Financial reporting under IFRS in Turkey

Rules of accounting reporting according to IFRS International

As mentioned above, certain financial reporting standards in Turkey meet international requirements. According to them, the financial statements must include the following: 

• directors’ reports;
• balance sheet;
• profit and loss statements;
• cash flow statements;
• reports of changes in share capital;
• additional information.

The accounting records must be kept in Turkish, which meets the requirements of IFRS Turkey. In addition, one of the requirements is using the Turkish lira as a means of payment. Still, records can also be kept in foreign currency, but only with an indication of the equivalent in local currency. 

Since international financial reporting standards in Turkey are fixed by law, our company, providing consulting and other services, complies fully with IFRS International. Therefore, by contacting us, the entrepreneur can be sure that competently compiled international financial reporting in Ankara will be available to him in the shortest possible time. 

What are the advantages of IFRS Turkey?

IFRS International represent globally recognized recommendations that ensure transaction transparency. With the help of such standards, business people are guided by the same principles and methods. Therefore, adhering to IFRS Turkey will provide the following benefits: 

1. The possibility of entering the world stock markets. It will allow you to take cheaper loans from foreign banks than to stimulate the development of your own business.
2. Decrease in expenses for the preparation of reporting. It makes it possible to draw consolidated statements from specialists from different countries.
3. Reliability of information on the financial position of the company. This point is highly appreciated by business owners, possible investors, creditors, and controlling structures.
4. Simplification of managers’ work, who can more easily trace connections between the data in the reports and real events. Based on this information, specialists can make decisions that will effectively influence the company’s future development.

International financial reporting standards in Turkey allow our specialists to generalize their experience in accounting and reporting while providing services. Clear compliance with IFRS International is the key to the success of our company.

Requirements for financial statements according to IFRS International

Legislation and international financial reporting standards in Turkey provide specific rules. When preparing financial statements, our company: 

1. Uses a reporting plan in his work. It is stated in the Turkish Tax Code.
2. Prepares the statutory accounts in the set format for transferring to the tax office. Specialists do this strictly according to the norms of the law and following IFRS International.
3. Provides documentary support for all activities of the subsidiary company. Attached documents may include invoices, receipts, payment orders, etc. 

Financial reporting is an essential tool in the work process of any Turkish enterprise. Turning to experienced professionals with a good knowledge of financial reporting standards, you can prevent the company’s collapse. Without an accountant who knows IFRS International, there is a risk of significant losses.