Analysis of MSUGT, BOBİ FRS and TMS/TFRS on measurement / valuation and reporting principles

The operation of enterprises in different countries has resulted in the preparation of the accounting practices in accordance with the legislation of the country. Accounting systems and financial statements which prepared in accordance with different legislation make it difficult to compare financial performance of users of financial statements. This situation revealed the necessity of conducting some special works for SMEs with the international financial reporting standards issued in order to ensure uniformity in the country practices all over the world. For SMEs, the need to publish a simpler standard for them, without leaving the general structure of the full set, has come into consideration. In line with this, in 2014, the KGK initiated efforts to issue a local financial reporting standard and these efforts were finalized in 2017. In the Official Gazette No. 30138 dated July 29, 2017, the Financial Reporting Standard for Large and Medium-Sized Enterprises (BOBİ FRS) was prepared in accordance with EU-34 and put into effect as of 01.01.2018. The purpose of this study is to examine and evaluate the measurement/valuation and reporting applications which included in accounting in terms of MSUGT BOBI FRS and TMS / TFRS.