Author(s): Hacı Arif TUNÇEZ
In Turkey, the financial reporting framework to be applied by enterprises subject to independent audit and not obliged to implement Turkish Accounting Standards/Turkish Financial Reporting Standards (TAS/TFRS) was issued on July 29, 2017 under the name of Financial Reporting Standard for Large and Medium Size Entities (FRS for LMEs). This standard will be effective as of January 1, 2018 and is a guide for separate and consolidated financial statements to be prepared by large and medium-sized enterprises out of scope the TAS/TFRS. In general it can be said on these two standards that FRS for LMEs is more comprehensible than TAS/TFRS due to its clear and simple language. The purpose of this study is to examine and explain the rationale behind the issuance and the general features of FRS for LMEs issued in order to provide fair, relevant and comparable information, and make a comparison between the requirements of FRS for LMEs and TAS/TFRS.
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