Die rekeningkundige verantwoording van skripdividendskemas in Suid-Afrika

Durand, Ilanie (2001-12)

Thesis (MAcc)--Stellenbosch University, 2001.

Thesis

ENGLISH ABSTRACT: Scrip dividends have become increasingly popular in South Africa SInce the introduction of secondary tax on companies (STC) in the 1993 budget. There is more than one approach to the treatment of scrip dividend schemes for accounting purposes, i.e. the reinvestment approach and the capitalisation issue approach. Unfortunately guidance in the form of a statement or guideline from the South African Institute of Chartered Accountants has not been forthcoming. Companies in the United States of America account for stock dividends (capitalisation issues) in a variety of ways and several studies have analysed the effect of these accounting treatments on retained earnings and the retained earnings hypothesis. Several empirical studies in the United States of America and the United Kingdom have documented marked differences in the ability of companies in these countries to make distributions to shareholders. For this reason the accounting treatment of stock dividends and scrip dividends in these countries was examined and compared to the methods used in South Africa. Earnings per share is often used by financial analysts to analyse and compare companies. The methods used in South Africa to account for scrip dividends result in different calculations of earnings per share and therefore the effect of the different methods was examined. This study concludes that the reinvestment approach is theoretically the most acceptable accounting treatment of scrip dividend schemes In South Africa. A representative sample of companies which declared scrip dividends in the period 1993 to 1999 was selected to determine how these schemes are implemented in the South African economy. These companies' financial statements were analysed to determine if the scrip dividend schemes were treated in terms of the accounting method proposed in this study and if the necessary information was disclosed in the financial statements. This study finds that different accounting approaches are used in South Africa, that earnings per share and secondary tax on companies are not calculated consistently for accounting purposes and that the information disclosed to the users of the financial statements differs from company to company. It is recommended that the South African Institute of Chartered Accountants issue accounting guidelines to the drafters of financial statements regarding scrip dividend schemes.

AFRIKAANSE OPSOMMING: Die verklaring van skripdividende het in Suid-Afrika in gewildheid begin toeneem met die inwerkingstelling van sekondere belasting op maatskappye (SBM) in die 1993-begroting. Daar is meer as een metode om skripdividendskemas rekeningkundig te verantwoord, naamlik die herbeleggingsbenadering en die kapitalisasieuitgiftebenadering. Die Suid-Afrikaanse Instituut vir Geoktrooieerde Rekenmeesters het egter op hierdie stadium nog nie 'n rekeningkundige standpunt of riglyn oor die rekeningkundige verantwoording van skripdividendskemas uitgereik nie. In die Verenigde State van Amerika kan maatskappye kapitalisasie-uitgifte op verskillende maniere rekeningkundig verantwoord en verskeie studies het die invloed ondersoek wat hierdie metodes op verdeelbare reserwes en die behoue wins-hipotese het. Verder het studies wat in die Verenigde State van Amerika en die Verenige Koningkryk gedoen is, bevind dat hierdie lande se beperkings op verdelings aan aandeelhouers baie van mekaar verskil en om die rede is die metodes wat in die lande toegepas word om kapitalisasie-uitgifte en skripdividendskemas rekeningkundig te verantwoord, ondersoek en met die metodes vergelyk wat in Suid-Afrika toegepas kan word. Aangesien verdienste per aandeel dikwels deur finansiele ontleders gebruik word om maatskappye te ontleed en met mekaar te vergelyk en omdat die metodes wat in Suid- Afrika toegepas kan word verskillende berekeninge van verdienste per aandeel tot gevoIg het, is die uitwerking wat die verskillende metodes op die berekening van verdienste per aandeeI het ook ontleed.

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