Valuation and reporting of financial fixed assets: Comparison of regulations in Tax Procedural Law and TAS/TFRS

The subject of this work is comparing regulations between Turkish tax applications and Accounting Standards in Turkey/Turkish Financial Reporting Standards regarding to valuation and reportation of tangible fixed assets which has a significant share on total assets of businesses. Regardless of the fact that, valuation approaches are shaped in order to tax acts which are within the scope of Turkish Tax Procedure Law (TPL), Accounting Standards in Turkey/Turkish Financial Reporting Standards (AST/TFRS) approaches the subject more carefully. AST/TFRS considers making a realistic presentation and suitability criterias while measuring and reporting. Main purpose of this study is explicitation of valuation criterias and principles from the point of TPL and AST/TFRS. At first section, definition of value concept and its relation along the historical process is being surveyed and their valuation approaches and valuation standards are being explained. Statements are made about fair value measurement which are contextuaused within the scope of standards. At second section, tangible fixed assets are generally being defined and their valuation and reportation process in accordance to TPL and AST/TFRS regulations are being examined. At third section, valuation and reportation of tangible fixed assets within the scope of TPL and AST/TFRS applications are being compared.