Comparison of tangible fixed assets in Turkey and Irak accounting system

This study aims to make a comparative analysis of the accounting, valuation, depreciation practices and decommissioning processes of tangible fixed assets in the accounting systems of Turkey and Iraq. The existing similarities and differences in terms of accounting practices between the two countries are revealed, and the differences in practices experienced in the harmonization process with international accounting standards (UMS) are addressed. In this context, both the Turkish Accounting Standards (TMS) in force in Turkey and the accounting regulations in Iraq are discussed in detail. In the study, how tangible fixed assets are accounted from the moment of their first registration, the application of depreciation methods, end-of-period valuation transactions and decommissioning transactions such as sale, donation or deletion of assets are presented comparatively with sample tables. As a result of the study, it has been determined that the Turkish Accounting Standards are particularly compatible with the International Accounting Standards in accounting for tangible fixed assets, and that they are more flexible and easier to implement. It has been understood that the accounting system of Iraq is still dominated by a traditional and state-centered structure, and a system based on local practices is used.