Comparisons of provisions, contingent liabilities and contingent assets under TAS/TFRS, FRS for LMEs and MSUGT

This study aims to examine Provisions, Contingent Liabilities and Contingent Assets within the framework of our country's General Communiqué on Application of Accounting System, Turkish Accounting Standards (TAS) 37, and Financial Reporting Standard for Large and Medium-sized Entities (BOBI FRS) Section 19 in order to compare the provisions of the main issues and reveal the similarities and differences among them. First of all, the concept 'provision' is explained in general terms, and then the concepts pertaining to the relevant national and international accounting standards are fleshed out in detail. With regard to the legal regulations, the separation of provisions, their scopes concerning their standards, the way of their application, their measurement criteria as well as reporting requirements and information on their implementation are provided. In the study, the present study attempts to demonstrate the appropriate measurement methods for the actual events and the necessary records according to the accounting system and standards through sample applications of provisions, contingent liabilities and contingent assets. Furthermore, it has been determined that there are differences in provisions between the regulations and standards in terms of the recording, valuation and reporting of provisions in our country, and it has also been determined that TAS 37 and BOBI FRS section 19 are largely similar.