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An assessment of the comparability of financial reporting by South African long-term insurersVan den Berg, Johannes Petrus 12 1900 (has links)
Assignment (MAcc )--Stellenbosch University, 2004. / ENGLISH ABSTRACT: Existing long-term insurance financial reporting practices are heavily based on
regulatory foundations. Although the reporting requirements of the long-term
insurance industry are unique, there is currently no comprehensive, up to date
Financial Reporting Standard in South Africa for long-term insurers. The demand
for increased disclosure in the financial statements of long-term insurers
increases the importance of the basic accounting principles for these companies
as embodied in the Framework for the Preparation and Presentation of Financial
Statements, namely comparability, relevance, accuracy and understandability of
financial reporting.
The SAICA Long-Term Insurance Interest Group discussed the withdrawal of
AC121 Disclosure in the Financial Statements of Long-Term Insurers and the
replacement thereof by way of other guidance. Ultimately the Accounting
Practices Committee has firmly stated that it will not tolerate the ongoing
implementation of AC121 because it contradicted a number of other accounting
statements and indeed overrode those statements. With this in mind and taking
into account the program of harmonising South African accounting standards
with International Accounting Standards, it insisted that AC121 be withdrawn and
replaced by guidance notes only.
The current lack of authoritative South African guidance on financial reporting by
long-term insurers results in the potential compromise of the basic qualitative
characteristics of comparability and relevance in their financial statements, as
certain disclosures are voluntary rather than required.
The aim of the research was to assess the impact of the lack of authoritative
South African financial reporting guidance relating to South African long-term
insurers on the basic financial statement characteristic of comparability. A literature study was undertaken and a checklist for disclosure in the long-term
insurance industry was drawn up. The objective was to highlight areas of noncomparable
disclosure for which financial reporting standards should be created
in order to provide guidance on financial reporting by South African long-term
insurers and, where possible, to suggest guidance. Financial statements of
selected South African long-term insurers were reviewed and "measured" against
the checklist in order to make an assessment of comparability.
Currently the disclosure of industry-specific items differs significantly amongst
long-term insurance companies in South Africa. The comparability test (on
information disclosed in the 2002 annual reports of the selected companies) and
the research done on industry-specific items identified by this test indicated the
extent of this non-comparability within the South African long-term insurance
industry.
In view of the recent withdrawal of AC121 and the results of the comparability
test, there is reason to believe that each long-term insurer in South Africa
discloses what it believes is right and what it believes the industry is required to
disclose. This results in significant non-comparability between the financial
statements of South African long-term insurers.
The author recommends that a long-term insurance industry accounting
statement in the AC500 series should be issuéd, which should provide the
appropriate guidance not only to preparers of financial statements, but also to
other users of financial statements in the long-term insurance industry, until such
time as the international accounting project relating to long-term insurers is
complete. Some work will be required to update and/or amend a "new AC121" for
the AC500 series. / AFRIKAANSE OPSOMMING: Die huidige praktyk vir finansiële verslagdoening van langtermynversekeraars
berus grotendeels op 'n regulatoriese grondslag. Hoewel die vereistes vir verslagdoening
van die langtermynversekeringsbedryf eiesoortig is, bestaan daar
tans in Suid-Afrika geen omvattende hedendaagse Finansiële Verslagdoeningstandaard
vir langtermynversekeraars nie. Die vraag na groter openbaarmaking
in die finansiële state van langtermynversekeraars verhoog die belangrikheid van
basiese rekeningkundige beginsels vir hierdie maatskappye soos vervat in die
Raamwerk vir die Voorbereiding en Aanbieding van Finansiële State, naamlik
vergelykbaarheid, relevansie, akkuraatheid en verstaanbaarheid van finansiële
verslagdoening.
SAIGR se Langtermynversekering Belangegroep het die onttrekking van RE121
Openbaarmaking in die Finansiële State van Langtermynversekeraars en die
vervanging daarvan deur middel van ander riglyne bespreek. Uiteindelik het die
Komitee vir Rekeningkundige Praktyk nadruklik bepaal dat dit nie die voortgesette
implementering van RE121 verder kan onderskryf nie, omdat dit teenstrydig
is met 'n aantal ander rekeningkundige standpunte en in werklikheid
daardie standpunte ter syde stel. Met dien verstande en met inagneming van die
harmoniseringsprogram om Suid-Afrikaanse rekeningkundige standaarde in
harmonie met Internasionale Rekeningkundige Standaarde te bring, is daarop
aangedring dat RE121 onttrek en slegs deur rigtinggewende riglyne vervang
word.
Die heersende gebrek aan gesaghebbende Suid-Afrikaanse riglyne oor finansiële
verslagdoening deur langtermynversekeraars lei tot die potensiële kompromie
van die basiese kwalitatiewe eienskappe van vergelykbaarheid en relevansie in hul finansiële state, aangesien sekere openbaarmaking vrywillig eerder as
verplig is.
Die doel van die navorsing was In bepaling van die impak wat die gebrek aan
gesaghebbende riglyne vir Suid-Afrikaanse finansiële verslagdoening met betrekking
tot Suid-Afrikaanse langtermynversekeraars op die basiese kenmerk van
vergelykbaarheid van die finansiële state het.
In Literatuurstudie is onderneem en In toetsstaat vir openbaarmaking in die langtermynversekeringsbedryf
is opgestel. Die doelwit was om die soeklig te laat val
op terreine waar openbaarmaking nie vergelykbaar is nie, waarvoor standaarde
vir finansiële verslagdoening geskep moet word ten einde riglyne te verskaf oor
finansiële verslagdoening deur Suid-Afrikaanse langtermynversekeraars en om
waar moontlik, voorstelle hiervoor aan die hand te doen. In Oorsig van finansiële
state van geselekteerde Suid-Afrikaanse langtermynversekeraars is onderneem
en aan die toetsstaat "gemeet" ten einde die vergelykbaarheid te beoordeel.
Teenswoordig verskil die openbaarmaking van bedryfspesifieke items aansienlik
tussen langtermynversekeringsmaatskappye in Suid-Afrika. Die vergelykbaarheidstoets
(volgens inligting wat in die 2002-jaarverslae van die geselekteerde
maatskappye verstrek word) en die navorsing wat gedoen is oor bedryfspesifieke
items wat deur hierdie toets geïdentifiseer is, toon die omvang van hierdie nievergelykbaarheid
binne die Suid-Afrikaanse langtermynversekeringsbedryf.
In die lig van die onlangse onttrekking van RE121 en die resultate van die
vergelykbaarheidstoets, is daar rede om te glo dat elke langtermynversekeraar in
Suid-Afrika opbenbaar wat volgens sy oortuigings reg is en wat hy glo van die
bedryf verlang word om te openbaar. Dit lei tot beduidende nie vergelykbaarheid
tussen die finansiële state van Suid-Afrikaanse langtermynversekeraars. Die skrywer beveel aan dat 'n rekeningkundige standpunt vir die langtermynversekeringsbedryf
in die RE500-reeks uitgereik word, wat die toepaslike riglyne
behoort te voorsien nie net aan diegene wat finansiële state voorberei nie, maar
ook aan ander gebruikers van finansiële state in die langtermynversekeringsbedryf,
tot tyd en wyl die internasionale rekeningkunde projek met betrekking tot
langtermynversekeraars afgehandel is. 'n Sekere mate van werk sal nodig wees
ten einde 'n "nuwe RE121" vir die RE500 reeks by te werk of dit te wysig.
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Korporatiewe verwantskappe en die eliminering van dubbeltelling in die industriele sektor van die Johannesburgse effektebeurs (1984-85)Kotze, Johannes Gideon 03 1900 (has links)
Thesis (MBA)--Stellenbosch University, 1986. / INLEIDING: Maatskappye publiseer jaarliks finansiële state waarin o.a. items soos direkteursvergoeding, ouditfooie, belasting, ens. verskyn. Daar word op 'n gereelde basis by die Universiteit van Stellebosch Nagraadse Bestuurskool (USBS) navorsing gedoen om die tendense van hierdie en ander items te volg. Alhoewel items van belang en die gepaardgaande bedrae relatief maklik geïdentifiseer kan word in die finansiële state van elke maatskappy, onstaan die verskynsel "dubbeltelling" wanneer finansiële inligting van sommige maatskappye bestuur word.
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IAS39 and value perceptions in banking : bankers in Greece and the UK : implications for financial reporting, capital management and regulationAnagnostopoulos, Ioannis January 2010 (has links)
This thesis investigates the impact of accounting standard IAS39 on banking institutions in Greece and the UK. It specifically addresses preparers’ perceptions of that standard’s effects on the banking books of banks. The research involves a mixed methodology, namely: (i) a survey analysis of the perceptions of banking practitioners in Greece and the UK, in order to identify the standard’s impact on the banking sector as well as to gauge the standard’s acceptance of banks, in order to facilitate a deeper understanding of the implications of the standard for their organisations. ‘Elite’ interviews also advocate that such high powered individuals are the key holders to privy information. The results suggest that IAS39 is a highly controversial standard that introduces concerns not only for the banks’ valuation of assets and liabilities but also regulatory concerns over issues of policy formulation and stability. Generally, bankers are negative and largely sceptical of the standard, on the grounds of relevance and reliability. They do not view the standard as particularly useful, relevant, reliable or transparent for banking disclosures and financial stability when compared to the current mixed methodology approach followed currently for the valuation of assets and liabilities in the banking books of banks. Most concerns revolve around the standard’s effects on valuation of assets and liabilities, provisioning and hedging issues and bank capital management for regulatory capital purposes. In the introduction of accounting standards attention should be paid to the nature of the industry and the system (i.e. credit versus market-based) in which firms operate, as well as to establishing particular methodologies. It touches upon a contemporary issue of critical topical and international interest, of how accounting information standards relate to the systemic, operating, credit, market and liquidity risks of a modern, internationalised banking system.
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The role of company annual reports for investment analysis in a developing country : the case of MalaysiaSyed, Noh Bin Syed Ahmad January 1988 (has links)
The main objectives of this study are: (1) to examine the role of the company annual reports in investment analysis in Malaysia; and (2) to evaluate the importance of the annual reports as a source of information for analysts to make investment decisions. In order to achieve these research objectives the study begins with a review of the uses and users of financial statements and it is pointed out that one of the important groups of users of the financial statements are the ‘sophisticated’ investors. Prior studies, using tests of the Efficient Market Hypothesis and investors survey, are presented and discussed. The review of prior studies concludes that the area of research into the importance of annual reports for investment decisions are important and that no similar studies involving developing countries had been carried out. The accounting environment in Malaysia was presented to illustrate the regulations and statutes governing the preparation and presentation of information in company annual reports. In the discussions regarding the investment situation in Malaysia, the major characteristics of the Kuala Lumpur Stock Exchange were introduced. A two stage research methodology was adopted in the current research. The first stage involves a survey and analysis of a sample of annual reports of companies listed on the Kuala Lumpur Stock Exchange. This survey revealed instances of companies not complying with the International Accounting Standards adopted by the accounting profession in Malaysia. The second stage consists of a postal questionnaire survey of investment analysts working in institutional investing firms, merchant banks and stockbrokers regarding importance of the annual analysis. Their perceptions of the reports for investment The results of the above surveys are presented together with recommendations to reduce the weaknesses of the annual reports of Malaysian companies. Finally, related areas for further research are suggested at the end of the thesis.
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The disclosure of productivity information in the annual financial report08 September 2015 (has links)
M.Com. / Please refer to full text to view abstract
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Earnings Management and the Independence or Interdependence of Accounting Choices: the Decision to Adopt Mandated Accounting ChangesNichols, Nancy Brown 12 1900 (has links)
This research examines whether firms managed earnings in the year they adopted SFAS 109, Accounting for Income Taxes (or its predecessor SFAS 96), by combining the choice to adopt SFAS 109 with other accounting choices in an interdependent rather than independent manner. Prior literature generally analyzes only one specific accounting choice, assuming that the decision is independent of other accounting procedure choices. However, it is unlikely that managers act in this manner. When attempting to achieve certain income goals, managers have numerous accounting tools available to them including the choice of accounting procedures and the exercise of judgment as to accrual amounts. This study investigates five choices consisting of: (1) the adoption of SFAS 109/96; (2) the adoption of SFAS 106; (3) the reporting of a restructuring of operations and/or a write-down of assets; (4) the reporting of asset sales; and (5) the choice of discretionary accruals.
The study adopts both a portfolio and joint decision approach. The portfolio approach combines the earnings effects of the five choices into a single dependent variable and tests income smoothing, big bath, and debt hypotheses. The joint decision approach utilizes simultaneous equation methodology to investigate the interdependence of the five choices and the independent variables.
The portfolio approach findings provide evidence that firms used the combined effect of the five accounting choices to smooth income in the year they adopted FAS 109/96. The results also provide support for the debt hypothesis but do not support the big bath hypothesis. The joint decision approach findings provide evidence that firms jointly determined at least two of the five accounting choices. The strong support for the income smoothing hypothesis under the portfolio approach combined with the joint significance of the individual accounting choices in the simultaneous equations suggests that firms use a multitude of accounting choices to manage earnings and that some of those decisions are made jointly, not independently.
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Rekenkundige verantwoording van buitelandse bedrywighede10 June 2014 (has links)
M.Com. (Economics) / The aim of this study is to determine whether the different methods of translation are conceptually accounted for. The disclosure practices currently being used in South Africa were evaluated to determine to what extent financial statements comply with the relevant standard of accounting practice. The objective of translation used as basis for the problem of foreign currency translation is compatible with the concept of economic decision-making usefulness. The acceptance of an objective of translation is a prerequisite for a specific methcx1 of translation. The temporal method and the closing rate method are both, depending on the specific circumstances, conceptually accounted for. There are material differences between the approach suggested by Jean Miller and current international practice. All translation differences are, according to this approach, accounted for in the inccme statement. Miller's approach has certain advantages and should be supplied to the business sector for commentary. There are no material differences between the standards of the Accounting Practice Board, the Financial Accounting standards Board, the International Accounting standards Camzi.ttee and the Accounting standards Camzi.ttee when it comes to the translation of the financial statements of foreign operations. Against this backgrexmd, the financial statements of selected ccmpani.es were evaluated for ccmpliance wi th statement RE 112 and exposure draft 83. The evaluation indicated that the closing rate method 1 is being used by the majority of companies. Translation differences are directly accounted for against non-distributable reserves. The assumption is that the business sector would not support: Miller's approach, due to the fact that all translation differences are exempted for in the income statement.
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Konsolidovaná účetní závěrka / Consolidated financial statementsPašková, Markéta January 2010 (has links)
This thesis is concerned with consolidated financial statements presented under IFRS. I decided to focus on the basic theoretical framework and the procedures applied in the consolidation of financial statements. Part of the thesis deals with specifics of individual statements and practical examples.
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Porovnání účetní závěrky sestavované dle českých předpisů a dle IFRS / The comparison of the financial statements presented in accordance with Czech Accounting Standards and with IFRSJašová, Eva January 2010 (has links)
The thesis deals with the financial statements which are presented in accordance with Czech Accounting Standards and with IFRS. There is the description of the financial statements in accordance with Czech Accounting Standards in the first part. The specification of the major legal standards is also part of this chapter. The second part is focused on the financial statements which are presented in accordance with IFRS. In the next chapter there is the analysis of the main differences between Czech Accounting Standards and IFRS. The goal of the last part is to analyze the financial statements of two companies. One of them (České dráhy, a.s.) presents its financial statements in accordance with Czech Accounting Standards and the other (ŽSR) presents them in accordance with IFRS.
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The FRIP as a mechanism of accountability in the South African financial reporting environmentLouw, Albertus January 2016 (has links)
A research report submitted in partial
fulfilment of the Degree: Master of Commerce
School of Accountancy
2015 / This thesis examines the functioning of the Financial Investigations Panel (FRIP)
as a mechanism of accountability in the South African financial reporting
environment. Detailed interviews with a sample of technical experts are used to
reveal the significant source of coercive, normative and mimetic isomorphic
pressure the FRIP is able to exert, acting on the organisations themselves, as well
as on the individual preparers and their auditors.
This thesis provides the first account of how the FRIP is capable of exerting
institutional isomorphic pressure on organisations, those charged with
governance, individual preparers and external auditors. In doing so the research
contributes to the limited body of interpretive corporate governance research in
South Africa, offers evidence in support of the JSE’s decision to establish a proactive
monitoring review and, finally, offers support to the fact that South African
corporate reporting requirements can be enforced and are not just symbolic. / MT2017
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