Applying international financial reporting standards to foundations and a sample application

Up to the konowledge age, the ones who hold the economic and managementpower in their hands, behaved regarding the rules of the latency and privacy. As a resultof these, there occured crisis and these crisis gave harm to the economy of the world. Itis understood that latency is the reason for all these, after the limits of the knowledgedisappeared and the possibility of reaching the knowledge increased.Enlargement of the economy in global and national means and in paralel with this,increasing behavior of the economical and social needs in both micro and macro termsincreased the role of the non-profit sector. Especially, foundations are regarded as ?thirdsector? nowadays. These instutituons which has lots of shareholders, need transparencyas other private and public institutions.The problem of how to reach transparent financial knowledge madestandardization an important topic and activated the expert instutions in this area. Inorder to satisfy the need of generating standart tables to establish a financial reportingwhich will be the common language of all the ones who make decisions in the world,firstly International Accounting Standards are developed and after, InternationalFinancial Reporting Standards which covers these are developed and sanctions arebegan to be applied.Because foundations make use of the most of the sources of the country and havelots of shareholders, this raised the need of foundations?s financial tables to becompatible with the International Reporting Standards.