Turnaround and accounting practices for turnaround

Recently, the increasing number of companies experiencing financial distress and failure around the world has made businesses take precautions to avoid future problems. In this context, the methods used to help companies in financial distress are referred to as "rescue strategies". In the past few years, businesses in Turkey have been experiencing financial stress, putting rescue strategies, such as restructuring of debt and bankruptcy on the national agenda. Finding a solution has become an important issue within Turkey because companies had not been experiencing these kinds of economic shocks previously. As a result, several businesses that focus on rescue strategies have been established in the country. The aim of this study is to explain the different types of rescue strategies being offered and to provide the practitioners with information about company rescue. In the study, fictional examples are used to describe accounting practices used in company rescues.