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Article
Publication date: 1 October 2007

H.A. van Wyk

The purpose of this article is to assess the state of financial reporting in provincial government departments in South Africa. One of the obstacles in transforming financial…

901

Abstract

The purpose of this article is to assess the state of financial reporting in provincial government departments in South Africa. One of the obstacles in transforming financial reporting in South Africa is changing from cash accounting to accrual accounting. The survey in this study revealed that, while most public sector accounting guidelines and legislation are in place, government departments are still using cash accounting. The current accounting information system seems to be unsuitable for accrual accounting. Respondents assigned a poor rating to the effectiveness of public sector financial reporting, and the slow rate at which this system is being transformed.

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Article
Publication date: 1 April 2009

H.A. van Wyk and J. Rossouw

According to generally accepted accounting practice, the objective of financial statements is to provide useful information to the primary user groups of such statements…

1665

Abstract

According to generally accepted accounting practice, the objective of financial statements is to provide useful information to the primary user groups of such statements, regardless of the size of the entity. The primary users of the financial statements of SMEs are the owners, South African Revenue Services (SARS) and bankers. The recognition, measurement and disclosure requirements of full IFRSs do not result in cost‐effective and useful information being provided to the users of the financial statements of SMEs (non‐listed companies, close corporations and other small entities, irrespective of their legal form), because these users do not need the extensive and complex information provided in general purpose financial statements. Consequently, an accounting standard is required to differentiate between general and limited purpose financial statements. The International Accounting Standards Board (IASB) issued an exposure draft (ED 222) on IFRS for SMEs in February 2007. These stipulated modifications relating mainly to relaxed disclosure requirements and are more applicable to medium‐sized entities. According to a survey among preparers of financial statements in June 2007, these developments may not be adequate for the purposes of smaller entities, irrespective of their legal form. Accordingly, the study recommends that a formal, separate set of simplified differential reporting standards be developed for smaller entities.

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Article
Publication date: 1 October 2010

L.J. Stainbank

Differential reporting was introduced in South Africa with the enactment of the Corporate Laws Amendment Act 24 2006. Since it was urgent that the standard‐setters provide limited…

794

Abstract

Differential reporting was introduced in South Africa with the enactment of the Corporate Laws Amendment Act 24 2006. Since it was urgent that the standard‐setters provide limited interest companies with interim guidance as to the preparation and presentation of financial statements, South Africa adopted the International Accounting Standards Board’s International Financial Reporting Standard for Small and Mediumsized Entities in its draft form. This study looks at the development of accounting standards for small and mediumsized entities in South Africa. It also examines analyses of prior research on differential reporting and the due process of the International Accounting Standards Board on this topic, as well as the due process of the South African standard‐setter. The paper provides a contextual analysis of the unique reporting environment of South African companies and concludes that adopting the draft IFRS for SMEs may have been the best option for the standard‐setting body in providing relief for limited interest companies from the cost of complying with the International Financial Reporting Standards while still enabling auditors to express an opinion on the financial statements.

Details

Meditari Accountancy Research, vol. 18 no. 2
Type: Research Article
ISSN: 1022-2529

Keywords

Available. Open Access. Open Access
Article
Publication date: 28 March 2024

Juan A. Nel and Zindi Venter

This paper aims to provide an overview of South African perspectives on preventing, monitoring and combating hate victimisation, towards informing international understandings.

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Abstract

Purpose

This paper aims to provide an overview of South African perspectives on preventing, monitoring and combating hate victimisation, towards informing international understandings.

Design/methodology/approach

Using a general review approach, this paper provides a historical examination of measures proposed by the South African Government and civil society since 1994, to prevent, monitor and combat hate crime, hate speech and intentional unfair discrimination.

Findings

Regardless of a constitutional commitment to social inclusion, diversity and minority rights, significant progress remains lacking after almost three decades of related advocacy, lobbying and limited government intervention. Findings of the South African Hate Crimes Working Group (HCWG) longitudinal Monitoring Project emphasise the need for decisive legal responses to hate victimisation.

Social implications

A Bill, recognising hate crime and hate speech as distinct criminal offences, has been in development for almost 15 years and will soon serve before Parliament. Enactment of this legislation will be ground-breaking in Africa.

Originality/value

This paper contributes to the field of hate studies by providing an overview of the journey towards current conceptual understandings of hate in (South) Africa. It sets the stage for evaluating the potential of the redesigned HCWG monitoring tool, which holds promise for early identification and intervention in hate hotspots and targeted sectors. This instrument can establish trends not only in South Africa but also across the African continent.

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Article
Publication date: 19 October 2012

Francis Aboagye‐Otchere and Juliet Agbeibor

The purpose of this paper is to assess the suitability of the International Financial Reporting Standard for Small and Medium‐sized Entities (IFRS for SMES) for small businesses…

4004

Abstract

Purpose

The purpose of this paper is to assess the suitability of the International Financial Reporting Standard for Small and Medium‐sized Entities (IFRS for SMES) for small businesses (micro entities and SMEs) in Ghana by assessing their need for the IFRS for SMEs and the appropriateness of the IFRS for SMEs as the accounting standard of choice for small businesses in Ghana. The paper also aims to investigate the firm characteristics likely to influence small businesses' need for the Standard and the appropriateness of the Standard for small businesses.

Design/methodology/approach

The survey method was used. A questionnaire survey of 305 small businesses was conducted, from which 149 useable questionnaires were returned.

Findings

It was found that small businesses in Ghana have limited international structures and activities which do not result in a need for internationally comparable financial reporting information. Small businesses also do not receive requests to provide such information. In total, 19 of the 27 issues addressed by the Standard and assessed in the study were found to be irrelevant to small businesses in Ghana. Size, legal form and number of owners influence the suitability of the Standard for small businesses in Ghana.

Originality/value

The paper provides some of the early empirical evidence on the final version of the IFRS for SMEs in Africa. The study also brings a fresh perspective by applying institutional theory to the adoption and implementation of the IFRS for SMEs.

Details

Journal of Financial Reporting and Accounting, vol. 10 no. 2
Type: Research Article
ISSN: 1985-2517

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Article
Publication date: 25 June 2019

Latifa Hamisi Mbelwa, Pawan Adhikari and Khandakar Shahadat

The purpose of this paper is to investigate the factors that have resulted in the effective implementation of accrual accounting reforms in the Central Government of Tanzania.

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Abstract

Purpose

The purpose of this paper is to investigate the factors that have resulted in the effective implementation of accrual accounting reforms in the Central Government of Tanzania.

Design/methodology/approach

The paper relies on the ideas of institutional theory and some aspects of decision-usefulness so as to delineate the external pressures enforcing the Government of Tanzania to embrace accrual accounting and the factors complicating its implementation at organisational level (within government entities). The authors draw on quantitative techniques and the explanatory and cross-sectional survey research strategies and methods for data analysis.

Findings

Our findings suggest that the coercive pressures from donors and auditors along with the normative pressures surfaced by the training of employees generate a significant impact on designing the effective administrative model of accrual accounting. In a lesser extent, pressures from the National Board of Accountants and Auditors and cultural factors are positively correlated to the implementation of accrual accounting in the Tanzanian context. Of the factors the authors examined, the management changes are proved to be least effective. Unawareness of the key stakeholders has caused weak political and regulatory commitments. Accrual accounting implementation is further exacerbated by inadequate technical and personnel competence. Ultimately, the implementation of the accrual accounting has increased significant managerial accountability though a major segment of such behaviour is unexplained by the factors the authors employed in the study.

Practical implications

The effective implementation of accrual accounting relies on improvements in cultural and human-related issues. What is important to understand is that accrual accounting is more of a management reform incorporating changes in broader aspects of institutional and accountability mechanisms, rather than just an adoption of particular accounting technologies. Without such broader changes, accrual accounting reforms can be detrimental providing the technocrats and government officials with a space for manipulating financial information, Tanzania serving as an example.

Originality/value

The study highlights the case of an emerging economy in which accrual accounting is actually in effect and has impacted on managerial accountability, but is struggling to engender intended results and outcomes at organisational level.

Details

Journal of Accounting in Emerging Economies, vol. 9 no. 3
Type: Research Article
ISSN: 2042-1168

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Article
Publication date: 22 September 2020

Grant Samkin and Christa Wingard

This uses a framework of systemic change to understand the contextual factors including stakeholder, social, political, cultural and economic, which contribute to the social and…

1020

Abstract

Purpose

This uses a framework of systemic change to understand the contextual factors including stakeholder, social, political, cultural and economic, which contribute to the social and environmental narratives of a conservation organisation that has and continues to undergo transformation.

Design/methodology/approach

The social and environmental disclosure annual report narratives for a 27-year period were coded to a framework of systemic change.

Findings

The end of apartheid in 1994 meant that South African society required transformation. This transformation impacts and drives the social and environmental accounting disclosures made by SANParks. The social and environmental disclosures coded against a framework of systemic change, fluctuated over the period of the study as the format of the annual reports changed. The systems view was the most frequently disclosed category. The political ecology subcategory which details the power relationships showed the most disclosures. However, 25 years after the end of apartheid, the transformation process remains incomplete. Although the evidence in the paper does not support Joseph and Reigelut (2010) contention that the framework of systemic change is an iterative process, it nevertheless provides a useful vehicle for analysing the rich annual report narratives of an organisation that has undergone and continues to undergo transformation.

Originality/value

This paper makes two primary contributions. First, to the limited developing country social and environmental accounting literature. Second, the development, refinement and application of a framework of systemic change to social and environmental disclosures.

Available. Open Access. Open Access
Article
Publication date: 27 March 2020

Redeemer Krah and Gerard Mertens

The study aims at examining the level of financial transparency of local governments in a sub-Saharan African country and how financial transparency is affected by democracy in…

3939

Abstract

Purpose

The study aims at examining the level of financial transparency of local governments in a sub-Saharan African country and how financial transparency is affected by democracy in the sub-region.

Design/methodology/approach

The study applied a panel regression model to data collected from public accounts of 43 local authorities in Ghana from 1995 to 2014. Financial transparency was measured using a transparency index developed based on the Transparency Index of Transparency International and the information disclosure requirements of public sector entities under the International Public Sector Accounting Standards.

Findings

The study finds the low level of financial transparency among the local governments in Ghana, creating information asymmetry within the agency framework of governance. Further, evidence from the study suggests a strong positive relationship between democracy and financial transparency in the local government.

Research limitations/implications

Deepening democracy is necessary for promoting the culture of financial transparency in local governance in sub-Saharan Africa, perhaps in entire Africa.

Practical implications

There is a need for the local governments and governments, in general, to deepen democracy to ensure proactive disclosure of the financial information to the citizens to improve participation trust and eventual reduction in corruption. Effective implementation of the Right to Information Act would also help promote financial and other forms of transparency in the sub-region.

Originality/value

The study contributes to the public sector accounting literature by linking democracy to financial transparency in the local government. Hitherto, studies concentrate on how entity level variables impact on the level of financial information flow in the local government without considering the broader governance infrastructure within which local governments operate.

Details

Meditari Accountancy Research, vol. 28 no. 4
Type: Research Article
ISSN: 2049-372X

Keywords

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Article
Publication date: 4 April 2016

Mahesh Joshi, Prem W. Senarath Yapa and Diane Kraal

The purpose of this paper is to examine the perceptions of professional accountants from three countries from the Association of South East Asian Nations (ASEAN) in order to…

5551

Abstract

Purpose

The purpose of this paper is to examine the perceptions of professional accountants from three countries from the Association of South East Asian Nations (ASEAN) in order to evaluate their perceived benefits associated with the adoption of International Financial Reporting Standards (IFRS) in their respective nations as well as the implications of these standards for the accounting and auditing professions in their country of practice. It also explores the extent to which the adoption of IAS/IFRS accounting standards have been supported by the state, media and local professional accounting bodies.

Design/methodology/approach

The study uses survey approach to seek perceptions of professional accountants in these three countries with a view to understanding their perceptions regarding the socio-economic issues related to the adoption of the IFRS and role of social institutions. The study also uses appropriate statistical tests for interpretation of the data.

Findings

The analysis of the data shows that accounting professionals in Singapore, Malaysia and Indonesia strongly supported IFRS adoption; their opinions did not differ significantly by place of training, experience or professional qualifications. Respondents agreed that their countries benefited economically from harmonisation with global accounting standards. The surveyed accountants believed that pressure from international agencies was instrumental in the adoption of IFRS in the region. The findings also show that governments, the media and professional accounting bodies have supported the adoption, communication and application of IFRS.

Originality/value

This is the first study examining the role of social and professional institutions in the adoption of the IFRS and one which also provides an inter-country comparison of accountant’s perspectives on adoption of the IFRS among three ASEAN countries.

Details

International Journal of Managerial Finance, vol. 12 no. 2
Type: Research Article
ISSN: 1743-9132

Keywords

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Article
Publication date: 21 August 2017

Robert Ochoki Nyamori, Abu Shiraz Abdul-Rahaman and Grant Samkin

The purpose of this paper is to discuss developments in governance in Africa and the opportunities this offers to accounting, auditing and accountability researchers. The paper…

5291

Abstract

Purpose

The purpose of this paper is to discuss developments in governance in Africa and the opportunities this offers to accounting, auditing and accountability researchers. The paper also provides an overview of the other contributions in this accounting, auditing and accountability special issue.

Design/methodology/approach

This paper provides a contemporary literature review on governance and accountability in Africa, identifying the key developments in public sector reform and the research gaps that still need to be filled. While the paper focuses on Sub-Saharan Africa, the authors draw on examples from Ghana, Kenya, and South Africa – geographically representing east, west, and south of the continent.

Findings

The paper finds that governance has emerged as a crucial issue that has a significant effect on the economic development of African countries. This has been associated with a myriad of reforms which range from anti-corruption measures to public financial management reforms. The authors find that the implementation and effects of these reforms have not been adequately researched by accounting scholars.

Research limitations/implications

This is a review of a limited literature. Empirical research and a more comprehensive review of the literature from public administration and other disciplines might provide other new insights for research on governance in Africa. A further limitation is that the study has focused on a review of the most recent reforms while earlier reforms should be of particular interest to accounting historians.

Originality/value

This paper and other contributions to this special issue of AAAJ provide a basis and an agenda for accounting scholars seeking to undertake interdisciplinary research on Africa.

Details

Accounting, Auditing & Accountability Journal, vol. 30 no. 6
Type: Research Article
ISSN: 0951-3574

Keywords

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