The objective of a business valuation arrangement is to reach a reasonable and acceptable opinion of value. Valuing a business entity has become less of a guessing game than before. Business valuations are two thirds science and one third art according to several theorists and practitioners. The result of a valuation is only definite if it can accurately predict the future, and given that it is not possible, there will always be an element of risk that the actual value differs from the expected estimate. There are several reasons why business valuations need to be performed. They can be categorised into three groups, namely transaction-based, tax-based, and litigation-based. Most business entities will require a business valuation at some stage. Business valuations can be categorized into different approaches and methods. The three approaches comprise the income based valuation approach, the market derived valuation approach, as well as the asset based valuation approach. Each one of these approaches has different methods that can be used under them. For the purpose of this research study, the methods used under the income based valuation approach are the discounted economic income valuation method and the direct capitalisation valuation method. The guideline publicly traded business entity valuation method and the merger and acquired business entity valuation method are used under the market derived valuation approach. When performing a business valuation under the asset based valuation approach, the asset accumulation valuation method and the capitalised excess earnings valuation method are used. In this research study a business valuation is going to be performed on a franchised restaurant, namely a Spur Steak Ranch. The particular Spur Steak Ranch that is going to be used is the Tampa Bay Spur. A franchise is a right granted to individuals or groups to market a business entity‟s products or services within a particular location. Franchising is a method of expanding a business entity on less capital than would otherwise be possible. The franchisee pays a capital lump sum to enter the franchise and accepts some of the running costs of its outlet. In addition, the franchise offers the franchisee the use of the franchise name and any goodwill related with it, the use of its business structures and support services, its product or service to sell, as well as management and staff training programmes. Franchising has become a dominant force in the distribution of products and services in several parts of the world. Any facility that prepares separate meals for eating on or off the premises falls under the title „„restaurant.‟‟ Not one restaurant is the same, and by producing meal experiences with unique characteristics, restaurants accommodate the requirements of particular customer categories. A restaurant is as much a financial entity as any other business entity. The most important elements in profitability in restaurants are economy and productivity. The franchised restaurant used in this research study is the Spur Steak Ranch which has been in South Africa for over 40 years. Allen Ambor, the founder and executive chairperson of Spur, is the person who started it all in 1967 when he invested R4,000 to open the Golden Spur in Newlands, Cape Town. Today, Spur restaurants are very popular for having play areas for children, thus, entertaining the whole family, making Spur a very popular fully-licensed franchised restaurant. The particular Spur Steak ranch used in this case study is the Tampa Bay Spur. The Tampa Bay Spur Steak Ranch is a family-oriented franchised restaurant, based on the widely known Spur concepts. The restaurant is owned by Lungisa Financial Administrators and is located in the Time Square Building, Dias Road, in Jeffrey‟s Bay. The restaurant spans in the region of 550m2 and can accommodate up to 180 customers. The Tampa Bay Spur was taken over by new owners in December 2011 and also completed a revamp that ended in March 2011. The research question and objective in this research study is to find out what combination of valuation approaches and methods seems to be the most reliable and accurate to value a franchised restaurant, particularly, a Spur Steak Ranch, and more specific the Tampa Bay Spur. To achieve this objective, five secondary objectives must be carried out. The first objective is to critically evaluate and compare popular valuation approaches and methods with each other. The second objective is to deliberate the advantages and disadvantages of each of the methods. Thirdly, to point out the uncertainty factors in valuations, for example, to calculate the discount rate by using the WACC or CAPM formula. The fourth objective is to develop an empirical case study based on actual information of a selected Spur (Tampa Bay Spur) and comparing different valuation approaches and methods with the original amount calculated by Spur after performing a business valuation on the Tampa Bay Spur. The fifth and last objective is to make recommendations regarding the valuation method used by the Spur. After performing a business valuation on the Tampa Bay Spur by using several valuation approaches and methods, calculating an average value from the different approaches and comparing it to the original value that the Spur calculated after performing a valuation on the Tampa Bay Spur, a conclusion can be made that the valuation method used by the Spur is fair and reliable. However, the method used by the Spur does not give enough insight for the buyer and seller to understand how they calculated the final value and needs improvement. / Thesis (M.Com. (Management Accountancy))--North-West University, Potchefstroom Campus, 2012.

The objective of a business valuation arrangement is to reach a reasonable and acceptable opinion of value. Valuing a business entity has become less of a guessing game than before. Business valuations are two thirds science and one third art according to several theorists and practitioners. The result of a valuation is only definite if it can accurately predict the future, and given that it is not possible, there will always be an element of risk that the actual value differs from the expected estimate. There are several reasons why business valuations need to be performed. They can be categorised into three groups, namely transaction-based, tax-based, and litigation-based. Most business entities will require a business valuation at some stage. Business valuations can be categorized into different approaches and methods. The three approaches comprise the income based valuation approach, the market derived valuation approach, as well as the asset based valuation approach. Each one of these approaches has different methods that can be used under them. For the purpose of this research study, the methods used under the income based valuation approach are the discounted economic income valuation method and the direct capitalisation valuation method. The guideline publicly traded business entity valuation method and the merger and acquired business entity valuation method are used under the market derived valuation approach. When performing a business valuation under the asset based valuation approach, the asset accumulation valuation method and the capitalised excess earnings valuation method are used. In this research study a business valuation is going to be performed on a franchised restaurant, namely a Spur Steak Ranch. The particular Spur Steak Ranch that is going to be used is the Tampa Bay Spur. A franchise is a right granted to individuals or groups to market a business entity‟s products or services within a particular location. Franchising is a method of expanding a business entity on less capital than would otherwise be possible. The franchisee pays a capital lump sum to enter the franchise and accepts some of the running costs of its outlet. In addition, the franchise offers the franchisee the use of the franchise name and any goodwill related with it, the use of its business structures and support services, its product or service to sell, as well as management and staff training programmes. Franchising has become a dominant force in the distribution of products and services in several parts of the world. Any facility that prepares separate meals for eating on or off the premises falls under the title „„restaurant.‟‟ Not one restaurant is the same, and by producing meal experiences with unique characteristics, restaurants accommodate the requirements of particular customer categories. A restaurant is as much a financial entity as any other business entity. The most important elements in profitability in restaurants are economy and productivity. The franchised restaurant used in this research study is the Spur Steak Ranch which has been in South Africa for over 40 years. Allen Ambor, the founder and executive chairperson of Spur, is the person who started it all in 1967 when he invested R4,000 to open the Golden Spur in Newlands, Cape Town. Today, Spur restaurants are very popular for having play areas for children, thus, entertaining the whole family, making Spur a very popular fully-licensed franchised restaurant. The particular Spur Steak ranch used in this case study is the Tampa Bay Spur. The Tampa Bay Spur Steak Ranch is a family-oriented franchised restaurant, based on the widely known Spur concepts. The restaurant is owned by Lungisa Financial Administrators and is located in the Time Square Building, Dias Road, in Jeffrey‟s Bay. The restaurant spans in the region of 550m2 and can accommodate up to 180 customers. The Tampa Bay Spur was taken over by new owners in December 2011 and also completed a revamp that ended in March 2011. The research question and objective in this research study is to find out what combination of valuation approaches and methods seems to be the most reliable and accurate to value a franchised restaurant, particularly, a Spur Steak Ranch, and more specific the Tampa Bay Spur. To achieve this objective, five secondary objectives must be carried out. The first objective is to critically evaluate and compare popular valuation approaches and methods with each other. The second objective is to deliberate the advantages and disadvantages of each of the methods. Thirdly, to point out the uncertainty factors in valuations, for example, to calculate the discount rate by using the WACC or CAPM formula. The fourth objective is to develop an empirical case study based on actual information of a selected Spur (Tampa Bay Spur) and comparing different valuation approaches and methods with the original amount calculated by Spur after performing a business valuation on the Tampa Bay Spur. The fifth and last objective is to make recommendations regarding the valuation method used by the Spur. After performing a business valuation on the Tampa Bay Spur by using several valuation approaches and methods, calculating an average value from the different approaches and comparing it to the original value that the Spur calculated after performing a valuation on the Tampa Bay Spur, a conclusion can be made that the valuation method used by the Spur is fair and reliable. However, the method used by the Spur does not give enough insight for the buyer and seller to understand how they calculated the final value and needs improvement. / Thesis (M.Com. (Management Accountancy))--North-West University, Potchefstroom Campus, 2012.

Intellectual Capital is considered an intangible asset that occurs in many organizations, especially service organizations, mainly because South African banks offer a service to their customers. This results in Intellectual Capital being an important factor in obtaining competitive advantage and success. If organizations do not consider Intellectual Capital as an important factor, it could lead to brands devoted to competitors, the loss of talented employees and unsatisfied customers. This in turn could affect the image of the organization. Financial organizations have the responsibility to identify and to monitor the various components of Intellectual Capital. Intellectual Capital consists of three main components, namely, Human Capital, Structural Capital and Relationship Capital. One of the biggest challenges of Intellectual Capital is that no one hundred percent accurate measurement method exists to measure Intellectual Capital items. An inaccurate value of Intellectual Capital leads to inaccurate disclosure of financial statements which, in turn, could result in various stakeholders (such as shareholders and public) losing faith and confidence in the organization. The purpose of the study is to describe the various components of Intellectual Capital, the linked costs and to examine the measurement of Intellectual Capital, in order to provide accurate disclosure. An empirical study was conducted to assess the impact and importance of Intellectual Capital in a South African bank. Recommendations were made on the manner problems regarding Intellectual Capital are managed and dealt with by the management of the bank. / Thesis (MCom (Management Accountancy))--North-West University, Potchefstroom Campus, 2013.

Intellectual Capital is considered an intangible asset that occurs in many organizations, especially service organizations, mainly because South African banks offer a service to their customers. This results in Intellectual Capital being an important factor in obtaining competitive advantage and success. If organizations do not consider Intellectual Capital as an important factor, it could lead to brands devoted to competitors, the loss of talented employees and unsatisfied customers. This in turn could affect the image of the organization. Financial organizations have the responsibility to identify and to monitor the various components of Intellectual Capital. Intellectual Capital consists of three main components, namely, Human Capital, Structural Capital and Relationship Capital. One of the biggest challenges of Intellectual Capital is that no one hundred percent accurate measurement method exists to measure Intellectual Capital items. An inaccurate value of Intellectual Capital leads to inaccurate disclosure of financial statements which, in turn, could result in various stakeholders (such as shareholders and public) losing faith and confidence in the organization. The purpose of the study is to describe the various components of Intellectual Capital, the linked costs and to examine the measurement of Intellectual Capital, in order to provide accurate disclosure. An empirical study was conducted to assess the impact and importance of Intellectual Capital in a South African bank. Recommendations were made on the manner problems regarding Intellectual Capital are managed and dealt with by the management of the bank. / Thesis (MCom (Management Accountancy))--North-West University, Potchefstroom Campus, 2013.

Recent corporate reporting history is well–known for its corporate failures and questionable accountancy practices, many of which caused the profession to be frowned upon. However, the splodge on the accounting profession?s reputation goes deeper than its corporate reporting failures. The scientific foundation thereof is also being questioned in academic circles. Even though accounting scholars have been trying to formulate foundational accounting theories, it has been the accounting regulators that have been more successful in promoting their versions of what accounting theory should be, which place a question mark on the legitimacy of current day accounting theory. This thesis aims to delve deeper into the foundational philosophies of accounting and its impact on the practice of accounting. With the current accounting globalisation efforts, the profession?s stewardship function is becoming less prominent in its promulgated standards, which in turn brings the focus on the many questionable ethical practices found in the profession. Even though the regulatory bodies require their members to commit themselves to professional codes of conduct, which entails competency, integrity, objectivity and confidentiality, the 1st article in this thesis claims that ethical conduct is more than mere adherence to rules and regulations. It is also about the image of not only the profession, but also accounting research and education. Accounting is broadly practised, researched and taught within its so–called conceptual framework, of which a key objective is to guide and inform accounting practice. The conceptual framework became the basis upon which accounting theory is based. However, many accounting scholars are openly critical of presenting accounting theory as a set of practical guidelines. The 2nd article in the thesis concludes that, from an academic perspective, accounting theory should be based on three quintessential guidelines. The first of which is its primary purpose of reporting on the historic economic events, secondly the provision of useable and comparable information about these events and finally, the facilitation of business decisions based on relevant and reliable information. In the above mentioned business decisions, the concept of value is often taken for granted and many accounting techniques? effectiveness is judged on how well it approximates an item?s value. The 3rd article argues that the multiple purposes for which accounting information is used complicates the issue of value, as reported by accounting. Two key conflicting valuation perspectives are the so–called decision–usefulness and true income perspectives. The current drive towards fair value accounting, as opposed to historic cost accounting, cast doubts on the reliability and relevance of accounting information. Even though it may be argued that value–based techniques are more relevant because it is a better reflection of the current business conditions, the mere subjective nature thereof and the accountant?s objective valuation skills make the true relevance of this information questionable. Furthermore, mixed model valuations found in financial statements makes cross–company information unreliable. Accountancy research of the past four decades focussed on the concept of user decision–usefulness. The user is also pre–eminent in the globalisation of accounting standards of the FASB and the IASB, where users are specified as the equity investors, lenders and capital providers. The 4th article acknowledges that although these user categories are important consumers of the financial data, there are other users which are also impacted by the financial information and the company?s operational performances. There are also concerns over accounting?s key assumptions, such as its quantification and predictive abilities, which are fundamental to the decision–usefulness objective. Furthermore, there are questions around how the regulators decided what information is suppose to be useful and what type of utility is being sought. In summary, the focus on the vocational aspects of accountancy stands in contrast to claims of accounting as an academic discipline in the social sciences. The reality is that the practices of the profession will probably always play a central role in what is taught at university level, and the regulators, as the final authority on accounting standards, will probably remain dictatorial in promulgating their versions of accounting theory. Yet, accounting and its wide spread impact on society, makes it a key discipline within the economical and management sciences. It is therefore essential for the resurrection of accounting as a social scientific discipline that there is a return to foundational accounting research that will prepare (and enable) prospective practitioners and academics to question the status quo and push back on accounting practices that are threatening to extinguish the flame of accounting scholarship. / Thesis (Ph.D. (Accounting))--North-West University, Potchefstroom Campus, 2011.

The main purpose of the National Water Act 36 of 1998 is to provide for fundamental reform of the law relating to water resources in South Africa. Section 3(1) of the National Water Act 36 of 1998 (NWA) stipulates that the national government, as the public trustee of the nation's water resources, must ensure the protection, use, development, conservation and management of water. Water must also be controlled in a sustainable and fair manner, to the advantage of all persons and in accordance with the national government`s constitutional mandate. Subsection (2) stipulates that the Minister is ultimately responsible to ensure that water is allocated and used in a fair manner, for the benefit of the public interest, while promoting environmental values. Subsection (3) further stipulates that the national government also has to regulate the use, flow and control of all water in the Republic. These provisions of the NWA gave birth to the concept of public trusteeship in the South African law. The NWA provides for a number of different water us rights; from water use rights for domestic purposes to water use rights for the purpose of agriculture. Considering the extent of the study of all the water use rights that exist within the provisions of the NWA, this research will focus on licensed water use rights intended for agriculture. In this study it will be determined whether these licensed water use rights form part of a person's estate. Furthermore, it will also be determined whether these rights are transferable and whether a value can be attached to these rights in the estate of a person. / Thesis (LL.M. (Estate Law))--North-West University, Potchefstroom Campus, 2010.

Recent corporate reporting history is well–known for its corporate failures and questionable accountancy practices, many of which caused the profession to be frowned upon. However, the splodge on the accounting profession?s reputation goes deeper than its corporate reporting failures. The scientific foundation thereof is also being questioned in academic circles. Even though accounting scholars have been trying to formulate foundational accounting theories, it has been the accounting regulators that have been more successful in promoting their versions of what accounting theory should be, which place a question mark on the legitimacy of current day accounting theory. This thesis aims to delve deeper into the foundational philosophies of accounting and its impact on the practice of accounting. With the current accounting globalisation efforts, the profession?s stewardship function is becoming less prominent in its promulgated standards, which in turn brings the focus on the many questionable ethical practices found in the profession. Even though the regulatory bodies require their members to commit themselves to professional codes of conduct, which entails competency, integrity, objectivity and confidentiality, the 1st article in this thesis claims that ethical conduct is more than mere adherence to rules and regulations. It is also about the image of not only the profession, but also accounting research and education. Accounting is broadly practised, researched and taught within its so–called conceptual framework, of which a key objective is to guide and inform accounting practice. The conceptual framework became the basis upon which accounting theory is based. However, many accounting scholars are openly critical of presenting accounting theory as a set of practical guidelines. The 2nd article in the thesis concludes that, from an academic perspective, accounting theory should be based on three quintessential guidelines. The first of which is its primary purpose of reporting on the historic economic events, secondly the provision of useable and comparable information about these events and finally, the facilitation of business decisions based on relevant and reliable information. In the above mentioned business decisions, the concept of value is often taken for granted and many accounting techniques? effectiveness is judged on how well it approximates an item?s value. The 3rd article argues that the multiple purposes for which accounting information is used complicates the issue of value, as reported by accounting. Two key conflicting valuation perspectives are the so–called decision–usefulness and true income perspectives. The current drive towards fair value accounting, as opposed to historic cost accounting, cast doubts on the reliability and relevance of accounting information. Even though it may be argued that value–based techniques are more relevant because it is a better reflection of the current business conditions, the mere subjective nature thereof and the accountant?s objective valuation skills make the true relevance of this information questionable. Furthermore, mixed model valuations found in financial statements makes cross–company information unreliable. Accountancy research of the past four decades focussed on the concept of user decision–usefulness. The user is also pre–eminent in the globalisation of accounting standards of the FASB and the IASB, where users are specified as the equity investors, lenders and capital providers. The 4th article acknowledges that although these user categories are important consumers of the financial data, there are other users which are also impacted by the financial information and the company?s operational performances. There are also concerns over accounting?s key assumptions, such as its quantification and predictive abilities, which are fundamental to the decision–usefulness objective. Furthermore, there are questions around how the regulators decided what information is suppose to be useful and what type of utility is being sought. In summary, the focus on the vocational aspects of accountancy stands in contrast to claims of accounting as an academic discipline in the social sciences. The reality is that the practices of the profession will probably always play a central role in what is taught at university level, and the regulators, as the final authority on accounting standards, will probably remain dictatorial in promulgating their versions of accounting theory. Yet, accounting and its wide spread impact on society, makes it a key discipline within the economical and management sciences. It is therefore essential for the resurrection of accounting as a social scientific discipline that there is a return to foundational accounting research that will prepare (and enable) prospective practitioners and academics to question the status quo and push back on accounting practices that are threatening to extinguish the flame of accounting scholarship. / Thesis (Ph.D. (Accounting))--North-West University, Potchefstroom Campus, 2011.

The main purpose of the National Water Act 36 of 1998 is to provide for fundamental reform of the law relating to water resources in South Africa. Section 3(1) of the National Water Act 36 of 1998 (NWA) stipulates that the national government, as the public trustee of the nation's water resources, must ensure the protection, use, development, conservation and management of water. Water must also be controlled in a sustainable and fair manner, to the advantage of all persons and in accordance with the national government`s constitutional mandate. Subsection (2) stipulates that the Minister is ultimately responsible to ensure that water is allocated and used in a fair manner, for the benefit of the public interest, while promoting environmental values. Subsection (3) further stipulates that the national government also has to regulate the use, flow and control of all water in the Republic. These provisions of the NWA gave birth to the concept of public trusteeship in the South African law. The NWA provides for a number of different water us rights; from water use rights for domestic purposes to water use rights for the purpose of agriculture. Considering the extent of the study of all the water use rights that exist within the provisions of the NWA, this research will focus on licensed water use rights intended for agriculture. In this study it will be determined whether these licensed water use rights form part of a person's estate. Furthermore, it will also be determined whether these rights are transferable and whether a value can be attached to these rights in the estate of a person. / Thesis (LL.M. (Estate Law))--North-West University, Potchefstroom Campus, 2010.