Turkey's Public Oversight, Accounting and Auditing Standards Authority has updated a range of Financial Reporting Standards and Accounting Standards, as well as Interpretations on Financial Reporting Standards.
The updated Financial Reporting Standards are below.
Official Gazette Date |
Financial Reporting Standards |
16 December 2017 |
TFRS 1: Turkey Financial Reporting Standard Regarding First-time Adoption of Financial Reporting Standard TFRS 3: Turkey Financial Reporting Standard Regarding Mergers TFRS 4: Turkey Financial Reporting Standard Regarding Insurance Agreements TFRS 9: Turkey Financial Reporting Standard Regarding Financial Instruments TFRS 9: Turkey Financial Reporting Standard Regarding Financial Instruments TFRS Yorum 12: Turkey Financial Reporting Standard Interpretation Regarding Privileged Service Agreements |
17 December 2017 |
TFRS 1: Turkey Financial Reporting Standard Regarding First-time Adoption of Financial Reporting Standard TFRS 10: Turkey Financial Reporting Standard Regarding Consolidated Financial Tables TFRS 12: Turkey Financial Reporting Standard Regarding Explanations on Shares of Other Companies TFRS Yorum 22: Turkey Financial Reporting Standard Interpretation Regarding Foreign Money Transactions and Advances |
18 December 2017 |
TFRS 2: Turkey Financial Reporting Standard Regarding Payments Based on Shares TFRS 4: Turkey Financial Reporting Standard Regarding Insurance Agreements |
19 December 2017 |
TFRS 2: Turkey Financial Reporting Standard Regarding Payments Based on Shares TFRS 3: Turkey Financial Reporting Standard Regarding Mergers TFRS 4: Turkey Financial Reporting Standard Regarding Insurance Agreements TFRS 5: Turkey Financial Reporting Standard Regarding Assets Held for Sale and Discontinued Operations TFRS 7: Turkey Financial Reporting Standard Regarding Explanations TFRS 9: Turkey Financial Reporting Standard Regarding Financial Instruments TFRS 9: Turkey Financial Reporting Standard Regarding Financial Instruments TFRS 13: Turkey Financial Reporting Standard Regarding Reasonable Value Measurement TFRS Yorum 2: Members' Interests and Similar Financial Instruments in Cooperative Operations TFRS Yorum 5: Rights on Shares Deriving from the Service Towing, Restoration and Environmental Rehabilitation Funds TFRS Yorum 10: Interim Financial Reporting and Valuation TFRS Yorum 12: Turkey Financial Reporting Standard Regarding Explanations on Shares of Other Companies TFRS Yorum 16: Turkey Financial Reporting Standard Interpretation Regarding Protection of Financial Investment from Net Investment in Foreign Operations TFRS Yorum 19: Turkey Financial Reporting Standard Interpretation Regarding Payment of Financial Liabilities with Equity-Linked Financial Instruments TFRS 9: Turkey Financial Reporting Standard Regarding Financial Instruments TFRS 10: Turkey Financial Reporting Standard Regarding Consolidated Financial Tables TFRS 12: Turkey Financial Reporting Standard Regarding Explanations on Shares of Other Companies TFRS Yorum 17: Turkey Financial Reporting Standard Interpretation Regarding Distribution of Non-cash Assets to Shareholders TFRS 1: Turkey Financial Reporting Standard Regarding First-time Adoption of Financial Reporting Standard |
The updated Accounting Standards are below.
Official Gazette Date |
Accounting Standards |
16 December 2017 |
TMS 1: Accounting Standard Regarding Presenting Financial Tables TMS 2: First Accounting Standard Regarding Stocks TMS 12: Accounting Standard Regarding Income Taxes TMS 16: Accounting Standard Regarding Fixed Tangible Assets TMS 32: Accounting Standard Regarding Presenting TMS 34: Accounting Standard Regarding Mid-term Financial Reporting TMS 36: Accounting Standard Regarding Depreciation in Assets TMS 37: Accounting Standard Regarding Provisions, Contingent Liabilities and Contingent Assets TMS 38: Accounting Standard Regarding Intangible Assets TMS 39: Accounting Standard Regarding Accounting and Measurement TMS 40: Accounting Standard Regarding Real Estate for Investment TMS Yorum 27: Valuation of the Benefit of Legal Transactions in Charge Appearance TMS Yorum 32: Intangible Assets - Website Costs |
17 December 2017 |
TMS 7: Accounting Standard Regarding Cash Flow Tables TMS 12: Accounting Standard Regarding Income Taxes TMS 28: Accounting Standard Regarding Investments in Subsidiaries and Joint Ventures TMS 40: Accounting Standard Regarding Investment Properties TMS 28: Accounting Standard Regarding Investments in Subsidiaries and Joint Ventures |
19 December 2017 |
TMS 1: Accounting Standard Regarding Presenting Financial Tables TMS 2: First Accounting Standard Regarding Stocks TMS 8: Accounting Standard Regarding Accounting Policies, Changes in Accounting Estimates and Mistakes TMS 10: Accounting Standard Regarding Events After Balance Date TMS 12: Accounting Standard Regarding Income Tax TMS 20: Accounting Standard Regarding Accounting for Government Grants and Disclosure of State Grants TMS 21: Accounting Standard Regarding Exchange Rate TMS 23: Accounting Standard Regarding Borrowing Cost TMS 28: Accounting Standard Regarding Investments in Subsidiaries and Joint Ventures TMS 32: Accounting Standard Regarding Presenting TMS 33: Accounting Standard Regarding Earnings Per Share TMS 36: Accounting Standard Regarding Depreciation in Assets TMS 37: Accounting Standard Regarding Provisions, Contingent Liabilities and Contingent Assets TMS 39: Accounting Standard Regarding Accounting and Measurement TMS Yorum 27: Valuation of the Benefit of Legal Transactions in Charge Appearance TMS 7: Accounting Standard Regarding Cash Flow Tables TMS 16: Accounting Standard Regarding Fixed Tangible Assets TMS 27: Accounting Standard Regarding Personal Financial Tables TMS 34: Accounting Standard Regarding Mid-term Financial Reporting |
The updated Standards each entered into force on the date they were published in the Official Gazette.
The full text of the Communiqué can be found in the links above.
Information first published in the MA | Gazette, a fortnightly legal update newsletter produced by Moroğlu Arseven.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.