Monetary items such as foreign-currency receivables, payables and cash are measured at the period-end rate, and the resulting difference is recognised in profit or loss. For tax purposes, foreign-currency items are also valued under the provisions of the Tax Procedure Law.
Source: TAS 21
Related terms
Functional currencyThe currency of the primary economic environment in which the entity operates.Hedge accountingA special accounting approach that ensures the profit or loss effects of a hedging instrument and the hedged item are recognised in the same period.Foreign currency revaluation (tax)Revaluing foreign-currency assets and liabilities at period end by translating them into Turkish lira at the rates specified in tax legislation.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.