Financial reporting standards for smes in Turkey (SME IFRS) an application of the first transition

This study is aimed to explain financial reporting style and conditions that is applied bycompanies and give informations to companies by using sample application with publicationof International Financial Reporting Standards on 9th July 2009 and publication IFRS forSMEs on 1th November 2010 and in the 27746 Number Official News by TMSK in Turkey.Generally, the formation process of the International Accounting Standards (IFRS) and theinstitutions, organizations and arrangements that contributes to this process have beenexplained in the first part of the study.International Financial Reporting Standarts for SMEs in 35 part has been explained byindividually and thoroughly and has been compared with International Financial ReportingStandards in the second part of the study.The financial statements of a hotel with the nature of SME that trades in Turkey, doesn?thave any liabilities of public accountability, doesn?t publish any financial statements forexternal users have been reordered according to IFRS for SMEs and first-pass application tothese standards has been studied in the third and last part of the study.