IFRS: A New Era is beginning

The New Commercial Code: Accounting for it all

International Financial Reporting Standards (IFRS) are about to become a fact of life for all Turkish companies. They put you on a parallel footing with multinational companies around the world. But the new commercial code will raise certain real­life issues as it is implemented. The new audit, reporting and prudent risk management could put a huge burden on companies.

Are you up to date and ready?

What are the intended/unintended consequences of using international­ style accounting practices?

What do you need to know from the authorities?

Have you missed anything?



Why IFRS?

With the increasing international investments and transparent capital markets' impact, the corollary for the need of a universal financial reporting has naturally emerged in our country as well. The number of direct foreign investors in Turkey are incomparable to the past. Similarly, Turkish companies' foreign investments are increasing as well. 

Turkish companies are stepping forward and demonstrating to be regional powers.

If we are to look insight of our Country’s agenda, the New Turkish Commercial Code (TCC) is enacted. As of January 1st, 2013, the Companies will be obliged to prepare their financial statements in accordance with Turkish Accounting Standards. Turkish Accounting Standards are the the translation of International Accounting Standards (IAS). Within this code, it is aimed to have common language and disciplinary  at financial reporting and accounting area. In general concept, it is aimed for Turkish Companies to compete at global markets.

If all of this is taken into consideration, all roads lead to IFRS.