The objective of this study investigated the successful prediction of business failure of JSE listed companies using financial ratio analysis. During the research, financial statement data of failed and non-failed JSE listed companies during 2007-2012 financial periods were analysed, compared and interpreted. The interpretation of the trends and comparisons is of a quantitative nature, together with a qualitative genre which examines the tables, figures and equations in order to get the entire picture of the company’s performance for a five year period. The combination of literature on various failure predictor models and experience of these models resulted in the development of a modified model. The conclusion from the study indicated that financial ratio analysis successfully predicts failure and non-failure of the 16 companies that were investigated. These companies were grouped into eight delisted (failed) and eight listed (non-failed) JSE companies, which were paired in accordance to industry, fiscal period and closest asset size. The adoption of the traditional ratio analysis methods and EMS model yielded some interesting findings. The traditional ratio analysis methods (trend and comparative ratio analysis) were used with the Emerging Market Score (EMS) Model. The outcomes indicated the traditional methods are viable company failure prediction tools and the EMS model points out companies at a score of 2.60 and above as being financially stable. Between 2.60 and 1.10 the results are not very dependable because it is known that the company is in distress, yet uncertain whether the company has financially failed and below 1.10 the company has failed. It was concluded that a combination of the various prediction models enhances the accuracy of failure prediction. Therefore further research is required to assist stakeholders of South African companies to predict business failure by developing an adjusted model in a South African context. / MCom (Accountancy)--North-West University, Vaal Triangle Campus, 2015

The objective of this study investigated the successful prediction of business failure of JSE listed companies using financial ratio analysis. During the research, financial statement data of failed and non-failed JSE listed companies during 2007-2012 financial periods were analysed, compared and interpreted. The interpretation of the trends and comparisons is of a quantitative nature, together with a qualitative genre which examines the tables, figures and equations in order to get the entire picture of the company’s performance for a five year period. The combination of literature on various failure predictor models and experience of these models resulted in the development of a modified model. The conclusion from the study indicated that financial ratio analysis successfully predicts failure and non-failure of the 16 companies that were investigated. These companies were grouped into eight delisted (failed) and eight listed (non-failed) JSE companies, which were paired in accordance to industry, fiscal period and closest asset size. The adoption of the traditional ratio analysis methods and EMS model yielded some interesting findings. The traditional ratio analysis methods (trend and comparative ratio analysis) were used with the Emerging Market Score (EMS) Model. The outcomes indicated the traditional methods are viable company failure prediction tools and the EMS model points out companies at a score of 2.60 and above as being financially stable. Between 2.60 and 1.10 the results are not very dependable because it is known that the company is in distress, yet uncertain whether the company has financially failed and below 1.10 the company has failed. It was concluded that a combination of the various prediction models enhances the accuracy of failure prediction. Therefore further research is required to assist stakeholders of South African companies to predict business failure by developing an adjusted model in a South African context. / MCom (Accountancy)--North-West University, Vaal Triangle Campus, 2015

Study project (MAcc)--University of Stellenbosch, 2002. / ENGLISH ABSTRACT: THE NECESSITY OF A FINANCIAL REPORTING FRAMEWORK FOR SMALL AND MEDIUM-SIZED ENTITIES Financial statements are prepared annually for all types of businesses and for a wide variety of users that require specific information in order to make certain decisions. The majority of users of the financial statements of larger companies, especially listed public companies, use the information in fmancial statements to make investment decisions, since they are unable to obtain fmancial information in any other way. However, the users of the financial statements of small and medium-sized entities have a legal and/or inferential right to request further financial information to enable them to make certain decisions. Thus, users of fmancial statements are classified according to their right to obtain fmancial information. To protect the right of the users of larger entities, it is necessary to compile fmancial statements in accordance with a financial reporting framework that includes certain requirements regarding the measurement and recognition of transactions, as well as the minimum information that needs to be disclosed to these users. This fmancial reporting framework has been adapted over the years to protect investors. Small and medium-sized entities are legally compelled to comply with the same reporting framework at a high cost, even if such users had no need for all the information. To assist small entities (that are of great value to the economy) in saving these costs whilst still setting a standard, different international models were implemented that have encouraged South Africa to follow the same path. To make a success of the South African model, two criteria should be met. Firstly, the qualification requirements for an entity should be based on qualitative criteria, such as the right of users to obtain further information, before such entities can comply with the accounting standards set for small and medium-sized entities. Secondly, simpler and more understandable financial statements should be the result of the application of these new financial standards. This is only possible if the measurement and recognition criteria as well as the disclosure requirements of the current accounting standards are adjusted to meet the needs of smaller entities. These adjustments, as well as the implementation of new accounting standards are discussed in this study, after which the writer reaches the conclusion that a financial reporting framework for small and medium-sized entities is necessary for the upcoming South African economy. / AFRIKAANSE OPSOMMING: DIE NOODSAAKLIKHEID VAN 'N REKENINGKUNDIGE VERSLAGDOENINGSRAAMWERK VIR KLEIN EN MEDIUM GROOTTE ENTITEITE Finansiële state word jaarliks vir alle tipe ondernemingsvorme opgestel VIT gebruik deur 'n wye verskeidenheid gebruikers wat elkeen spesifieke inligting benodig om bepaalde besluite te neem. Die oorgrote meerderheid gebruikers van groter en veral genoteerde publieke maatskappye, moet op grond van die finansiële inligting soos vervat in die fmansiële state hul beleggingsbesluite neem aangesien hulle nie ander finansiële inligting kan bekom nie. Aan die ander kant beskik feitlik al die gebruikers van klein en medium grootte entiteite oor 'n wetlike en/of afgeleide reg om verdere fmansiële inligting aan te vra wanneer dit benodig word om bepaalde besluite te neem. Gebruikers van fmansiële state word dus geklassifiseer op grond van die reg tot die verkryging van fmansiële inligting. Om hierdie reg te beskerm by veral die gebruikers van finansiële state van groter maatskappye, is dit noodsaaklik dat fmansiële state ooreenkomstig 'n rekeningkundige verslagdoeningsraamwerk opgestel word. Hierdie raamwerk behoort vereistes uiteen te sit aangaande die meting en erkenning van transaksies, asook die minimum inligting wat geopenbaar moet word aan die gebruikers. Hierdie rekeningkundige verslagdoeningsraamwerk is egter oor die jare baie aangepas om beleggers te beskerm. Klein en medium grootte entiteite is wetlik verplig om teen hoë koste ook daaraan te voldoen, ten spyte daarvan dat die gebruikers van hierdie entiteite nie die inligting gebruik nie. Ten einde klein entiteite (wat van groot waarde in 'n ekonomie is) van hierdie onnodige koste te spaar en steeds 'n riglyn daar te stel, is verskeie internasionale modelle geïmplementeer en is Suid-Afrika aangespoor om dieselfde pad te volg. Om die Suid-Afrikaanse model werkbaar te maak, is twee komponente noodsaaklik. Eerstens moet die toelatingskriteria gegrond word op kwalitatiewe kriteria, soos die reg van gebruikers om verdere inligting te bekom. Entiteite moet aan hierdie kriteria voldoen alvorens die nuwe rekeningkundige standaarde vir klein en medium grootte entiteite toegepas mag word. Tweedens behoort vereenvoudigde en maklik verstaanbare finansiële state die gevolg van die toepassing van hierdie nuwe rekeningkundige standaarde se inhoud te wees. Dit is slegs moontlik indien die metings- en erkenningskriteria, asook die openbaarmakingsvereistes van die huidige rekeningkundige standaarde aangepas word om aan kleiner entiteite se behoeftes te voldoen. Hierdie aanpassmgs, asook die implementering van nuwe rekeningkundige standaarde word in die studie bespreek, waarna die skrywer tot die gevolgtrekking kom dat 'n rekeningkundige verslagdoeningsraamwerk vir klein en medium grootte entiteite 'n noodsaaklikheid vir die opkomende Suid- Afrikaanse ekonomie is.

Thesis (MBA)--Stellenbosch University, 2000. / ENGLISH ABSTRACT: The aim of the study is to establish a fault bank that highlights the differences between the published Value Added Statement of various companies and a standardised Value Added Statement. This standardised Value Added Statement is obtained from an already existing database. In the attached Appendices, full details of the analysis done between the standardised Value Added Statement and the published Value Added Statement are presented. This report highlights the differences of the Value Added Statement between various sectors of the Johannesburg Stock Exchange, the various years of reporting, and the various companies. No Standard Accounting Practice exists for the preparation of Value Added Statements resulting in variations on the theme. Material differences exist between the various sectors, companies in a sector compared with other companies in the same sector, and there are even differences in companies reporting from one year to the next. In addition, it is also clear that in the reporting of the Value Added Statement, companies do not show any sign of improvement over the years. From this it is clear that there are significant shortcomings in the preparation of the Value Added Statement. There is a serious need for an Accounting Standard to be set in the reporting of the Value Added Statement, and companies should be obligated to comply herewith if the Value Added Statement is to be used as a meaningful criterion. It is important to ensure meaningful comparisons between various sectors, various years of analysis, and even various companies in different sectors of the Johannesburg Stock Exchange. / AFRIKAANSE OPSOMMING: Die doel van die verslag is die opstel van 'n foutbank wat verskille uitwys van verskeie maatskappye se gepubliseerde Toegevoegedewaardestaat en 'n gestandardiseerde Toegevoegdewaardestaat. Hierdie gestandardiseerde Toegevoegdewaardestaat is verkry uit 'n alreeds bestaande databasis. Die vergelykings is opgesom in die aangehegte bylaes. Die verslag wys verskille uit tussen verskillende sektore op die Johannesburgse Effektebeurs, jare van rapportering en verskillende maatskappye. Daar is geen Standaard Rekeningkundige voorskrifte nie - gevolglik is daar heelwat variasie op die tema. Verskillende sektore verskil wesenlik van mekaar, maatskappye in 'n sektor verskil wesenlik van ander maatskappye in dieselfde sektor en daar is selfs verskille in hoe maatskappye van jaar tot jaar gerapporteer het. Dit is ook duidelik soos die jare verloop dat maatskappye se verslagdoening geen verbetering toon nie. Die afleiding is dat daar tekortkominge is in die voorbereiding van die Toegevoegdewaardestaat. 'n Rekeningkundige Standaard sal daargestel moet word en maatskappye sal verplig moet word om hieraan te voldoen as die Toegevoegdewaardestaat gebruik wil word as 'n betekenisvolle maatstaf. Dit is uiters belangrik om te verseker dat betekenisvolle vergelyking getref sal kan word oor verskeie jare, tussen verskeie sektore en selfs tussen verskeie maatskappye in verskeie sektore op die Johannesburgse Effektebeurs.

Thesis (MBA)--Stellenbosch University, 2002. / ENGLISH ABSTRACT: The objective of this mini study project is to examine whether data that has been entered into the databank of the Graduate School of Business of the University of Stellenbosch is correctly recorded. This mini study project forms part of a larger research project undertaken by the USB to keep a databank of listed South African industrial companies. / AFRIKAANSE OPSOMMING: Die doel van die mini studieprojek is om data wat in die databank van die Universiteit van Stellenbosch se Besigheidsskool ingevoer is, vir korrektheid na te gaan. Die mini studieprojek is deel van 'n groter navorsingsprojek van die Besigheidsskool om 'n databank van genoteerde Suid- Afrikaanse industriële maatskappye daar te stel.

Thesis (MBA)--Stellenbosch University, 1999. / ENGLISH ABSTRACT: This study project explores cash value added statements (CVAS). a South African innovation. A complete survey is made of all the CV AS published by listed South African industrial companies from 1991 up to 1998. The survey yields a total of 18 listed South African industrials, which started to publish a CV AS in different years. Together, the 18 companies provide a population of 89 cash value added statements for analysis. The aim of the study is to establish how South African companies prepare a CV AS against a background which lacks a formal Accounting Standard on the subject. Secondly. it seeks to unravel any variations and mistakes presentation of published CY AS as measured against a standardized model of CY AS. In order to highlight the variations, a fault bank is created. An analysis of the fault bank reveals a number of differences in the treatment of certain components of a CV AS by listed South African industrial companies. Major deviations from the standardized model of a CVAS involve interest, dividends and taxation. / Please refer to fulltext for Afrikaans abstract

Thesis (PhD)--University of Stellenbosch, 2005. / ENGLISH ABSTRACT: Several mixed industry prediction models about failure have been reasonably successful in differentiating between successful companies and those that have failed. The challenge, however, is to venture into the grey area in between and to identify companies, which are financially unstable, at an early stage. Early identification enables management to intervene timeously in an attempt to prevent failure. Failure is defined as either liquidation, delisting, suspension of listing or a substantial change in structure. The grey area focused on in this study is overtrading. Overtrading is triggered by the company growing at too high a rate relative to its specific structure. Cash is necessary to fund expansion, whether for an increase in inventories, credit sales or new non-current assets. If the company does not generate enough cash to fund this expansion, it has to be financed through external sources. The longer the period of growth and the higher the growth rate, the more the cash requirements. From the theoretical model underlying overtrading, it was found that: • the higher the growth in sales, • the smaller the profit margin, and • the higher the net current assets in proportion to total assets, the lower the cash flow from operating activities before dividends were paid (CFO). Any company ought to generate enough cash from its daily activities in order to maintain the existing level of business, to repay loans, to replace assets and to pay dividends. If the internal generation of cash is insufficient to finance these activities, existing cash resources will be consumed, unproductive non-current assets will be sold and possibly also some of the productive non-current assets. The outcome for such a company is a business combination or liquidation. Due to the fact that cash plays such a big role in failure, cash flow variables constitute the majority of the independent variables used in the development of the failure prediction models. The overtrading ratio was developed as a measurement tool to quantify overtrading. As long as the company generates a positive CFO, it is not so much at risk as a company that does not succeed in generating a positive CFO. Therefore, a negative CFO for a three-year period was decided on as the norm for identifying possible financial difficulty. A company is involved in overtrading if the sum of CFO for three years less the sum of the adjusted profit for the three years, divided by the absolute value of the sum of the adjusted profit for the three years equals -1 or smaller in the case of a company with a cumulative profit for the three years; and smaller than nought in the case of a company with a cumulative loss for the three years. South African industrial companies listed for at least three years during the period 1974 to 2003, were identified. From a total of 6 662 cumulative three-year periods, 944 overtrading years were identified. Failure occurred in 212 out of 526 companies involved in overtrading between January 1974 and August 1989. 120 out of 199 companies involved in overtrading between September 1989 and November 1995 failed, while 90 out of 127 companies involved in overtrading, failed between December 1995 and June 2000. By June 2005 it was already evident that 49 out of 92 companies involved in overtrading between July 2000 and December 2003, had already failed. Companies involved in overtrading, may survive artificially for lengthy periods with the support of providers of capital. It can therefore be expected that failure prediction models will not achieve a better accuracy rate than achieved by probabilities. Six failure prediction models utilising classification tree algorithms were developed. Using data from two periods, two different models were developed; one for growth and recession phases of the economy, the other without distinction between economic phases. The first period was September 1989 to June 2000, the other December 1995 to June 2000. June 2000 was chosen as the cut-off, since a period of five years after an overtrading year was necessary to follow-up whether the company had failed. Each universe was split in two – the learning sample, more or less 60%, and the test sample, more or less 40%. The models were developed from the learning sample and the test sample was used as substantiation of the results of the developed model. The total classification accuracy of the three best models, one for the growth-phase, one for the recession-phase and one mixed economy model, is respectively 72,99%, 96,67% and 80,26% and the classification accuracy for the failed companies 75,29%, 100% and 85,19% respectively. The total prediction accuracy of the three models is respectively 69,23%, 80,95% and 72,55%, and that of the failed companies 73,68%, 86,67% and 83,33%. The accuracy of all the models was found to be higher than what the accuracy would have been if all the companies involved in overtrading were merely classified as having failed. From the results of the different tests, it seems that Ver3, the growth in sales from year 1 to year 3, is probably the most important independent variable in the classification between failed and non-failed overtrading years. This corroborates the theory underlying overtrading that indicates that a high sales growth puts a company at risk for cash flow problems. Companies where the cash flow problems develop because of an increase in current assets will be intercepted by the overtrading ratio. Companies where cash flow problems develop due to replacement of non-current assets, will not necessarily be intercepted by the overtrading ratio as CFO that is used in the overtrading ratio does not allow for replacement of non-current assets. It is therefore necessary to adjust CFO to a free cash flow CFO. Depreciation is used as an alternative for replacement investment since disclosure of replacement investment is not required. Depreciation is theoretically the fraction of the value of an asset lost during the year; this value needs to be replaced. By subtracting the depreciation for the year from CFO, this amount will be more representative of the cash position of the company after considering all the normal transactions in order to sustain the business. After all the adjustments for a free cash flow, six models were developed for the different periods and economic phases. The accuracy of these models were better than what the accuracy would have been if overtrading years were merely classified as failed. Implementing these models would therefore improve specificity. From the tests performed, Ver3 and KVB3/TB (the cumulative CFO for the three years over total assets) seem to be the most important independent variables in the classification between failed and non-failed when considering free cash flow. This is informative as KVB3:TB represents a fictional amount, as if the company spent an amount equal to depreciation on replacement investment. / AFRIKAANSE OPSOMMING: Heelwat gemengde industrie-mislukkingvoorspellingsmodelle was al redelik suksesvol in die onderskeid tussen mislukte en suksesvolle maatskappye. Die uitdaging is egter om die grys area tussen dié uiterstes te betree en ’n maatskappy wat finansieel onstabiel is, vroegtydig te identifiseer. Vroegtydige identifikasie stel die bestuur in staat om betyds in te gryp en mislukking te voorkom. Mislukking word as likwidasie, òf denotering, òf opskorting van notering, òf ’n wesenlike struktuurverandering, gedefinieer. Die grys area waarop die fokus in hierdie studie val, is oorbedryf. Oorbedryf word veroorsaak deurdat die maatskappy teen ’n te hoë koers relatief tot sy spesifieke struktuur groei. Kontant is nodig om uitbreiding, hetsy ’n toename in voorraad, kredietverkope of nuwe nie-bedryfsbates, te finansier. Indien die besigheid nie genoeg kontant genereer om hierdie uitbreiding te finansier nie, moet dit vanuit eksterne bronne gefinansier word. Hoe langer die tydperk van groei voortduur en hoe hoër die groeikoers is, hoe meer is die kontantbehoeftes. Uit die teoretiese model wat onderliggend is aan oorbedryf, is bevind dat: • hoe hoër die groei in verkope, • hoe kleiner die winspersentasie, en • hoe hoër die bedryfskapitaal in verhouding tot die totale bates; hoe laer is die kontantvloei uit bedryfsaktiwiteite voor dividende betaal (KVB). Enige besigheid behoort genoeg kontant uit dag-tot-dag-aktiwiteite te genereer ten einde die bestaande vlak van besigheid vol te hou, lenings terug te betaal, bates te vervang en dividende te betaal. Indien die interne kontantgenerering onvoldoende is om hierdie aktiwiteite te finansier, sal bestaande kontantbronne uitgewis word, onproduktiewe nie-bedryfsbates sal verkoop word en moontlik ook van die produktiewe nie-bedryfsbates. Die uiteinde vir so ’n maatskappy is ’n besigheidsoorname of ’n likwidasie. Aangesien kontantvloei so ’n groot rol in mislukking speel, is kontantvloeiveranderlikes die meerderheid van die onafhanklike veranderlikes wat in die ontwikkeling van die mislukkingvoorspellingsmodelle gebruik is. Die oorbedryfsratio is as ’n maatstaf ontwikkel om oorbedryf te meet. Solank as wat ’n maatskappy ’n positiewe KVB genereer, is hy nie so riskant soos ’n maatskappy wat nie daarin kan slaag om positiewe kontant te genereer nie. Daarom is ’n negatiewe kumulatiewe KVB vir ’n drie-jaar-tydperk as die norm gestel om moontlike finansiële nood te identifiseer. ’n Maatskappy is besig met oorbedryf indien die som van die KVB vir drie jaar minus die som van die aangepaste wins vir die drie jaar, gedeel deur die absolute waarde van die som van die aangepaste wins vir die drie jaar, gelyk aan of kleiner as -1 is, in die geval van ’n maatskappy wat ’n kumulatiewe wins vir die drie jaar het; en kleiner as nul in die geval van ’n maatskappy wat ’n kumulatiewe verlies vir die drie jaar het. Alle Suid-Afrikaanse genoteerde industriële maatskappye wat vir ten minste drie jaar gedurende die tydperk 1974 tot 2003 genoteer was, is geïdentifiseer. Uit ’n totaal van 6 662 kumulatiewe drie-jaar-tydperke was daar 944 oorbedryfsjare. Vanaf Januarie 1974 tot Augustus 1989 was daar 526 oorbedryfsjare, waarvan 212 misluk het. Vanaf September 1989 tot November 1995 was daar 199 oorbedryfsjare, waarvan 120 misluk het en vanaf Desember 1995 tot Junie 2000 het 90 van 127 oorbedryfsjare misluk. Teen Junie 2005 was dit reeds bekend dat 49 van die 92 oorbedryfsjare tussen Julie 2000 en Desember 2003 misluk het. Oorbedryfsmaatskappye bly soms vir uitgebreide tydperke kunsmatig voortbestaan, indien die verskaffers van kapitaal hulle dra. Die verwagting was dus dat mislukkingvoorspellingsmodelle nie ’n beter akkuraatheid sou behaal as wat waarskynlikhede sou bepaal nie. Ses mislukkingvoorspellingsmodelle is met behulp van die klassifikasieboomalgoritme ontwikkel. Een model elk vir die groeifase en die resessie-fase van die ekonomie en een model sonder onderskeid van die ekonomiese fase is met die gebruikmaking van twee tydperke se data ontwikkel. Die eerste tydperk was September 1989 tot Junie 2000 en die ander Desember 1995 tot Junie 2000. Junie 2000 is as die afsnypunt gebruik aangesien ’n vyf-jaaropvolgtydperk na ’n oorbedryfsjaar nodig is om vas te stel of die maatskappy misluk het. Elke universum is in twee verdeel – die leersteekproef, ongeveer 60%, en die toetssteekproef, ongeveer 40%. Die modelle is uit die leersteekproef afgelei en die toetssteekproef is gebruik as bevestiging van die resultate van die afgeleide model. Die totale klassifikasie-akkuraatheid van die drie beste modelle, een vir die groeifase, een vir die resessie-fase en een gemengde ekonomiemodel, is onderskeidelik 72,99%, 96,67% en 80,26% en dié vir die mislukte maatskappye 75,29%, 100% en 85,19%. Die totale voorspellingsakkuraatheid van die drie modelle is onderskeidelik 69,23%, 80,95% en 72,55% en dié van die mislukte maatskappye 73,68%, 86,67% en 83,33%. Al die modelle se akkuraatheid is meer as wat die akkuraatheid sou wees indien al die oorbedryfsjare bloot as misluk geklassifiseer sou wees. Uit die resultate van verskeie toetse blyk dit dat Ver3, die groei in verkope vanaf jaar 1 tot jaar 3, waarskynlik die belangrikste onafhanklike veranderlike in die onderskeid tussen mislukte en nie-mislukte oorbedryfsjare is. Dit ondersteun die teorie wat onderliggend is aan oorbedryf, wat aandui dat ’n hoë groei in verkope ’n maatskappy op risiko plaas vir kontantvloeiprobleme. Maatskappye waar die kontantvloeiprobleme vanweë ’n uitbreiding in bedryfskapitaal ontstaan, word deur die oorbedryfsratio onderskep. Die maatskappye waar die kontantvloeiprobleme eerder uit die vervanging van nie-bedryfsbates sal voortvloei, sal nie noodwendig deur die oorbedryfsratio ondervang word nie, aangesien die KVB wat in die oorbedryfsratio gebruik word, nie voorsiening maak vir vervangende investering nie. Dit is daarom nodig om KVB tot ’n vrye kontantvloei-KVB aan te pas. Waardevermindering word as ’n alternatief vir vervangende investering gebruik, aangesien vervangende investering nie ’n verpligte openbaarmakingsvereiste is nie. Waardevermindering is teoreties dié deel van die bate wat gedurende die jaar opgebruik is en wat vervang behoort te word. Deur dus die jaarlikse waardevermindering van KVB af te trek, is hierdie syfer meer verteenwoordigend van die maatskappy se kontantposisie nadat alle normale transaksies om die besigheid in stand te hou, in ag geneem is. Na die aanpassings vir vrye kontantvloei is weer ses modelle uit die verskillende tydperke en vir die verskillende ekonomiese fases ontwikkel. Al die modelle se akkuraatheid is beter as wat die akkuraatheid sou wees indien al die oorbedryfsjare bloot as misluk geklassifiseer sou wees. Ver3 en KVB3:TB (die kumulatiewe KVB vir die drie jaar tot die totale bates) blyk uit die toetse die belangrikste onafhanklike veranderlikes te wees in die onderskeid tussen misluk en nie-misluk wanneer vrye kontantvloei in ag geneem word. Dit is insiggewend aangesien KVB3:TB ’n fiktiewe syfer verteenwoordig, sou die maatskappy ’n bedrag wat gelyk is aan waardevermindering, aan vervangende investering bestee het.

網際網路的出現與發展大幅改變了資訊傳遞的方式。近年來，隨著可延伸標記語言（XML）的出現與其相關技術的發展，使得在網路上傳遞資料變得更加的便利、有效率；在各個專業領域內，許多組織也開始利用XML作為交換資料的基礎，制定通用的標準並發展相關的應用。延伸性企業報導語言（XBRL）正是XML在企業或財務報導領域的一種應用。 本研究是以XBRL國際組織於2002年10月所公布的美國財務報導分類標準架構（US Financial Reporting Taxonomy Framework）為基礎，並從會計處理流程的角度將之延伸，使一份依XBRL編製的電子化財務報表能在XBRL規格書2.0規範下，呈現從交易文件、會計分錄、明細分類帳一直至報表層次科目的金額或資料，以作為連續性審計及未來在XBRL平台上進行財務報表分析或後續處理的基礎架構。 此外，本研究建立一雛形系統，可將企業資料庫中經對映而轉換後的財務資訊，依照上述延伸後的分類標準架構，編製一份符合XBRL規格書2.0的財務報表。並以一銷貨及收款循環的範例加以驗證此架構之可行性。 / The emergence of internet has dramatically changed the ways of information being transferred. The rapid development of XML and related technologies in recent years has facilitated the exchange of data and many applications or standards have been deployed in each specific area. XBRL is one of them in business or financial reporting area. This study is based on the US Financial Reporting Taxonomy Framework released in October, 2002. It tries to extend this framework, so information or data of subsidiary accounts, journal entries and original transaction documents can also be reported on the same XBRL instance and follow the XBRL specification 2.0. The extended framework incorporates and partially revises the GL Core 1.0 taxonomy and establishes taxonomies of subsidiary terms (ST) and transaction documents (TR), containing elements which is in need of reporting subsidiary accounts and original transaction documents. Additionally, this study builds a system that can create a XBRL instance document containing the data mapped and transferred from the database of an enterprise according to the extended taxonomy framework mentioned above. Finally, it validates the feasibility of the extended framework with an example of revenue and cash receipts cycle.

Goals of this thesis are following: Explanation of audit framework in the Czech republic and practical example of verification od financial statements. The thesis explains basic definition and historical development of audit profession. The thesis explains international harmonisation of audit, mainly focused on International standards on auditing and Direction 2006/43/ES. It is also devoted to legal and professional framework mainly focused on law number 93/2009, Chamber of auditors of the Czech republic and Ethical codex. Finally, the thesis shows practicle example of verification of financial statements. The fourth phase of the audit process is demonstrated on the ABC, a.s.

A avaliação dos riscos de que o sistema de controle interno de uma entidade possa falhar na identificação, mensuração, registro e divulgação de eventos econômicos, que deverão ser refletidos nas demonstrações contábeis de uma entidade, constitui-se em significativo desafio para os auditores independentes. As metodologias de trabalho empregadas para tal finalidade, normalmente, utilizam como sustentáculo a lógica clássica, em que os elementos que compõem os fatores de riscos são avaliados de forma binária, qual seja, presume-se de modo algo simplista que tais fatores ou estão presentes, ou não, em um determinado tipo de controle ou fase do processo, existem ou não, são realizados ou não, e assim por diante. O objetivo deste trabalho foi a concepção de um modelo de avaliação de risco dos sistemas de controles internos de uma entidade utilizando a lógica nebulosa (fuzzy logic) para contemplar os elementos incertos e difusos que compõem, de maneira representativa, os fatores desse tipo de risco analisados pelos auditores independentes no âmbito de um processo de auditoria das demonstrações contábeis; buscou-se, com o resultado desta pesquisa, permitir que venham a ser produzidos resultados de alcance mais amplo e com maior aproximação da realidade efetivamente encontrada no dia a dia dos negócios, que talvez raramente indique situações pontuais de “sim" ou “não" tal como exigido pela lógica clássica ou pelo método binário de avaliação e julgamento. A validação conceitual do modelo concebido foi realizada por meio de entrevistas e debates com especialistas, bibliografia relevante e manuais práticos de metodologia de trabalho de auditoria de empresas representativas dessa indústria e a validade operacional foi testada com uma massa de dados de casos práticos de entidades que tiveram seus sistemas de controles internos avaliados por empresas de auditoria independente de renome atuantes no Brasil, processados no software FuzzyTech 5.54. Como conclusão do estudo, ficou patente que o modelo de avaliação de risco com o uso da lógica nebulosa, além de eliminar a restrição binária imposta pela lógica clássica, permite tratar, de forma numérica e sistematizada, conceitos ambíguos e incertos, através da aplicação de uma escala psicométrica, para refletir predicados tais como “bom", “razoável", “de grande importância" etc., produzindo, dessa maneira, resultados mais amplos e próximos da realidade. / The assessment of the risks that an entity’s internal control system may fail concerning the identification, measurement, registration and disclosure of economic events, which should be reflected on the entity´s financial statements, is a significant challenge to independent auditors. The methodologies used to achieve those objectives are usually supported by classical logic thinking, in which the components of the risk factors are assessed under the binary form, in other words, under the relatively simplistic assumption that either they are present or not in a certain kind of control or in a certain phase of the process, they either exist or not, they either are carried out or not, and so on. The purpose of this study was to conceive a risk assessment pattern to assess the effectiveness of entity’s internal control system, using the fuzzy logic approach, in order to take into consideration the uncertain and diffuse elements that are actually present, to a representative extent, in the factors of the control risk analyzed by independent auditors in their process of a financial statements audit; The results of this study aim at permitting that broader conclusions may be reached by the auditors, much closer to the realities of the business environment, which may seldom present individual situations where simple “yes" or “no" answers may be given, as required by the classical logic and binary approach for assessment and evaluation The conceptual validation of the conceived model was based in interviews and debateswith experts, relevant bibliography and manuals of audit methodology of audit firms representative of this services industry, and the operational validation was tested from a database of casesof profit oriented entities which had their internal control systems assessed by recognized Brazilian audit firms, processed on the FuzzyTech 5.54 software. This study has concluded that the use of fuzzy logic to support risk assessment models not only eliminates the binary restriction imposed by classic logic, but also allows a numerical and systematic form of treating ambiguous and uncertain concepts, through the application of a psicometric scale, to reflect adjectives such as “good", “reasonable", “of great importance" etc, producing, therefore, more ample and closer to reality results.