Comparison of the IAS 2 inventories and IFRS 16 revenue between International Financial Reporting Standard (IFRS), financial reporting standards for large and medium size entities (FRS for LMSE) and Turkish Tax Legislation

Within the scope of this research, two factors that are important to businesses (inventories and revenue) have been assessed in relation to Turkish Tax Legislation which dominates the accounting practices, Financial Reporting Standards for Large- and Medium-Sized Enterprises (FRS for LMEs) and the Turkish Financial Reporting Standards/Turkish Accounting Standards (TFRS/TAS) With this purpose, revenue and inventories have been assessed in relation to international standards and Turkish tax legislation then comparative analysis has been performed. We understand from the research that in order to have accounting policies in accordance with international standards, the tax regulations applied in Turkey and perspective of view to accounting are needed to be changed. In addition to that it is very important to make sure that international standards can be applied in all areas. Key Words: TFRS 15, TAS 2, LMSE FRS, Turkish Tax Laws, Accounting, Revenue, Inventories