IFRS is the common language for companies reporting to international investors and foreign parent companies. Turkey's TFRS set is essentially a translation of IFRS, although effective dates and transition provisions may differ.
Companies preparing reporting packages for a foreign parent convert their statutory records to IFRS.
Related terms
Turkish Financial Reporting Standards (TFRS)The financial reporting standards issued by the POA in line with International Financial Reporting Standards (IFRS).US GAAPThe generally accepted accounting principles applied in financial reporting in the United States, set by the FASB.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.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.
Last updated: October 22, 2026 · This definition is for general information only.