Die openbaarmaking van finansiële instrumente in die finansiële state van mikro-gelduitleners - Jasper, Zuleka (University of the Free State, 2000)
Since 1992 the micro lending industry experienced significant growth. The industry is now in the position where it forms an integral part of the financial sector in South Africa. Very little formal research has been undertaken in die micro lending industry. It appears that no research what so ever has been done with respect to the financial presentation by micro lenders. It is very important to understand the micro lending industry. A short overview of the industry, as well as an overview of the regulatory body: the MicIO Finance Regulatory Council, are presented in this thesis. The purpose of financial reporting is to provide information to the stakeholders of an entity. In the South African context the King report is the most important document that defines and addresses the term stskeholder. In chapter 12 of the King report it defines stakeholders as /I any person, entity OI interest gIOUp that has some association with the en terprise," It was found necessary to identify the most important stakeholders of micro lending entities due to the wide span of the term stakeholders. The following stakeholders were identified as being the most important: o The owners o The suppliers of long term funds o The loan debtors o The employees. Stakeholders need sufficient information to make informed decisions. The quality of this information is imperative. Financial statements are the main source of information. It is important that the information in these financial statements are of outstanding quality. A number of business types are found in the micro lending industry. This study has shown that the most important and often used types are the close corporation and the company. Both the Company's Act and the Close Corporation's Act refer to Generally Accepted Accounting Practice (GAAP) as the basis for financial presentation. However, the interpretation of the term does not necessarily mean that statements on GAAP need to be applied. Fortunately this position is changing. This thesis was thus based on the assumption that reference to GAAP in die Company's Act and Close Corporation's Act means that statements on GAAPhave to be applied. The core of the study involves a discussion of the presentation requirements regarding the financial instruments that have been identified during the empirical study. Special reference was given to AC12S - Financial instruments: disclosure and presentation. The definitions in this document were detailed as it was used as a measure to identify the financial instruments included in the financial statements of micro lenders. The following financial instruments were identified: o Bank and cash balances o Debtors (other than loan debtors) o Loan debtors o Long term loans ,0 Creditors. In view of all relevant statements, legislation and corporate requirements a wide-ranging summary including all relevant presentation requirements regarding financial instruments have been incorporated. In the second section of the thesis the scope and results of the empirical study are discussed. The empirical study was performed on a sample of close corporations and companies that have been registered or provisionally registered with the Micro Finance Regulatory Council. The selected micro lenders' financial statements were analysed to establish the degree of compliance with the proposed financial reporting requirements. The writer thoroughly believes that the micro lenders' financial statements do not comply to the prescribed financial reporting requirements and leave much to be desired. Substantial enhancement is of crucial importance before these entities will effectively address the needs of all their stakeholders.

Die mikro-gelduitlenersbedryf het sedert 1992 vinnig tot In opbloei gekom. Die bedryf word nou as 'n integrerende deel van die finansiële sektor in Suid-Afrika beskou. Min formele navorsing is nog onderneem in die mikrogelduitlenersbedryf. Dit wil voorkom asof daar tot op hede nog geen navorsing gedoen is oor die finansiële openbaarmaking deur mikrogelduitleners nie. Alvorens die finansiële verslagdoening in die mikro-gelduitlenersbedryf aangespreek word, is dit nodig om die bedryf te verstaan. In dié verhandeling word 'n kort oorsig oor die bedryf, asook die reguleerder in die bedryf: die Micro Finance Regulatory Council, gegee. Finansiële verslagdoening het ten doelom inligting aan die belanghebbendes van In entiteit weer te gee. In die Suid-Afrikaanse konteks is die King-verslag waarskynlik die belangrikste bron waarin die begrip belanghebbendes aangespreek word. Hoofstuk 12 van die Kingverslag lui dat 'n /I belanghebbende enige persoon, entiteit of belangegroep is wat enige betrokkenheid by die maatskappy het," Weens die groot omvang van die begrip is die belangrikste belanghebbendes van mikro-gelduitleners geïdentifiseer, naamlik: o Die eienaars o Die verskaffers van langtermynfondse o Die leningsdebiteure o Die werknemers. Alle belanghebbendes het 'n behoefte aan voldoende inligting sodat behoorlike, ingeligte besluite geneem kan word. Die kwaliteit van die inligting speel 'n belangrike rol en aangesien finansiële state steeds die belangrikste bron van inligting is, moet die openbaarmaking in die finansiële state dus van hoogstaande gehalte wees. 'n Verskeidenheid ondernemingsvorme word in die mikrogelduitlenersbedryf aangetref. Hierdie studie het aan die lig gebring dat die belangrikste en gewildste ondernemingsvorme in die bedryf die beslote korporasie en maatskappy is. Beide die Maatskappywet en Wet op Beslote Korporasies verwys na Algemeen Aanvaarde Rekeningkundige Praktyk (AARP) as basis van verslagdoening. Ongelukkig dui die interpretasie van die term nie noodwendig op die toepassing van die standpunte oor AARP nie. Gelukkig is dié posisie besig om te verander. Die verhandeling is dus gebaseer op die aanname dat die verwysing na AARP in die Maatskappywet en Wet op Beslote Korporasies beteken dat standpunte oor AARPtoegepas móét word. Die kern van die studie bevat 'n bespreking van die verslagdoeningsvereistes rakende die finansiële instrumente wat tydens die empiriese studie geïdentifiseer is. Besondere aandag word ann RE125 - Finasiële instrumente: openbaarmaking en aanbieding gegee. Die definisies in hierdie standpunt word in detail bespreek aangesien dit as maatstaf gebruik is vir die identifisering van finansiële instrumente in die finansiële state van mikrogelduitleners. Die volgende finansiële instrumente is geïdentifiseer: o Bank- en kontantsaldo's o Debiteure (nie leningsdebiteure nie) o Leningsdebiteure o Langtermynlenings o Krediteure. Aan die hand van al die toepaslike standpunte, wetgewing en korporatiewe verslagdoeningsvereistes is 'n omvattende opsomming saamgestel wat al die toepaslike verslagdoeningsvereistes rakende hierdie finansiële instrumente insluit. In die tweede gedeelte van die studie word die omvang en uiteindelike resultate van die empiriese studie wat onderneem is, bespreek. Die empiriese studie is uitgevoer op 'n steekproef beslote korporasies en maatskappye wat by die Micro Finance Regulatory Council geregistreer of voorwaardelik geregistreer was. Die finansiële state is ontleed om te bepaal in watter mate die gekose mikro-gelduitleners aan die voorgestelde verslagdoeningsvereistes voldoen het. Die skrywer glo dat daar tot die gevolgtrekking gekom kan word dat mikro-gelduitleners se finansiële state nie naastenbyaan al die tersaaklike openbaarmakingsvereistes voldoen nie. Die openbaarmaking van inligting deur mikro-gelduitleners in hulle finansiële state is van 'n lae standaard en daar sal wesenlike verbeteringe aangebring moet word alvorens hierdie entiteite doeltreffend aan die behoeftes van hulle belanghebbendes sal voldoen.
Dissertation (M.Compt. (Accounting))--University of the Free State, 2000
Keywords: Financial reporting; Financial presentation; Micro lending industry; Micro lender; Micro borrower; Financial instrument; Financial assets; Financial liabilities; Stakeholder; Financial statements; Microfinance; Loans, Personal