International Financial Reporting Standards (IFRS), the most recent change in accounting, has been introduced. As of 2005, the companies that traded stocks or issued a financial instrument in the organized countries in the EU member states and many other countries switched to IFRS.
In Turkey, the transition to IFRS continues to accelerate day by day. Many companies that subject to Capital Markets Board, Banking Regulation and Supervision Agency, Energy Market Supervision Board and Undersecretariat of Treasury prepare their financial reports according to Turkey Financial Reporting Standarts (TFRS). TFRS is currently based of IFRS.
TFRS is prepared by Turkey Accounting Standards Board and it is compatible with IFRS. TFRS will be compulsory for all commercial enterprise in the upcoming days.