The TFRS set consists of the Turkish Accounting Standards (TAS), the Turkish Financial Reporting Standards (TFRS) and related interpretations. Public interest entities such as listed companies, banks and insurers must apply TFRS; other companies may apply them voluntarily.
Because TFRS are aligned with IFRS, the financial statements of Turkish companies are comparable for international investors.
Related terms
Turkish Accounting Standards (TAS)The standards within the TFRS set that correspond to the International Accounting Standards (IAS).International Financial Reporting Standards (IFRS)The financial reporting standards issued by the International Accounting Standards Board (IASB) and used in more than 140 countries.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.Public Oversight Authority (POA)The public authority in Turkey that sets accounting and auditing standards and authorises and oversees independent auditors and audit firms.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.
Last updated: October 22, 2026 · This definition is for general information only.