Accounting of tangible fixed assets for BOBİ e MSUGT/VUK, TMS/TFRS ve KÜMİ FRS: A case study

Studies on accounting standards are ongoing in the world and in Turkey. Following these studies, The Financial Reporting Standard for Small and Micro Enterprises Draft (KUMI FRS) was published in our country for enterprises that are not covered by independent audit. With the publication of KUMI FRS, it is aimed to get rid of the impact of tax laws of the accounting system and to create a single and common language in terms of accounting. Tangible fixed assets are assets that are expected to be used in the business for more than one year. Tangible fixed assets are important for every business. Because there are tangible fixed asset items in almost every business. Within this study, The Turkish Accounting Standards and Financial Reporting Standards (TMS/TFRS), Financial Reporting Standard for Large and Medium-sized Entities (BOBI FRS), General Communique on Accounting System Application (MSUGT) and Financial Reporting Standard for Small and Micro Enterprises (KUMI FRS), which have been created with the understanding of fairness for tangible fixed assets in Turkey, have been examined and tried to determine the similar and different aspects of these four reporting frameworks. Tangible fixed assets are analyzed in four parts: initial recognition, revaluation, depreciation and derecognition. As a result of this examination, it was seen that the accounting standards were quite close to each other, but there were differences in matters such as maturity difference and borrowing costs, and some simplifications were made in order to facilitate the work of small businesses. It has been concluded that the main difference is determined between accounting standards and MSUGT, and with the full activation of KUMI FRS, MSUGT will disappear and a common language in accounting can be established.