Examination of FRS for lmes in terms of its innovations in accounting applications comparison with TFRS, KUMI FRS and MSUGT

Standardization in financial reporting has become a necessity as a result of globalization and ever-developing trade. Many studies have been carried out by governments and related institutions to ensure the standard in financial reporting. Also, in our country, studies have been carried out for financial reporting standards by various institutions. Eventually, the Public Oversight, Accounting, and Auditing Standards Institution was established and became the only authorized institution for setting and developing standards. In this study, the Financial Reporting Standard for Large and Medium-sized Enterprises (FRS for LMEs), which have been in force in our country in 2017 and have been implemented since 2018, and Turkish Financial Reporting Standards (TFRS), Turkish Accounting Standards (TAS), Financial Reporting Standards for Small and Micro Enterprises which are in draft form, and Reporting Standards (KUMİ FRS) and Accounting System Implementation General Communique (MSUGT) were compared. Differences were mentioned in the comparisons made over the sections in FRS for LMEs. It has been seen that the FRS for LMEs is easier to understand than TFRSs. However, when the same comparison is considered in terms of KUMİ FRS, it is understood that FRS for LMEs is more detailed and complex. When FRS for LMEs is compared with MSUGT, it is seen that MSUGT is far from providing relevant comparable information due to the absence of some valuation clauses.