BOBİ FRS has applied since 2018. It contains simpler measurement and disclosure requirements than TFRS; for example, it offers simpler approaches to leases and financial instruments.
Most companies subject to independent audit prepare their financial statements under BOBİ FRS. Companies wishing to move to TFRS may apply TFRS voluntarily.
Related terms
Turkish Financial Reporting Standards (TFRS)The financial reporting standards issued by the POA in line with International Financial Reporting Standards (IFRS).Independent auditReasonable assurance provided by an independent auditor on whether the financial statements are presented fairly, in all material respects, in accordance with the applicable financial reporting framework.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.Accounting policiesThe specific principles, bases, conventions, rules and practices an entity applies in preparing its financial statements.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.
Last updated: October 22, 2026 · This definition is for general information only.