The significance of the standard of prensentation of TMS1 finansal tables in terms of corporate govarnance and community of interest

The occurrence of major company scandals has necessitated the questioning of corporate management and the concept of governance along with the identification of certain criteria which international organizations could jointly use and apply. The principles identified by the OECD have been adopted by numerous countries and foundations and each institution and country, through the principles identified with their own individual cases, have established a convergence. In order to invest in the profits of publicly-held corporations, investors attach great importance on the reliability, authenticity, comprehensibility and interpretability of financial tables. For financial tables to carry all these properties, the International Accounting Standards Board (IASB) has taken important steps in generating accounting standards which could be valid all around the world, in providing transnational convergence and creating a common language for accounting. TMSK has been established in our country and UMS and UFRS have been exactly translated and have come into force as Turkish Financial Reporting Standards (TFRS). In this article, the principles of corporate governance and the presentation and explanation of the footnotes of financial tables according to TMS1 have been examined; the significance of footnotes in particular, in terms of decision making for users of financial tables and community of interests, have been explained. The changes made in financial tables by TMS1 and how these reflect on the financial tables of Arçelik Corporation whose stocks are being treated in the IMKB and which is among the leading enterprises, along with what these changes represent for the community of interest has also been examined.Key Words: Corporate Governance, TMS1, TFRS1, TMSK