered Accountants has not been forthcoming. Companies in the United States of America account for stock dividends (capitalisation issues) in a variety of ways and several studies have analysed the effect of these accounting treatments on retained earnings and the retained earnings hypothesis. Several empirical studies in the United States of America and the United Kingdom have documented marked differences in the ability of companies in these countries to make distributions to shareholders. For this reason the accounting treatment of stock dividends and scrip dividends in these countries was examined and compared to the methods used in South Africa. Earnings per share is often used by financial analysts to analyse and compare companies. The methods used in South Africa to account for scrip dividends result in different calculations of earnings per share and therefore the effect of the different methods was examined. This study concludes that the reinvestment approach is theoretically the most acceptable accounting treatment of scrip dividend schemes In South Africa. A representative sample of companies which declared scrip dividends in the period 1993 to 1999 was selected to determine how these schemes are implemented in the South African economy. These companies' financial statements were analysed to determine if the scrip dividend schemes were treated in terms of the accounting method proposed in this study and if the necessary information was disclosed in the financial statements. This study finds that different accounting approaches are used in South Africa, that earnings per share and secondary tax on companies are not calculated consistently for accounting purposes and that the information disclosed to the users of the financial statements differs from company to company. It is recommended that the South African Institute of Chartered Accountants issue accounting guidelines to the drafters of financial statements regarding scrip dividend schemes. / AFRIKAANSE OPSOMMING: Die verklaring van skripdividende het in Suid-Afrika in gewildheid begin toeneem met die inwerkingstelling van sekondere belasting op maatskappye (SBM) in die 1993-begroting. Daar is meer as een metode om skripdividendskemas rekeningkundig te verantwoord, naamlik die herbeleggingsbenadering en die kapitalisasieuitgiftebenadering. Die Suid-Afrikaanse Instituut vir Geoktrooieerde Rekenmeesters het egter op hierdie stadium nog nie 'n rekeningkundige standpunt of riglyn oor die rekeningkundige verantwoording van skripdividendskemas uitgereik nie. In die Verenigde State van Amerika kan maatskappye kapitalisasie-uitgifte op verskillende maniere rekeningkundig verantwoord en verskeie studies het die invloed ondersoek wat hierdie metodes op verdeelbare reserwes en die behoue wins-hipotese het. Verder het studies wat in die Verenigde State van Amerika en die Verenige Koningkryk gedoen is, bevind dat hierdie lande se beperkings op verdelings aan aandeelhouers baie van mekaar verskil en om die rede is die metodes wat in die lande toegepas word om kapitalisasie-uitgifte en skripdividendskemas rekeningkundig te verantwoord, ondersoek en met die metodes vergelyk wat in Suid-Afrika toegepas kan word. Aangesien verdienste per aandeel dikwels deur finansiele ontleders gebruik word om maatskappye te ontleed en met mekaar te vergelyk en omdat die metodes wat in Suid- Afrika toegepas kan word verskillende berekeninge van verdienste per aandeel tot gevoIg het, is die uitwerking wat die verskillende metodes op die berekening van verdienste per aandeeI het ook ontleed.

Thesis (MAcc)--Stellenbosch University, 2002. / ENGLISH ABSTRACT: Capital gains tax has been introduced into the South African tax system for the first time, on all capital gains arising on or after 1 October 2001. The issue of whether a capital gains tax will be a suitable tax for South Africa has already been addressed in the form of Commission Reports. In these reports, the idea of adopting this tax system was not recommended for the South African tax system or only a limited capital gains tax was recommended. This study, however, investigates whether the legislation passed by government is in line with the basic principles of an efficient and effective tax system. Firstly, the principles of an efficient and effective tax system are set out as those originally proposed by Adam Smith as well as those that have been adapted to modern tax theory. The factors that impact on capital gains tax are identified and specific criteria are formulated against which the legislated capital gains tax is evaluated. The mechanics of the capital gains tax is discussed, classified into the factors that impact a capital gains tax and evaluated against the abovementioned criteria. lt has been held that the introduction of this new form of tax to the South African tax system addresses many inefficiencies and deficiencies in the current tax system. lt is the writer's opinion that an investigation as to the degree to which this tax system adheres to the principles of an effective and efficient tax system, was thus necessary. For the purposes of this investigation, the legislated capital gains tax was evaluated against the principles of neutrality, certainty and simplicity, administrative efficiency, flexibility, invisibility and equity (fairness, horizontal and vertical equity). lt was found that the principles of flexibility, fairness and horizontal equity are achieved. To a lesser extent, the principles of neutrality, certainty and simplicity, and administrative efficiency are achieved, and the principles of invisibility and vertical equity have not been achieved. / AFRIKAANSE OPSOMMING: Kapitaalwinsbelasting is nou vir die eerste keer deel van die Suid Afrikaanse belastingstelsel. Dit affekteer alle kapitale winste wat op of na 1 Oktober 2001 realiseer. Die vraagstuk oar die geskiktheid van kapitaalwinsbelasting vir Suid-Afrika is alreeds voorheen in die vorm van Kommissieverslae aangespreek. Geen, of slegs 'n beperkte kapitaalwinsbelasting is in hierdie verslae aanbeveel vir die Suid-Afrikaanse belastingstelsel. Die studie wat volg, ondersoek die mate waarin die wetgewing ten opsigte van kapitaalwinsbelasting aan die basiese beginsels van 'n effektiewe en doeltreffende belastingstelsel voldoen. Eerstens word die beginsels van 'n doeltreffende en effektiewe belastingstelsel uiteengesit as die soos oorspronklik voorgestel deur Adam Smith, asook die wat deur moderne belastingteorie aangepas is. Tweedens word die faktore wat kapitaalwins be·invloed ge·identifiseer en laastens word spesifieke kriteria geformuleer waarteen die kapitaalwinsbelasting geevalueer sal word. Die werking van die kapitaalwinsbelasting word bespreek, geklassifiseer in faktore wat 'n kapitaalwinsbelasting be·invloed en teen die bogenoemde kriteria geevalueer. Daar is beslis dat die toevoeging van hierdie vorm van belasting tot die Suid Afrikaanse belastingstelsel die ondoeltreffendheid en ander gebreke in die huidige belastingstelsel aanspreek. Dit is die skrywer se mening dat 'n ondersoek ten opsigte van die mate waartoe hierdie belastingstelsel die beginsels van 'n effektiewe en doeltreffende belastingstelsel nakom, dus nodig was. Vir die doeleindes van hierdie ondersoek, is kapitaalwinsbelasting geevalueer teen die beginsels van neutraliteit, sekerheid en eenvoudigheid, administratiewe doeltreffendheid, aanpasbaarheid, onsigbaarheid en billikheid (regverdigheid, horisontale en vertikale billikheid). Daar word tot die gevolgtrekking gekom dat daar aan die beginsels van aanpasbaarheid, regverdigheid en horisontale billikheid voldoen word. Tot 'n minder mate, word daar aan die beginsels van neutraliteit, sekerheid en eenvoudigheid, en administratiewe doeltreffendheid voldoen. Daar word nie aan die beginsels van onsigbaarheid en vertikale billikheid voldoen nie.

Study project (MAcc)--Stellenbosch University, 2002. / ENGLISH ABSTRACT: Earnings per share and headline earnings per share are two popular performance measures, in spite of a number of shortcomings. This assignment argues that an additional performance measure ought to be disclosed in the financial statements, namely maintainable earnings. The objective of maintainable earnings is to give an indication of the core earnings of the company, excluding the effect of non-recurring items that are not expected to influence the financial results in future years. The reason for this performance measure is mainly based on the needs of the users of financial statements and the application that it finds in their analises. There is circumstancial evidence that shows that users want an indication of maintainable earnings per share. It is also argued that the disclosure of maintainable earnings is in the interest of the users of financial statements, as they do not necessarily have the knowledge or time to make the necessary calculations for themselves. The recommendations made are, among others, that non-recurring items be excluded from the calculation of headline earnings and that changes in accounting estimates be done retrospectively. Recommendations for comprehensive disclosure are also made to be of help in the evaluation of earnings. / AFRIKAANSE OPSOMMING: Verdienste per aandeel en wesensverdienste per aandeel is twee gewilde prestasiemaatstawwe, ten spyte van 'n aantal tekortkominge. Hierdie werkstuk lewer 'n betoog dat 'n addisionele maatstaf in die finansiële state geopenbaar behoort te word, naamlik handhaafbare verdienste. Die doelstelling van handhaafbare verdienste is om 'n aanduiding te gee van die kernverdienste van 'n maatskappy, geskei van die effek van eenmalige items wat na verwagting nie die resultate in toekomstige jare sal beïnvloed nie. Die beweegrede vir so 'n maatstaf word in hoofsaak gebaseer op die behoeftes van gebruikers van finansiële state en die aanwending wat dit in hul analises kan vind. Daar is omstandigheidsgetuienis wat daarop dui dat gebruikers In aanduiding verlang van die handhaafbare verdienste per aandeel. Daar word ook In betoog gelewer dat die openbaarmaking van handhaafbare verdienste in die belang van gebruikers is, aangesien die moontlikheid bestaan dat gebruikers nie noodwendig die kennis of tyd het om self so In berekening te maak nie. Die voorstelle wat gemaak word, behels onder andere die uitsluiting van eenmalige items uit die berekening van handhaafbare verdienste en dat veranderinge in rekeningkundige ramings terugwerkend aangepas behoort te word. Daar word ook voorstelle gemaak vir omvattende openbaarmaking ten einde die oorweging van verdienste te vergemaklik.

Assignment (MAcc )--University of Stellenbosch, 2002. / ENGLISH ABSTRACT: The price-earnings ratio is one of a series of benchmarks developed after the Great Depression, to measure the fair value of shares on a relative basis. It originated from the idea that investors buy the earnings of a company and that the price-earnings ratio provides a consensus indication of the future growth potential of a company. Therefore, the price-earnings ratio is a rating of a company's future profitability. The price-earnings ratio developed, over the years, firstly, into an indicator of the relative risk associated with a company as the market anomalies associated with the ratio were investigated and clarified, and the theoretical background of the ratio integrated with the portfolio theory. It is now clear that the price-earnings ratio can be a useful indicator of the risk associated with an investment and the uncertainty associated with the duration of the growth phase of a company. Secondly, the price-earnings ratio is also a growth and valuation model with a theoretical background that can be linked to popular dividend discount models and the growth opportunities approach to investment valuation. With the use of the price-earnings ratio it is easy to visualise the relative profitability and the total investment required to raise a company's rating of future profitability. This simplicity allows one the opportunity to evaluate the reasonableness and likelihood of the investment reaching its projected potential profit targets. Lastly, as a result of accounting changes and the different accounting rules in force today, the price-earnings ratio also assists in the identification and elimination of the effects of accounting on investment decisions. It is apparent that the price-earnings ratio possesses the capabilities to assist investors significantly with the analysis of investment opportunities. / AFRIKAANSE OPSOMMING: Die prys-verdienste verhouding is een van 'n reeks relatiewe maatstawwe ontwikkel na die Groot Depressie om die redelike waarde van aandele te bepaal. Dit is gebaseer op die idee dat beleggers die winste van 'n maatskappy koop en dat die prys-verdienste verhouding 'n konsensus aanduiding verskaf van die toekomstige groeipotensiaal van 'n maatskappy. As gevolg hiervan is die prys-verdienste verhouding 'n aanduiding van die relatiewe toekomstige winsgewendheid van 'n maatskappy. Die prys-verdienste verhouding het oor die jare ontwikkel, eerstens as 'n aanwyser van die relatiewe risiko verbonde aan 'n maatskappy soos abnormaliteite wat daaraan verwant is ondersoek en verklaar is, en die teorieë onderliggend aan die verhouding ontwikkel het saam met die portefeulje teorie. Dit is nou duidelik dat die prys-verdienste verhouding 'n bruikbare aanduider is van die risiko wat geassosieer word met 'n belegging en die onsekerheid wat gepaard gaan met die duur van die groeifase van 'n maatskappy. Tweedens is die prys-verdienste verhouding ook 'n waardasie- en groeimodel met 'n teoretiese agtergrond wat verband hou met die populêre dividend verdiskonteringsmodelle en die groeigeleenthede-benadering tot waardasie. Met die gebruik van die prys-verdienste verhouding is dit maklik om die relatiewe winsgewendheid en die totale belegging wat benodig word om die waarde van die relatiewe winsgewendheid van 'n maatskappy te verhoog, tevisualiseer. Hierdie eenvoud verskaf die geleentheid om die redelikheid en die waarskynlikheid van 'n belegging om sy voorsiene winsgewendheidsdoelwitte te bereik, te evalueer. Laastens, as 'n resultaat van die rekeningkundige veranderinge, en die verskillende rekeningundige reëls huidiglik van toepassing in die wêreld, help die prys-verdienste verhouding ook met die identifikasie en die eliminasie van rekeningkundige komplikasies op beleggingsbesluite. Dit is duidelik dat die prys-verdienste verhouding die vermoë het om die belegger by te staan met die ontleding van beleggingsgeleenthede.

Thesis (Mcomm)--Stellenbosch University, 2014. / ENGLISH ABSTRACT: The focus of this research was to compile a practical, step by step approach that can be followed by those persons charged with the governance of enterprises in South Africa to successfully bridge the information technology gap. The King Code of Corporate Governance for South Africa and the King Report on Corporate Governance for South Africa (together KINGIII) was identified as a starting point for the compilation of the approach. KINGIII is the corporate governance standard in South Africa and in the introduction to KINGIII it is recommended that the principles contained in the Code should be implemented by all entities. KINGIII is the third report on governance issued by the King Committee and introduced governance principles for Information Technology (IT). The Code contains seven IT governance principles and 24 recommended practices. The application of the IT governance principles of KINGIII, as well as the related recommended practices, is a complicated endeavour. This is partly because IT in itself is complex and also partly because the governance of IT is a relatively new area of corporate governance. Through a detailed study of the seven IT governance principles of KINGIII, as well as the related recommended practices and narrative discussions, it was identified that in order to successfully implement IT governance, a company has to establish and implement an IT governance framework which includes relevant structures, processes and mechanisms to enable IT to deliver value to the business. It was also identified that the IT governance framework has to facilitate and enhance the company’s ability to reach its stated objectives by ensuring that the most appropriate decisions are made in respect of the incorporation of IT into the operations of the business. Lastly, it was identified that a company must acquire and use appropriate technology and people to support its business.To address the requirement for the establishment and implementation of relevant structures, processes and mechanisms, a framework of 33 IT governance practices was identified, mapped to the IT governance principles of KINGIII and an analysis performed. Through this analysis the IT governance practices that can be utilised to implement the IT governance principles of KINGIII were identified and discussed. To address the requirement of ensuring that the framework facilitates that the most appropriate decisions are made in respect of the incorporation of IT into the operations of the business, five key decisions that have to be made in respect of IT was identified and discussed. The five decisions were mapped to (1) the KINGIII principles to demonstrate which of the IT governance principles are addressed by each of the decisions and (2) the IT governance structures identified in the framework above to demonstrate which of the IT governance structures can be used to provide input into taking the relevant decision and which can be used to take the decision. Finally, to address the requirement that a company must acquire and use appropriate people and technology to support its business, a framework of organizational competencies required in small and medium-sized enterprises (SME’s) was identified and mapped to (1) the KING III principles to demonstrate which of the IT governance principles could be addressed by each of the relevant competencies and (2) to the five key IT decisions identified above to demonstrate which of the competencies can be utilised to make each of the five key decisions. Based on the findings of the research conducted as set out above, the practical, step by step approach was compiled. / AFRIKAANSE OPSOMMING: Die fokus van hierdie navorsing was die samestelling van ‘n praktiese, stapsgewyse benadering wat gebruik kan word deur daardie persone wat verantwoordelik is vir die korporatiewe beheer van ondernemings in Suid Afrika om suksesvol die inligtings tegnologie (IT) gaping te oorbrug. Die King Code of Corporate Governance for South Africa en die King Report on Corporate Governance for South Africa (gesamentlik KINGIII), was geidentifiseer as ‘n beginpunt vir die samestelling van die benadering. KINGIII is die korporatiewe beheer standaard in Suid Afrika en in die inleiding tot KINGIII word alle ondernemings aanbeveel om die korporatiewe beheer beginsels en gepaardgaande aanbeveelde praktyke te implementeer. KINGIII is die derde verslag oor korporatiewe beheer wat deur die King Komitee uitgereik is en het korporatiewe beheer beginsels met betrekking tot IT bekend gestel. KINGIII bevat sewe koporatiewe beheer beginsels wat met IT verband hou, asook 24 aanbeveelde korporatiewe beheer praktyke. Die toepassing van die IT korporatiewe beheer beginsels van KINGIII, asook die aanbeveelde praktyke, is ‘n ingewikkelde onderneming. Dit is gedeeltelik omdat IT self kompleks is, maar ook omdat die korporatiewe beheer van IT ‘n relatiewe nuwe area van korporatiewe beheer is. Deur middel van ‘n in diepte studie van die sewe korporatiewe beheer beginsels van KINGIII, insluitend die aanbeveelde korporatiewe beheer praktyke en besprekings, is daar geïndetifiseer dat ‘n IT korporatiewe beheer raamwerk saamgestel en geimplementeer moet word as deel van die implementering van korporatiewe beheer oor IT. Hierdie IT korporatiewe beheer raamwerk moet relevante strukture, prosesse en meganismes bevat wat IT daartoe instaat sal stel om waarde toe te voeg tot die onderneming. Dit is ook geïdentifiseer dat die IT korporatiewe beheer raamwerk die onderneming se vermoeë om sy doelstellings te bereik moet verbeter deur te verseker dat die mees gepaste besluite geneem word met betrekking tot die integrasie van IT in die bedrywighede van die onderneming. Laastens is daar geïdentifiseer dat ‘n maatskappy toepaslike tegnologie en mense moet bekom en aanwend om die bedrywighede van die onderneming te ondersteun. Om die vereiste vir die samestelling en implementering van relevante strukture, prosesse en meganismes aan te spreek, is ‘n raamwerk van 33 IT korporatiewe beheer praktyke geïdentifiseer, kruisverwys na die IT korporatiewe beheer beginsels van KINGIII en verder ontleed. Deur hierdie ontleding is die IT koporatiewe beheer praktyke wat aangewend kan word om die IT korporatiewe beheer beginsels te implementeer geïdentifiseer en bespreek. Om die vereiste aan te spreek dat die raamwerk fasiliteer dat die mees gepaste besluite geneem word met betrekking tot die integrasie van IT in die bedrywighede van die onderneming, is vyf sleutel besluite wat in verband met IT geneem moet word geïdentifiseer en bespreek. Die vyf besluite is (1) kruisverwys na die IT korporatiewe beheer beginsels van KINGIII om te demonstreer watter IT korporatiewe beheer beginsels deur elke besluit aangespreek word en (2) na die IT korporatiewe beheer strukture wat in die bogenoemde raamwerk geidentifiseer is om aan te dui watter IT korporatiewe beheer strukture gebruik kan word om insette te verskaf vir die neem van die vyf sleutel besluite en watter strukture gebruik kan word om die besluite te neem. Laastens, om die vereiste aan te spreek dat ‘n maatskappy toepaslike tegnologie en mense moet bekom en aanwend om sy bedrywighede te ondersteun, is ‘n raamwerk van organisatoriese bevoegdhede wat benodig word in klein tot medium-groote ondernemings (SME’s) geïdentifiseer en kruisverwys na (1) die KINGIII korporatiewe beheer beginsels om aan te dui watter IT korporatiewe beheer beginsels deur die relevante bevoegdhede aangespreek word en (2) na die vyf sleutel besluite wat hierbo geïdentifiseer is om aan te dui watter van die bevoegdhede aangewend kan word om elkeen van die vyf sleutel besluite te neem. Die stapsgewyse benadering tot die korporatiewe beheer van IT is gevolglik saamgestel met verwysing na die bevindinge van die navorsing wat uitgevoer is soos hierbo uiteengesit.

Thesis (MAcc)--Stellenbosch University, 2014. / ENGLISH ABSTRACT: In South Africa, value-added tax (‘VAT’) is classified as an indirect tax which is levied on goods or services supplied in the Republic of South Africa. In South Africa, VAT is a destination-based invoice type tax system which means that the consumption of goods and services are taxed. To register as a vendor for VAT purposes, the business conducted must fall within the ambit of an ‘enterprise’ as defined in section 1(1) of the Value-Added Tax Act, 1991 (Act No. 89 of 1991) (the VAT Act). Where a registered vendor makes taxable supplies of goods or services, it is subject to VAT at the standard rate in terms of section 7(1) of the VAT Act, unless and exemption or exception applies thereto. VAT incurred will constitute “input tax” as defined in section 1(1) of the VAT Act, where amongst others, the goods or services are acquired wholly for the purpose of consumption, use or supply in the course of making taxable supplies, or where the goods or services are acquired partly for such purpose, to such extent as determined in accordance with section 17(1) of the VAT Act. The vendor will therefore be confronted with various questions with regard to whether the activities are performed by the enterprise, or whether such activities fall outside the scope of VAT and therefore constitute non-enterprise activities. When the activities are regarded as enterprise activities, the vendor will have to determine whether the VAT incurred for the enterprise activities are used, consumed or supplied in making taxable supplies. Where the VAT incurred cannot be attributed to the making of taxable supplies, an apportionment of the VAT incurred is required. The apportionment method used in apportioning the VAT incurred for mixed purposes, must be fair and reasonable. This research assignment will therefore investigate and focus on the treatment of the VAT incurred by the business in deducting the correct amount of input tax. / AFRIKAANSE OPSOMMING: In Suid-Afrika word belasting op toegevoegde waarde (‘BTW’) geklassifiseer as ‘n indirekte belasting wat gehef word op die lewering van goed of dienste. BTW is ‘n destinasie-gebaseerde faktuurbasis wat beteken dat die verbruik van goed of dienste in Suid-Afrika aan belasting onderhewig is. Om vir BTW doeleindes te registreer, moet die besigheid of die bedryf aan die vereistes van ‘n ‘onderneming’ soos gedefineer in artikel 1(1) van die Belasting op Toegevoegde Waarde Wet (die BTW Wet) voldoen. ‘n Geregistreerde ondernemer wat goed of dienste lewer, moet BTW teen die standaardkoers ingevolge artikel 7(1) van die BTW Wet hef, tensy ‘n vrystelling of uitsondering op hierdie reël van toepassing is. Die belasting gehef ingevolge artikel 7(1) van die BTW Wet verteenwoordig insetbelasting indien die betrokke goed of dienste deur die ondernemer verkry word geheel en al met die doel van verbruik, gebruik of lewering in die loop van die doen vir belasbare lewerings. Indien die goed of dienste gedeeltelik vir daardie doel aangewend word, is die ondernemer verplig om die belasting toe te deel ingevolge artikel 17 van die BTW Wet. Die ondernemer word dus met verskeie vrae gekonfronteer om te bepaal of die goed of dienste aangewend word in die loop ter bevordering van die onderneming. Indien die goed of dienste nie vir daardie doel aangewend word nie, die sogenaamde ondernemingsaktiwiteite, sal die BTW aangegaan deur die ondernemer buite die bestek van die BTW Wet val en gevolglik as nie-ondernemingsaktiwitiete geklassifiseer word. Indien die BTW nie geheel en al gebruik word vir die maak van belasbare lewerings nie, moet die ondernemer die sogenaamde BTW toedeel volgens ‘n erkende toedelingsmetode ingevolge artikel 17 van die BTW Wet. Hierdie metode moet aan die vereistes van regverdigheid en redelikheid voldoen. Hierdie werkstuk fokus en ontleed die hantering van die BTW aangegaan deur die ondernemer met die doel om die korrekte insetbelasting aftrekking te bepaal.

Thesis (MAcc)--Stellenbosch University, 2014. / ENGLISH ABSTRACT: Human capital efficiency, as measured by Value-Added Human Capital (VAHU), refers to an employee's ability to create value-added for his employer. As a key resource which is not captured by conventional accounting, human capital and its value-creating ability may contribute to the premium to book value at which many companies trade. This study, therefore, sought to investigate trends in the divergence between book value and market value in South Africa, by analysing the median market-to-book ratios of companies listed on the Johannesburg Stock Exchange over time. The primary research objectives, however, were to empirically confirm whether corporate financial and market performance in South Africa can be explained as a contemporaneous and future outcome of human capital efficiency, and whether human capital efficiency is improving. In a largely industrialised emerging market, such as South Africa, there is some concern that companies which concentrate on efficient and productive management of their tangible assets may neglect the effective skills development and training of their human capital assets. Time-series cross-sectional multiple regressions were used to analyse the intra-industry and inter-industry relationships between VAHU and financial performance (as measured by return on assets, revenue growth and headline earnings per share) and market performance (as measured by market-to-book ratios and total share return) in companies listed on the Johannesburg Stock Exchange. Of the financial year-ends falling in the period 31 December 2001 to 30 June 2011, 1765 company years were covered, relating to 390 companies listed on the Main Board and ALT-X. Company size, leverage, industry and return on equity were held as control factors. The same financial data was used to assess the median growth in VAHU over the period under review. The market value-book value gap of listed companies in South Africa was found to have increased from 2001 to 2011, while human capital efficiency declined. Human capital efficiency has almost no effect on current or future market performance in South Africa. Higher human capital efficiency has a positive effect on current returns generated by any asset – tangible or intangible. Higher headline earnings per share is concurrently associated with higher human capital efficiency in almost every industry. Higher revenue growth is contemporaneously associated with higher human capital efficiency in all industries, except those which are consumer-driven. In consumer-driven industries, human capital efficiency is not a driver for revenue growth, but is still associated with higher profitability. The longer-term effect of human capital efficiency on corporate performance in South Africa is more unclear than its immediate effect. The findings of the study highlight the commercial implications of the degree of industrial action and poor basic education in South Africa – a working population that is poorly educated, with the paradox of wages that are low in relation to the cost of living, yet which are becoming too high in relation to the level of output the workers produce. The results pose a compelling argument for improving the quality of education in South Africa, as well as for employer-driven skills development and employee training. / AFRIKAANSE OPSOMMING: Menslike kapitaaldoeltreffendheid, soos gemeet deur Toegevoegde Waarde Menslike Kapitaal (TWMK), verwys na 'n werknemer se vermoë om toegevoegde waarde vir sy werkgewer te skep. As 'n sleutel-hulpbron wat nie deur konvensionele rekeningkunde vasgelê word nie, dra menslike kapitaal en die waardeskeppingsvermoë daarvan, dalk by tot die premie op boekwaarde waarteen baie maatskappye verhandel. Hierdie studie het dus nagestreef om tendense in die afwyking tussen boekwaarde en markwaarde in Suid-Afrika te ondersoek, deur die mediaan mark-tot-boekverhoudings van maatskappye genoteer op die Johannesburgse Effektebeurs met tydverloop, te ontleed. Die hoof-navorsingsdoelwitte was egter om empiries te bevestig of korporatiewe finansiële en markprestasie in Suid-Afrika beskryf kan word as 'n gelyktydige en toekomstige gevolg van menslike kapitaaldoeltreffendheid en of daardie menslike kapitaaldoeltreffendheid verbeter. In 'n grootliks geïndustrialiseerde ontwikkelende mark, soos Suid-Afrika, is daar 'n mate van kommer dat die maatskappye wat konsentreer op die doeltreffende en produktiewe bestuur van hul tasbare bates, die doelmatige ontwikkeling van vaardighede en opleiding van hul menslike kapitaalbates mag verwaarloos. Tydreekse dwarsdeursnee meervoudige regressies is gebruik om die intra-industrie en inter-industrie verhoudings tussen TWMK en finansiële prestasie (soos gemeet deur die opbrengs op bates, inkomstegroei en wesensverdienste per aandeel) en markprestasie (soos gemeet deur mark-tot-boekverhoudings en die totale opbrengs op aandele) in maatskappye wat op die Johannesburgse Effektebeurs genoteer is, te ontleed. Van die finansiële jaareindes in die tydperk 31 Desember 2001 tot 30 Junie 2011, is 1765 maatskappyjare gedek, rakende 390 maatskappye wat op die Hoofbord en Alt-X genoteer is. Die grootte van die maatskappye, hefboomfinansiering, industrie en opbrengs op ekwiteit dien as kontrolefaktore. Dieselfde finansiële data is gebruik om die mediaangroei in TWMK oor die tydperk onder oorsig te bepaal. Dit is bevind dat die markwaarde-boekwaardegaping van genoteerde maatskappye in Suid-Afrika vanaf 2001 tot 2011 toegeneem het, terwyl menslike kapitaaldoeltreffendheid gedaal het. Menslike kapitaaldoeltreffendheid het byna geen effek op die huidige of toekomstige markprestasies in Suid-Afrika nie. Hoër menslike kapitaaldoeltreffendheid het 'n positiewe uitwerking op die huidige opbrengste wat gegenereer word deur enige bate – tasbaar of ontasbaar. Hoër wesensverdienste per aandeel is samelopend met hoër menslike kapitaaldoeltreffendheid in byna elke industrie. Hoër groei in inkomste is gelyktydig geassosieer met hoër menslike kapitaaldoeltreffendheid in alle industrieë, behalwe dié wat verbruiker-gedrewe is. In verbruiker-gedrewe industrieë, is menslike kapitaaldoeltreffendheid nie 'n aandrywer van inkomstegroei nie, maar is nog steeds gelyktydig geassosieer met hoër winsgewendheid. Die langer-termyn uitwerking van menslike kapitaaldoeltreffendheid op korporatiewe prestasie in Suid-Afrika, is meer onduidelik as sy onmiddellike effek. Die bevindinge van die studie beklemtoon die kommersiële implikasies van die omvang van industriële aksie en swak basiese onderwys in Suid-Afrika – 'n werkende bevolking met swak opleiding, tesame met die paradoks van lone wat laag in vergelyking met bestaankoste is, maar wat te hoog styg met betrekking tot die vlak van uitset wat die werkers produseer. Die resultate bied 'n oortuigende argument vir die verbetering van die gehalte van onderwys in Suid-Afrika, sowel as vir werkgewer-gedrewe ontwikkeling van vaardighede en werknemersopleiding.

Thesis (MAcc)--Stellenbosch University, 2014. / ENGLISH ABSTRACT: Cloud computing is a universal occurrence, to which South Africa is no exception. The technology of cloud computing has been the focus of extensive research, but the tax consequences have not been investigated in such research. However, the nature of cloud computing activities, which are conducted via the internet, highlights many difficulties related to taxation. The main taxation-related problems are elicited by the composition of these activities, namely the making available of the cloud by the service provider via the internet and the subsequent use of it by the consumer at any worldwide location. This composition makes the classification of such transactions and the subsequent taxation source determination problematic. Yet, from a South African perspective, there is little assistance regarding these problems. As a result, significant income may escape South African taxation liabilities. The aim of this study was to investigate South African taxation consequences for non-resident1 cloud service providers who conduct activities with residents1 via the internet. The focus of the study was twofold: first, to identify factors, which indicates the classification of cloud computing activities as either a lease, a royalty (or its closely related know-how) or a service; and second, to determine the tax source of each of these classifications. Hence, this study sought to determine whether non-resident cloud service providers could possibly be liable for South African taxation and to identify related challenges that need to be addressed to ensure the collection of such taxes. / AFRIKAANSE OPSOMMING: Wolkbewerking (“Cloud computing”) is wêreldwye verskynsel wat ook in Suid- Afrika voorkom. Wolkbewerkingstegnologie was al die fokuspunt van omvangryke navorsing, alhoewel die belastinggevolge nog nie in sodanige navorsing ondersoek is nie. Die aard van wolkbewerkingsaktiwiteite, wat via die internet plaasvind, benadruk egter verskeie belastingverwante vraagstukke. Die hoofbelastingvraagstukke word deur die samestelling van hierdie aktiwiteite, naamlik die beskikbaarstelling van die sogenaamde wolk deur die diensverskaffer via die internet en die gevolglike gebruik daarvan deur die verbruiker te enige wêreldwye ligging, uitgelig. Die klassifikasie en daaropvolgende vasstelling van die belastingbron van hierdie aktiwiteite word as gevolg van hierdie samestelling problematies. Tog, vanaf Suid-Afrikaanse perspektief, bestaan min leiding vir hierdie vraagstukke. As gevolg hiervan kan beduidende inkomstebedrae moontlik Suid-Afrikaanse belastingaanspreeklikheid ontsnap. Die doel van hierdie studie was om ondersoek in te stel na die Suid-Afrikaanse belastinggevolge vir nie-inwoner2 wolkdiensverskaffers wat via die internet met inwoners2 handelsaktiwiteite uitvoer. Die fokus van hierdie studie was tweeledig: eerstens om faktore te identifiseer wat die klassifikasie van wolkbewerkingsaktiwiteite as óf huur, óf tantième (of nou-verwante bedryfskennis) óf dienste kan aandui; en tweedens om die belasting bronne van elk van hierdie klassifikasies vas te stel. Gevolglik is daar in hierdie studie gepoog om vas te stel of nie-inwoner wolkdiensverskaffers moontlik vir Suid-Afrikaanse belasting aanspreeklik mag wees en om verwante uitdagings wat aangespreek moet word om die invordering van hierdie belasting te verseker, te identifiseer.

Thesis (PhD (Accountancy))--University of Stellenbosch, 2006. / ENGLISH ABSTRACT: The accountancy profession operates within an environment that is changing at a rapid pace. It is the responsibility of the profession to ensure that all its members (including future members) meet the expectations placed on them by the users of their services. Professional accountants need to stay relevant in this changing environment that may require them to change or adapt the services they offer to their clients. It is the responsibility of professional accountancy bodies to strategically plan for these changes to ensure that members that join the profession posses the required knowledge and skills to be relevant and to stay relevant within the environment they operate in. One of the key drivers of change in the environment has been identified as the advances in information and communication technologies. Information and communication technologies have an impact on the role that accountants play in the environment (i.e. what they do) as well as on how they perform their role (i.e. how they do it). The main aim of this research was to determine if, and to what extent, students, that have completed their formal education and enter the profession as trainee accountants, possess the knowledge and skills to enable them to interact with and use information technology to be regarded as competent accountants within the South African business environment. Accountants are educated in South Africa at universities that offer programmes that have been accredited by a professional accountancy body as well as through practical training offered by training organisations. During this education process, accountants are imparted with the knowledge and skills as prescribed by the professional accountancy body so that they can join the profession as competent accountants. This research showed that there are serious shortcomings in the formal education of students regarding information technology that results in students entering the profession as trainee accountants not being competent in using information technology. The reasons for students not being competent in information technology are: • the lack of clear guidance on the IT skills required of students completing their formal education because of professional accountancy bodies setting IT syllabi that are too vague and/or concise; • ignorance of the demands on trainee accountants as to the IT skills they require to be competent in the South African business environment; and • the lack of proper IT training offered by South African universities that deliver trainee accountants that possess a limited range of IT skills that may not be relevant to the environment students will function in. Through a survey the perceptions of role-players at South African universities on the strategies that universities would have to employ to ensure that the students they deliver to profession, acquire the relevant IT skills to be competent in the use of information technology, were determined.

Thesis (PhD (Accountancy))--University of Stellenbosch, 2002. / AFRIKAANSE OPSOMMING: Die vraagstuk wat in die studie ondersoek word, is of daar groter regsekerheid ten opsigte van die toepassing van die onderskeie inkomste-kapitaal riglyne by ontvangste in die Suid-Afrikaanse inkomstebelastingreg verkry kan word deur: i) die onderliggende gedagterigtings wat die formulering van die betrokke riglyne ten grondslag lê, te ondersoek en toe te pas; ii) die geformuleerde riglyne meer noukeurig te omskryf; iii) die toepassingsveld van die onderskeie riglyne te oorweeg: en iv) 'n psigologiese onderskeid te tref tussen die verskillende tipes subjektiewe ingesteldhede wat 'n individu kan openbaar en die tipe wat vir die inkomste-kapitaalriglyne relevant is, te identifiseer. In die oplossing van bogemelde vraagstuk word aan die volgende aspekte aandag geskenk: i) Die ontwikkeling en toepassing van die riglyne wat die howe in Australie, Nieu-Seeland en Suid-Afrika geformuleer het om 'n onderskeid te tref tussen ontvangste van 'n inkomste- en kapitale aard. Die ontwikkeling van die relevante riglyne in die Australiese en Nieu-Seelandse inkomstebelastingreg word oorweeg omdat: (a) die grondslag van inkomstebelasting in die lande wesenlik ooreenstem met Suid-Afrika; (b) die howe daar na dieselfde brongesag verwys as uitgangspunt vir die ontwikkeling van die riglyne om 'n onderskeid te tref tussen ontvangste van 'n inkomste- en kapitale aard; (c) die howe in Nieu-Seeland na gesag in Suid-Afrika verwys het by die toepassing van sekere riglyne om tussen ontvangste van 'n inkomste- en kapitale aard te onderskei; (d) die howe daar nuwe toepassings vir die bestaande riglyne ontwikkel het en die moontlikheid bestaan dat hierdie toepassings ook in Suid-Afrika aangewend kan word; en (e) die howe in die Suid-Afrikaanse inkomstebelastingregspraak al hoe meer na Australiese regspraak verwys as gesag vir hulle uitsprake. ii) Die standpunt dat die premis wat die riglynformulering deur die howe ten opsigte van die onderskeid tussen ontvangste van inkomste- of kapitale aard ten grandslag lê, inderdaad gebaseer is op 'n klassifikasie van die onderliggende transaksies wat die ontvangste genereer. iii) Die grondslag van voorgemelde riglyne, dit wil sê pas die howe die riglyne toe deur die subjektiewe ingesteldheid van die belastingpligtige in ag te neem, of word die riglyne bloot op objektief waarneembare feite gebaseer wat 'n aanduiding gee van die aard van die ontvangste, of is dit subjektief sowel as objektief. iv) Die relevante tipe subjektiewe ingesteldheid wat deurslaggewend is indien die subjektiewe ingesteldheid van die belastingpligtige 'n belangrike rol speel by die toepassing van die riglyne. 'n Samehangende metodologie word formuleer wat die howe en belastingpraktisyns kan aanwend om op 'n logiese en konsekwente wyse die relevante riglyn te identifiseer en toe te pas om die inkomste- of kapitale aard van die betrokke ontvangste te bepaal. Die aanwending van hierdie metodologie sal tot groter regsekerheid in die inkomstebelastingreg bydra omdat die identifisering en toepassing van die relevante riglyn op die feitestel in oorweging op 'n gestruktureerde en gefundeerde grondslag sal plaasvind. / ENGLISH ABSTRACT: The problem that will be investigated in this thesis is whether greater legal certainty may be ascertained regarding the application of the various income-capital guidelines to receipts in the South African income tax law by: i) investigating and applying the underlying thought processes that form the basis of the formulation of the guidelines concerned; i) defining the formulated guidelines in more detail; iii) considering the field of application of the various guidelines; and iv) making a psychological distinction between the different types of state of mind of an individual and identifying the type that is relevant for the application of the incomecapital guidelines. In finding a solution for the above problem the following aspects are considered: i) The development and application of the guidelines that the courts have formulated in New Zealand, Australia and South Africa to make a distinction between receipts of an income and capital nature. The development of the guidelines in New Zealand and Australia is relevant because: (a) the basis of income tax in these countries concords primarily with South Africa; (b) the courts there referred to the same authority as a starting-point for the development of the guidelines in order to make a distinction between receipts of an income and capital nature; (c) the courts in New Zealand referred to South African authority to substantiate the application specific guidelines in order to make a distinction between receipts of an income and capital nature; (d) the courts there developed new applications for existing guidelines and the possibility exists that it may also be applied in South Africa; and (e) the courts in South Africa of late refer more and more to Australian case law as authority to support their judgements. il) The proposition that the premise that forms the basis of the guideline formulation by the courts to distinguish between receipts of an income and capital nature is indeed the classification of the underlying transactions that generate receipts. iii) The underlying principle of the various guidelines, that is to say do the courts apply the guidelines by taking cognisance of the subjective state of mind of the taxpayer, or are they merely based on objective surrounding circumstances that give an indication of the nature of the receipt, or is it both subjective and objective. IV) The specific state of mind of a taxpayer that is determinative if subjectivity is a crucial element in the application of particular guidelines. A coherent methodology is formulated that could be applied by courts and tax practitioners in order to identify and apply the relevant guidelines logically and consistently in the determination of the income or capital nature of the receipt under consideration. The application of this methodology will contribute towards greater legal certainty in the income tax law because the identification and application of the relevant guidelines will occur in a structured and systematic manner.