Turkish subsidiaries reporting to a US parent, or companies traded on US capital markets, may report under US GAAP. US GAAP and IFRS differ in areas such as inventory valuation, research and development costs and leases.
Related terms
International Financial Reporting Standards (IFRS)The financial reporting standards issued by the International Accounting Standards Board (IASB) and used in more than 140 countries.Sarbanes-Oxley Act (SOX)A US law enacted in 2002 requiring management of listed companies to assess internal control over financial reporting and the auditor to report on it.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.