Accounting policies must be applied consistently; they may be changed only if a standard requires it or if the change provides more reliable and relevant information, and changes are applied retrospectively. Changes in accounting estimates are applied prospectively.
Prior-period errors are also corrected retrospectively and comparative amounts restated.
Source: TAS 8
Related terms
Notes to the financial statementsDisclosures that explain the amounts in the financial statements, set out accounting policies and additional information, and form an integral part of the statements.Financial statementsThe set of reports presenting, in a structured way, an entity's financial position, performance and cash flows for a specific date and period.Amortised costThe amount at which a financial asset or liability is measured at initial recognition, minus principal repayments, plus cumulative amortisation calculated using the effective interest method.AssociateAn entity over which the investor has significant influence but not control or joint control.BOBİ FRS (Turkish GAAP for SMEs)The financial reporting standard issued by the POA for large and medium-sized entities that are subject to independent audit but do not apply TFRS.Business combinationA transaction or event in which an acquirer obtains control of one or more businesses.
Last updated: October 22, 2026 · This definition is for general information only.