Here is the rewritten article in Markdown format:
Financial Reporting Regulations in Turkey: Key Features and Benefits
Turkey’s New Commercial Code regulates all financial statements and accounting practices, requiring businesses to base their financial records on Turkish financial reporting standards that fully replicate International Financial Reporting Standards (IFRS) International. Our experts provide consulting services in accounting and financial reporting, ensuring compliance with IFRS Turkey.
Required Financial Reports
According to the regulations, financial reports must include:
- Directors’ reports
- Balance sheets
- Profit and loss statements
- Cash flow statements
- Reports of changes in share capital
- Additional information
Accounting records must be kept in Turkish, which meets the requirements of IFRS Turkey, although foreign currency records are also permitted with an indication of the equivalent in local currency.
Benefits of Adhering to IFRS Turkey
The advantages of adhering to IFRS Turkey include:
- Increased transparency
- Facilitating access to global stock markets
- Reduced expenses for report preparation
- Reliable information on the company’s financial position
- Simplified management decision-making
Our specialists generalize their experience in accounting and reporting while providing services, ensuring clear compliance with IFRS International. This is key to our company’s success.
Preparing Financial Statements
When preparing financial statements, we follow specific rules outlined in Turkish legislation and IFRS International. Our process includes:
- Using a reporting plan stated in the Turkish Tax Code
- Preparing statutory accounts in a set format for transferring to the tax office
- Providing documentary support for all activities of the subsidiary company
Importance of Financial Reporting in Turkey
Financial reporting is essential for any Turkish enterprise, and seeking experienced professionals with knowledge of financial reporting standards can prevent business collapse. Without an accountant familiar with IFRS International, there is a risk of significant losses.
By following these guidelines and consulting with our experts, entrepreneurs can ensure compliance with IFRS Turkey and receive high-quality international financial reporting in Ankara quickly and efficiently.