Accounts are grouped as assets (starting with 1 and 2), liabilities (3 and 4), equity (5), income statement (6) and cost accounts (7). TFRS financial statements are usually prepared from these records through adjusting entries.
Source: Muhasebe Sistemi Uygulama Genel Tebliği (MSUGT)
Related terms
Trial balanceA list showing the debit and credit totals and balances of all accounts at a given date.Statutory booksBooks that must be kept under the Tax Procedure Law and the Turkish Commercial Code, such as the journal, general ledger, inventory book and resolution book.Turkish Financial Reporting Standards (TFRS)The financial reporting standards issued by the POA in line with International Financial Reporting Standards (IFRS).Accounting estimatesThe determination by management judgement of amounts that cannot be measured precisely, such as provisions, useful lives, expected credit losses and fair values.Accounting policiesThe specific principles, bases, conventions, rules and practices an entity applies in preparing its financial statements.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.
Last updated: October 31, 2026 · This definition is for general information only.