TFRS

TFRS, or Turkish Financial Reporting Standards, are the accounting standards used in Turkey for the preparation and presentation of financial statements. They are designed to align Turkish reporting with international financial reporting standards while incorporating national adaptations.

Scope and adoption: TFRS is applied by entities subject to Turkish law for statutory financial reporting; publicly listed companies, banks, and other major institutions typically prepare their financial statements in accordance with TFRS. The standard-setter issues the standards, while government regulators oversee their enforcement.

Relationship to IFRS: TFRS are IFRS-based; Turkish interpretations and additional guidance reflect local legal and tax considerations. In practice, most recognitions, measurements, and disclosures follow IFRS requirements with country-specific modifications as needed.

Impact and transition: The adoption of TFRS has aimed to improve transparency and comparability with international markets; it has required changes to accounting systems, controls, and staff training. First-time adoption and transitional provisions are provided to ease changeover.

Further information: See IFRS for international context.