Accounting of foreing trade trancastions according to Turkish Accounting Standards and an applications

Rapid increase in globalization has made foreign trade obligatory among countries. All over the world, the number of business firm that make foreign trade is increasing day by day. Because people can do shopping not only from their own country but also from other countries while they are satisfying their needs. This situation causes the increase in exports and imports. In order to record this increase, information systems, in order to record the financial transactions of businesses and produce truthful information, accounting information systems should be used. The aim of the study it has been determined as to explain how the financial transactions of foreign trade companies should be made according to Turkish Accounting Standards. For this purpose, the study is designed in theree parts. In the first part, the concept of foreign trade, documents used in foreign trade, payment methods in foreign trade are explained in general terms. In the second part, the definition of accounting standards the standards that are important in foreign trade, the chart of accounts in accordance with financial reporting standards and the accounts used in foreign trade transactions are examined. In the last part of the study, the import and export transactions of the company A, which is considered as an application example, are accounted for through the accounts in the draft chart of accounts in accordance with the financial reporting standards created by the Public Oversight Agency, taking into account the Turkish Accounting Standards.