Tangible assets in accounting standard sets and accounting system application general communiques: Accounting and presentation

With globalization, the markets in which companies operate have expanded, international investments have increased, and with the intensification of cross-border trade, standards regarding financial reporting have become important. In this context, International Accounting Standards/International Financial Reporting Standards (UMS/IFRS) were presented and an understandable common language was created among all stakeholders. These standards were translated into Turkish and put into effect as Turkish Accounting Standards/Turkish Financial Reporting Standards (TMS/TFRS) in order to ensure that businesses in Turkey provide financial information in compliance with international standards and to ensure that international investors and stakeholders better understand the financial situation of Turkish companies. The implementation of the provisions of Accounting Standard Sets and Accounting System Application General Communique together is an important issue for businesses. Tangible assets have a significant impact on the financial statements of businesses and include issues that need to be taken into account in terms of valuation, reporting and taxation. Although the valuation approaches within the scope of the General Communique on Accounting System Application are shaped according to tax laws, accounting standard sets adhere to the values of fidelity, suitability, consistency and transparency in valuation and reporting processes. This study addresses the issues of capitalization, end-of-period valuation and reporting of tangible fixed assets in line with Accounting Standard Sets and MSUGT regulations and aims to reveal the differences.