Department of accounting

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Faculty of Commerce

Research Report 2006
Department of Accounting

Research Report 2006
Head of Department: Associate Professor Michael Wormald
Departmental Profile

Research in the Department of Accounting is carried out in five broad areas, namely auditing, financial accounting, financial management, management accounting and taxation. The research effort is conducted on three general levels: directly usable research, the results of which are translatable into professional practice; applied research of a more general nature; and pure research on the broader frontiers of the discipline. In addition, research is carried out on the educational aspects of accountancy. The research is carried out by the staff members and post-graduate students.

Departmental Statistics

Permanent and Long-term Contract Staff



Associate Professors


Senior Lecturers




Administrative and Clerical Staff











Postgraduate Diplomas






Research Fields and Staff
Permanent Staff
Mr C Abdulla

Accounting education; financial ratio analysis

Associate Professor Peter Bourne

Expert systems in auditing

Ms Carol Cairney

Activity based costing/management

Dr Eddie Chamisa

International accounting standards in developing countries

Associate Professor

Supply chain management and strategic cost management

Mr AJ Cilliers

Value based management; strategic management accounting including the balance scorecard

Mr Rod Clayton

Audit committees

Associate Professor Carlos Correia

Capital budgeting; cost of capital

Professor Geoff Everingham

Employee reporting; financial reporting; generally accepted accounting practice

Associate Professor Mark Graham

Value/growth stocks; financial analysis; corporate reporting

Ms Jacqui Kew

Accounting education; financial literacy and enterpreneurship 

Mr John Macey

Accounting ethics; intellectual capital; analysis and interpretation of financial analysis

Mrs Julia Milligan

Sustainability reporting

Associate Professor Tessa Minter

Information risk management

Mr Goolam Modack

Accounting education and generally accepted accounting practice

Associate Professor Jennifer Roeleveld

Capital gains tax; trusts and estates

Miss Joanne Shev

Capital gains tax

Mr Colin Smith

Educational and behavioural issues in management accounting; cash flow analysis; value relevance

Professor Enrico Uliana

Management accounting practices; strategic cost analysis; use of accounting in aligning performance with strategy; intellectual capital

Associate Professor Alex Watson

Generally accepted accounting practice

Mr Craig West

Capital gains tax; trusts and anti-avoidance

Mr James Winfield

Accounting education; business and professional ethics; foundation of accounting

Associate Professor Michael Wormald

Value creation; unit trust performance

Contact Details

Postal Address: Department of Accounting, University of Cape Town, Private Bag X3, Rondebosch, 7701

Telephone: +27 21 650 2269/2257

Fax: +27 21 689 7582



Research Output

Articles in peer-reviewed journals
Cramer, P.J. 2006. Operating leases: Straight-line, crooked ratios? Accountancy SA, March(2006): 10-13.
Lubbe, I. and Milligan, J.E. 2006. Measurement of revenue - what value? Accountancy S.A., August(2006): 12-16.
Roeleveld, J.J. 2006. South African withholding tax: Adverse consequences for non-residents. British Tax Review, 4: 385-484.
Watson, A. 2006. BEE transactions - what are the accounting implications? Accountancy S.A., October 2006: 10-14.

Blackman, M.S., Jooste, R.D., Larkin, M., Everingham, G.K., Rademeyer, C.H. and Yeats, J. 2006. Commentary on the Companies Act: Revision Service 3, 1-628. Wynberg: Juta & Company.
Bourne, P.J.M., Clayton, R.D., Jooste, R.D., Minter, M.T., Puttick, G.A. and Shev, J. 2006. Graded tutorials on auditing: 1-719. Cape Town: Juta and Company Ltd.
Everingham, G.K. and Watson, A. 2006. Generally Accepted Accounting Practice: A South African viewpoint, Revision Service 39: 1-350. Cape Town: Juta & Co Limited.
Huxham, K.T. and Haupt, P.K. 2006. Notes on South African Income Tax: 761. Cape Town: H & H Publications.
Huxham, K.T., Roeleveld, J.J., Warneke, D.A. and West, C. 2006. Questions on SA tax: 1-390. Cape Town: HRWW Publications.
Kew, J., Mettler, C., Walker, T.J. and Watson, A. 2006. Accounting an introduction: 1 - 753. Cape Town: Oxford University Pess Southern Africa.
Lubbe, I., Watson, A., Walker, T.J. and Chamisa, E. 2006. Accounting: GAAP Principles: 1 - 539. Cape Town: Oxford University Press Southern Africa.

West, C. and Roeleveld, J.J. 2006. The tax impliations of alienation either directly or indirectly by a non-resident of South African real estate. Proceedings of the 6th Annual Hawaii International Conference on Business, 25-28 May 2006, Honolulu, Hawaii, 16. ISSN 1539-722X.

Chamisa, E. 2006. The use and perceived usefulness of IAS 29 restated financial statements by Zimbabwean investment analysts. Proceedings of European Accounting Association Conference in Dublin, Ireland from 22nd to 25th March 2006, Dublin, Ireland, 34.
Chivaka, R. 2006. Cost management using target costing methodology across the supply chain: A transaction cost economics perspective. Proceedings of European Accounting Association Conference in Dublin, Ireland from 22nd to 25th March 2006, Dublin, Ireland, 30.

Jin, Y. 2006. An Examination of Share Price and Operating Performance by Companies on the Johannesburg Stock Exchange following Rights Issues: 91. MCom by dissertation, University of Cape Town.
Kornik, S. 2006. Machine learning for corporate failure prediction - An empirical study of South African Companies: 1-262. MCom by dissertation, University of Cape Town.
Mbuyi, E. 2006. An Investigation into the Harmony of Accounting Practices by Listed Companies on Leading Stock Market Countries: 1-116. MCom by dissertation, University of Cape Town.
Mc Cready, S.A. 2006. The Taxation of Investment Returns Arising in Collective Investment Schemes as Compared to Hedge Funds : 1-112. MCom in Taxation, University of Cape Town.
Mohamood, N. 2006. Control Rights and Contractual Mechanisms to Reduce Risk in the SA Venture Capital and Private Equity Industry: 1-60. Masters in Business Administration, University of Cape Town.
Mu, L. 2006. Stock Price Reactions to Dividend Changes: Evidence from the Johannesburg Stock Exchange: 1-96. MCom in Financial Management, University of Cape Town.
Owei, N. 2006. Comparative Analysis of Valuation Processes used by: 1-59. Masters in Business Administration, University of Cape Town.
Ruddy, T.A. 2006. The Manipulation of Headline Earnings by Companies Listed on the JSE Securities Exchange South Africa: 1-88. MCom, University of Cape Town.
Sapula, Z. 2006. The Affect of Transfer Pricing on Management Decisions in Vertically Integrated Organisations: 1-58. Masters in Business Administration, University of Cape Town.
Siddle, A.G. 2006. Share Repurchases in South Africa: Reasons and Returns: 1-97. MCom in Financial Management, University of Cape Town.
Von Hase, N. 2006. A study of the disclosure policy effect on information asymmetry and analyst behaviour in South Africa: 1-96. MCom by dissertation, University of Cape Town.

Milligan, J.E. 2006. Do you want the credit? The dangers of short term credit. Excel 2005 (3rd quarter publication): 10-11.

Consultancy and other activities based on expertise developed in research
Everingham, G.K. 2006. Member of the Editorial Board of the South African Journal of Accounting Research, for which he is also a referee. Member of the GAAP Monitoring Panel of the JSE Securities Exchange and the SA Institute of Chartered Accountants. He is also a referee for Meditari.
Modack, G.M. 2006. Member of the adjudicating panel for the Ernst and Young Excellence in Corporating Reporting Survey. Academic evaluator SAICA.
Roeleveld, J.J. 2006. On the board of The National Tax Committee 2006 for the South African Institute of Chartered Accountants (SAICA). On the editorial board panel of Integritax - a panel, which selects topical tax information for the South African Institute of Chartered Accountants (SAICA).
Uliana, E. 2006. He is the editor of SA Journal of Accounting Research. He is a referee for Meditari Accountancy Research and SA Journal of Economic and Management Sciences. He is on the Editorial Board of the Journal of Accounting & Organizational Change (Australia).
Watson, A. 2006. Chairman of the Accounting Practices Committee, the technical committee of the South African Institute of Chartered Accountants. Member of Cape Town branch of audit committee working group - a body of experienced audit committee members with the responsibility for drafting position papers on issues facing audit committees (KPMG and Institute of Directors Initiative.).
Wormald, M.P. 2006. Acts as a referee for the South African Journal of Accounting Research, Meditari Accounting Research and the South African Journal of Business Management. Chair of the Association of Heads of Accounting. Member of the South African Institute of Accountants (SAICA) Board. Member of the SAICA Education Committee. Member of the SAICA Transformation Committee. Member of the SAICA BEE Negotiating Forum.
School of Economics

Research Report 2006
(including the Development Policy Research Unit (DPRU) and the Southern Africa Labour and Development Research Unit (SALDRU)).
Acting Directors: Prof Melvin Ayogu, Prof Nicoli Nattrass and Prof Johann Fedderke
Departmental Profile
The School of Economics is located in two faculties, namely, the Faculty of Commerce (which is also its administrative home) and the Faculty of Humanities. Current research activity, with an emphasis on policy related research, is spread across a number of fields, including: agricultural economics; development economics; international economics; international finance; financial theory; growth theory and empirics; monetary economics; labour economics; health economics; education; public economics; fiscal policy; political economy and regional economics.
The School of Economics contains a number of research units. These are the Development Policy Research Unit (DPRU) and the Southern Africa Labour and Development Research Unit (SALDRU).
Development Policy Research Unit
The DPRU specialises in socio-economic research with a focus on labour markets, poverty and inequality. Through the application of economic and statistical techniques, the aim of the Unit is to produce academically rigorous policy analysis. The three core objectives of the Unit are:

  • Fostering high quality, policy relevant research within the DPRU

  • Training a new generation of research economists within the DPRU

  • Disseminating knowledge to decision makers in government, the private sector and civil society

The Unit:

  • Undertakes high quality policy-relevant research

  • Maintains and develops effective networks with government, civil society and the research community in Southern Africa

  • Engages in training and teaching activities

  • Participates directly in the process of formulating, implementing and evaluating policy.

The DPRU publishes a successful Working Paper series and has launched a new Policy Brief series, aimed at bringing some of the relevant issues raised by various working papers to a broader, less technical audience. DPRU staff members undertake limited teaching and graduate supervision. The Unit has, since 2001, hosted an Annual Conference, aimed at bringing together the country's leading researchers and policy-makers. Since 2003, the DPRU has hosted its conferences jointly with Trade and Industrial Policy Strategies (TIPS), broadening the scope of research presented and benefiting the traditional audiences of both institutions’ conferences. In October 2006, the DPRU and TIPS co-hosted a highly successful fourth joint conference.

The DPRU has been able to develop a strong partnership with senior academics and researchers at Cornell University through ongoing collaborative projects such as the Technical Workshops on Analysis and Measurement of Poverty and Inequality. This collaborative effort was cemented, in the first instance, through this highly successful training programme that the Unit offered to staff from historically disadvantaged institutions. The link with Cornell University is likely to expand into related activities over the next few years.
Support for the DPRU includes USAID, IDRC, ILO, and a range of South African government departments. USAID has supported workshops which were held in 2002 and 2004. These two day Extension Courses in Labour Economics and Labour Market Policy were designed for policymakers, implementers of policy and other industrial relations practitioners. They provided a comprehensive snapshot of the most critical issues confronting the labour market in South Africa.
A relatively new area for the Unit lies within the domain of project management, and within this sphere the Unit is currently managing the Trade and Poverty Programme for the government of Lesotho. Intellectually, the trade-poverty nexus remains critical and this project is the potential to make a valuable contribution to this area of research. The Unit has also been awarded a very significant project by DFID - the Employment Promotion Programme: Making Labour Markets Work for the Poor - which spans the period 2005 through 2007. This project aims to help reduce joblessness in South Africa, through the promotion of an enabling environment for employment creation.
South Africa Labour and Development Research Unit (SALDRU)
SALDRU conducts research directed at improving the well-being of South Africa's poor. It was established in 1975. Over the next two decades the unit's research played a central role in documenting the human costs of apartheid. Key projects from this period included the Farm Labour Conference (1976), the Economics of Health Care Conference (1978), and the Second Carnegie Enquiry into Poverty and Development in South Africa (1983-1986). Over the 1992-1994 period SALDRU and the World Bank conducted South Africa's first national living standards sample survey. This project provided baseline data for the implementation of post-apartheid socio-economic policies.
In the post-apartheid period, SALDRU has continued to gather data and conduct research directed at informing and assessing anti-poverty policy. Key survey projects include the Langeberg Integrated Family Survey (1999), the Khayelitsha/Mitchell's Plain Survey (2000), the ongoing Cape Area Panel Study (2001-), the Financial Diaries Project and the Public Work Research Project. In late 2006 the Presidency awarded SALDRU the tender to conduct a South Africa's first national panel study of well-being, the National Income Dynamics study.
SALDRU's research team include a Director, two Deputy-Directors, 9 research associates from Economics, research associates from Management Studies, Sociology and Statistical Sciences and a number of international research collaborators, especially from the University of Michigan.
Current research work falls into the following research themes:
• Post-apartheid poverty, employment and migration dynamics

• Family support structures in an era of rapid social change

• The financial strategies of the poor

• Public works and social protection

• Common property resources and the poor

• Trade and Poverty

Other SALDRU projects include a programme to facilitate teaching and research in Demography at the University of Cape Town as well as a programme to stimulate and fund research by historically disadvantaged researchers and research institutions in the area of Poverty and Inequality Dynamics.

Departmental Statistics



Associate Professors


Senior Lecturers




Research Staff


Administrative staff















*Number of students enrolled for economics courses. Students can take a number of courses in one year.

Research Fields and Staff

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