The status of the financial reporting function of co-operatives in South Africa

• Main Author: Fouche, Karel
• Other Authors: Nieman, Gideon
• Language: en
• Published: University of Pretoria 2015
• Subjects: UCTD
• Online Access: http://hdl.handle.net/2263/46219; Fouche, K 2014, The status of the financial reporting function of co-operatives in South Africa, MCom Dissertation, University of Pretoria, Pretoria, viewed yymmdd <http://hdl.handle.net/2263/46219>

The International Co-operative Alliance (ICA, 2013c:2) states that a co-operative as business model has the ability to address unstable economic circumstances for citizens around the world. The business model is inter alia focused upon the well-being of the individual and bringing economic resources under democratic control – it has been proved that the co-operatives sector has already provided millions of jobs worldwide. The United Nations has also identified the potential of co-operatives to play an important role in social and economic growth to such an extent that they decided during 2009 to proclaim 2012 as the United Nations International Year of Co-operatives. The ICA (2013c:3) aims to provide co-operatives with direction for future growth in its proposed Blueprint. The expansion of existing accounting practices of profitorientated business is identified amongst other actions that should be taken to ensure that co-operatives succeed in playing a significant role in economic, social and environmental sustainability by 2020. This study focuses upon the nature, status and accounting requirements of cooperatives by means of a literature review. Existing financial reporting guidance as well as research already performed for the development of financial reporting guidance for co-operatives is also investigated, followed by the empirical portion of the research. Three South African co-operatives are investigated with reference to their financial reporting requirements – the information is gathered by means of semi-structured interviews which are held with stakeholders relevant to the financial reporting function of co-operatives in South Africa. The study concludes with a perspective on the relevance of existing financial reporting frameworks of co-operatives and specifies the shortcomings thereof with regard to the financial reporting requirements of co-operatives. === Dissertation (MCom)--University of Pretoria, 2014. === tm2015 === Business Management === MCom === Unrestricted