Non-financial disclosures are of considerable interest and importance to the reporting world and decision making. However, many companies fail to disclose adequate information on their non-financial matters. The lack of internationally accepted requirements for the presentation of non-financial disclosures is one reason for inadequate reporting of non-financial matters and the reporting differences among companies. The aim of this dissertation was to explore the nature and extent of non-financial disclosure in South African mining companies listed on the JSE Securities Exchange. This sector was chosen because of its high risky nature and its significant role in the South African economy. The data were collected from 22 South African mining companies‘ websites and related to the 2004, 2005 and 2006 annual reports. A disclosure index was developed to investigate the extent and nature of non-financial disclosure in the South African mining companies with regards to environmental, social, corporate governance, forward-looking information and Management Discussion and Analysis (MD&A), and the extent of non-financial disclosure with the JSE Securities Exchange reporting requirements; that is, the King II and the JSE SRI Index. Thereafter, a content analysis of the companies‘ annual reports was carried out using the disclosure index developed for this study. The study found that the non-financial disclosure for all 22 mining companies showed an increasing trend over the years studied. Mining companies were disclosing environmental issues more than any of the other non-financial disclosure items. However, more than half of the companies did not provide information with regard to their non-compliance issues. Generally this means that, although the mining companies face obvious risks, they are better at disclosing positive rather than negative information. The main reason for the increase in the companies‘ adoption of Global Reporting Initiative (GRI) as a non-financial reporting guideline is King II. The study demonstrates that there was not 100% compliance level of adherence with the reporting requirements of the JSE Securities Exchange on corporate governance and integrated sustainability reporting. Keywords: Non-financial disclosures, mining companies, South Africa, JSE Securities Exchange, environmental, social, corporate governance, forward-looking, MD&A. / Thesis (M.Acc.)-University of KwaZulu-Natal, 2009.

An integral component of all corporations‘ financial operations is the determination of the cost of equity of the firm. This input is required in many financial decision making processes, and the correct estimation of this value is therefore a very important issue. The Capital Asset Pricing Model (CAPM) of Sharpe (1964) and Lintner (1965) has filled this gap since its inception, and has been extensively used by both corporations and individuals in their estimation of expected return. Whilst the standard form of this model is intuitive and simple in its implementation, an additional issue faced when utilising it in the current day is that of global financial integration. Whilst the CAPM is suitable for use in a market which is completely segmented from the rest of the world, this is often not the case as the barriers across countries have gradually declined, with the result that much of the world is now internationally integrated. This therefore led to two extensions of the CAPM to the international environment by both Solnik (1974) and Grauer, Litzenberger and Stehle (1976). Whilst both are referred to as International CAPM (ICAPM) models, the difference lies in that Solnik‘s (1974) model incorporates the presence of exchange rate risk, whilst the Grauer, Litzenberger and Stehle (1976) one does not. This study therefore provides an analysis of the suitability of these two models to the South African environment, along with a comparison of the relative performances of each model against that of the standard CAPM model. The three different methods of analysis used are: the unconditional approach, a conditional GARCH approach, as well as the cost of equity approach. The analyses are applied to the data which consists of all listed firms on the JSE from 1990 up to 2010, with multiple methods of evaluation employed, such as information criteria and forecasting, in order to provide a robust analysis of all three models. The results of the analysis vary across the different methods used, however since a significant amount of evidence was found of the International CAPM models, it can be concluded that an international asset pricing model should be used instead of a domestic one. In the choice between the single-factor ICAPM model and the multifactor ICAPMEX, even though use of the Grauer et al (1976) model would not be inappropriate, it was concluded that use of Solnik‘s (1974) ICAPMEX model would be the best suited to the South African financial environment, as the presence of exchange rate risk factors in an asset pricing model is found to be an important inclusion which may lead to better cost of equity estimates. / Theses (M.Com.)-University of KwaZulu-Natal, Pietermaritzburg, 2011.

This dissertation examines Earning per share (EPS) as a disclosure requirement for listed companies by investigating firstly, EPS disclosures in annual reports of certain selected JSE listed companies and secondly, the attitudes of the preparers of those annual reports to a number of issues relating to EPS. The three mandatory EPS disclosures - Basic EPS, Diluted EPS and Headline EPS - are discussed with a view to determining their information content and reporting framework. This study also considers whether cash based measures of performance are better than earnings based measures. Due to the reliance placed on reported EPS numbers this study attempts, by an examination of annual reports, to provide evidence as to whether or not South African companies are correctly calculating and disclosing the various EPS measures. By means of a questionnaire survey into the attitudes of the preparers of annual reports, this study also attempts to provide evidence as to the importance of the EPS measures as well as the preparers' perceptions on the appropriateness of the Headline earnings definition. The annual report survey into EPS disclosures revealed that South African companies are correctly calculating and disclosing Basic EPS. Even-though all companies correctly calculate Diluted EPS, most companies do not properly disclose Diluted EPS information. As far as Headline EPS is concerned, the annual report survey revealed that many South African companies make disallowed Headline earnings adjustments with most offenders disclosing higher Headline EPS numbers as a result. The survey into the attitudes of preparers of company reports towards various matters concerning EPS revealed that preparers of annual reports consider Headline EPS to be the most important earnings based measure of performance and the adopted Headline earnings definition as being appropriate. It is therefore important that companies calculate and disclose Headline EPS correctly. / Thesis (M.Acc.)-University of KwaZulu-Natal, 2004.

Across the globe, privatisation has become one of the key instruments in the economic reform process. The study investigates the impact of privatisation on selected privatised firms in Lesotho. An evaluation was made of former parastatals that included the Government of Lesotho directly-owned enterprises and Lesotho Bank companies that had since been privati sed, after being declared poor performers and that had been regular recipients of Government subsidies for their survival. The country is in the process of rebuilding its economy after experiencing a major setback in its economy in the late 1990's due to a political crisis. Privatisation was seen as one way of fulfilling this enormous task. Hence, the Government of Lesotho decided to offload some of its enterprises to the public whom they believed to be capable of running them in a profitoriented manner given efficient management and fresh capitalisation. Public participation through share ownership is involved in this process therefore it is important to evaluate these companies' performances. Shareholders are primarily interested in improving their values through maximising profits, and in tum getting high returns. This study also measures the effects of privatisation in Lesotho in terms of its contributions to the welfare of shareholders and individual corporate performances, with emphasis on the theoretical background to the subject and the opinions of directors, managements and employees of selected companies towards the critical performance changes that occurred in the pre and post privatisation era ranging from the late 1990s to date. After the analysis, the investigation revealed that the selected companies performed indifferently. Some organisations managed to grow financially and in size, while others struggled in the new competitive environments. Whilst the study did not show their individual financial performances, it did highlight the effects of privatisation on these companies in an economic manner. It was also established that Lesotho had significantly different objectives ofprivatisation to those of other countries especially developed ones. Key Words: Privatisation, state-owned enterprise, shareholders, ownership, corporate performance, Lesotho, economy, private sector, public sector. / Thesis (M.Acc.)-University of KwaZulu-Natal, Durban, 2005.

As the international markets opened up it became imperative that the for South African taxation system be brought into line with those of its major trading partners whose tax systems are residence based. For South Africans the change to a residence base and the introduction of Capital Gains Tax in 2001 drastically altered the previous source-based tax playing fields. The purpose of this research is to investigate all aspects of residence and its effect on natural persons as well as other legal personae and to discuss how the various forms of income are affected by the new tax dispensation. The position in other fiscal dispositions is also scrutinised to give the reader a more comprehensive understanding of residence-based taxation as applied by some of South Africa's major trading partners. For foreign nationals residing in South Africa, the new system has also had its negative impact. Previously, their foreign earnings were free from local tax because of the old source base system, but this has also changed. The South African legal system is also thoroughly canvassed regarding two important concepts, namely, "resident" and "ordinary resident" and what are meant by them in terms of tax law. These concepts have also enjoyed the scrutiny of the other fiscal dispensations legal systems reviewed. Residence tests to determine the tax status of a person in South Africa and in other fiscal dispensations are investigated in this study to give anyone wishing to emigrate to other climes, a better understanding of what they can expect from a taxation point of view from the fiscal authorities there. The impact of residence on most forms of income is discussed including that of foreign workers and on other legal entities such as companies, while Capital Gains Tax, and the importance of residence on this tax is also canvassed by this study. The study concludes with a review of the standard Double Tax Agreement concluded by South Africa with most other countries and lists those countries with which it has such agreements. / Thesis (M.Com.)-University of KwaZulu-Natal, Durban, 2004.

Higher education in South Africa is currently undergoing enormous transformation with the traditional matric certificate being replaced by the new school leaving Further Education and Training Certificate (FETC). As a result the use of matric points as an entry requirement for prospective university students will no longer be possible with effect from 2008. The Education Ministry intends setting national admission criteria to which all of the country's universities and technikons would have to adhere. It is therefore an appropriate time to examine existing selection criteria and determine whether they achieve equity in the distribution of opportunities and provide fair chances of success to all those who wish to achieve their potential through higher education. The aim of this research is to find empirical evidence as to the predictive value, if any, of matric points on students' performance at university in the field of accountancy, and to establish whether a good mathematics result is a necessary prerequisite to studying accountancy as a major at university. In order to achieve this a longitudinal study using correlational and linear regression analyses was conducted on the results of two groups of students as they progressed from first year through to fourth year at the University of Natal, Pietermaritzburg. The results showed that at the first and second-year levels there was indeed a positive linear relationship between the final marks of the first-year students and both the matric points held by those students and their matric mathematics results. The results of the linear regression analysis indicated that matric points are a stronger predictor of success in the first-year and second-year accounting course than the matric mathematics results. At third and fourth-year levels, the analyses revealed a moderately positive linear relationship between performance in these two courses and the matric mathematics results. Interestingly, at this level matric mathematics became a more important predictor of performance than matric points. While it may no longer be possible to use matric points as an entry requirement for university study due to the phasing out of the current matriculation certificate, it would seem obvious that some measure of high school performance would also benefit the selectors in providing access to those students most likely to succeed. This study has shown that school performance and mathematics ability, which have a significant impact on the performance of students in the accountancy programme at university, are important factors which cannot be ignored in whatever model is devised for selection. / Thesis (M.Acc.)-University of KwaZulu-Natal, Pietermaritzburg, 2006.

The earnings per share ratio is often quoted in financial publications as an indictor of how well a company has performed financially. However, there is much controversy over the usefulness of earnings per share information, especially in respect of its potential for manipulation by the preparers of financial information. Recent changes to South African accounting standards through the International Harmonisation Project resulted in a revision of the Statement of Generally Accepted Accounting Practice 104: Earnings per Share (AC104). Significant changes to the method of calculation and disclosure of both basic and diluted earnings per share were implemented. Unit trusts have gained popularity in South Africa over the past decade. Members of the public prefer to invest on the Johannesburg .Stock Exchange through intermediaries such as unit trusts rather than undertake investment decisions personally. Unit trust portfolio managers are in an important and a responsible position: they wield significant power on the stock exchange with their daily dealings in shares but they also carry the responsibility of making sound investment decisions. Research has tended to focus more on earnings than earnings per share. A review of literature and prior research revealed several controversial issues: the usefulness of earnings in making investment decisions, the susceptibility of both earnings and earnings per share to manipulation, the predictive value of earnings, the use of earnings in the valuation of securities and the use of earnings and earnings per share in performance measurement. The research problem was thus developed as follows: are the earnings per share disclosures of South African listed companies sufficient to meet the needs of equity unit trust portfolio managers in South Africa as a performance indicator, and if not, what additional information do they require? In addressing the research problem, the following four objectives were formulated: (i) to determine what changes have been made to earnings per share calculation and disclosure by the issue of the new ACI04, (ii) to determine what characteristics South African equity unit trust portfolio managers regard as indicative of a good financial performance indicator, (iii) to determine what impact the changes made to the earnings per share calculation and disclosure by the new AC104 has had on the use of earnings per share information by South African unit trust portfolio managers as a performance indicator, and (iv) to determine the extent of use of other similar performance indicators, such as headline earnings per share and cash flows per share, as compared to earnings per share. In order to meet these objectives, it was necessary to conduct a survey of South African equity unit trust portfolio managers. The descriptive survey method was identified as being appropriate and a mailed survey was undertaken. The main conclusions to this research were that: (i) the characteristics of a useful performance indicator are related to reliability, consistency, comparability, adequate disclosure and ease of computation and understanding, (ii) equity unit trust portfolio managers regard the changes to the calculation and disclosure of basic earnings per share to be improvements to the standard but their use of basic earnings per share as a performance indicator has remained unchanged, (iii) equity unit trust portfolio managers regard the changes to the calculation and disclosure of diluted earnings per share to be improvements to the standard and their use of diluted earnings per share as a performance indicator has, as a result, increased, (iv) headline earnings per share and diluted earnings per share are considered to be better performance indicators and are used more frequently as performance indicators than basic earnings per share. Thus the research project achieved its objectives. In addition, interesting findings in respect of other issues were identified. Further areas for research were also identified. / Thesis (M.Acc.)-University of Natal, Durban, 2000.

No abstract provided. / Thesis (M.Com.)-University of Durban-Westville, 2002.

No abstract available. / Thesis (M.Com.)-University of KwaZulu-Natal, 2005.

The aim of this collection of essays is to provide a detailed and critical commentary on and analysis of the legislation and case law relating to the impact of the 'business purposes test' on section 103(1) of the Income Tax Act. The Income Tax Act No. 58 of 162 and case law that are the subject of these essays were promulgated on or before 28 February 1999. / Thesis (M.Acc.)-University of Natal, Durban, 1999.