Internationally, IFRS 18 replaces IAS 1 from 2027; in Turkey the effective date of the equivalent TFRS 18 is set by the KGK. The new standard mainly changes the structure of the income statement and introduces management-defined performance measures.
Source: TMS 1, TFRS 18
Related terms
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.Statement of profit or lossThe statement showing an entity's revenue and expenses for a period and the resulting profit or loss.Accounting policiesThe specific principles, bases, conventions, rules and practices an entity applies in preparing its financial statements.Accounting estimatesThe determination by management judgement of amounts that cannot be measured precisely, such as provisions, useful lives, expected credit losses and fair values.Accrual basis of accountingThe principle of recording transactions as income, expenses, assets and liabilities in the period in which they occur, rather than when cash is received or paid.Allowance for doubtful receivablesAn allowance made for receivables whose collection has become doubtful, recognising the expected loss as an expense.
Last updated: November 8, 2026 · This definition is for general information only.