In the scope of first time adoption of Turkey financial reporting standards (TFRS 1) regulation of the statement of financial position: The case of Çaykur Araklı Tea Factory

Financial reporting standards can affect countries in various ways. The European Union (EU) can be seen as a significant factor, which can affect those countries to impose the accounting standards. Due to the standardization procedure of the EU integration process, Turkey is one of the remaining countries that must to switch to the financial reporting standards, which was issued by the International Accounting Standard Board. In this standardization process, because of the last arrangements put into practise by the Public Oversight Accounting and Auditing Standards Authority, ÇAYKUR, whose all capital owned by government, has been forced to independent audit process and chosen to report according to TFRS since 01.01.2016. In this study, as one of ÇAYKUR's production units, Araklı Tea Factory's balance sheets are adapted to the TAS/TFRS under the TFRS 1 First-time Adoption of Turkey Financial Reporting Standards and it is strived to raise an awareness of TAS/TFRS for the ÇAYKUR and its employees. As a result, it is detected that company's previous financial reports were presented incorrectly or inexactly. Therefore, considerable translation differences have occurred. In that regard, the company is highly suffer lack of information regarding the TAS/TFRS so serious instructions about the subject are needed. Furthermore, it can be argued that seminars and written sources, which organised by the audit firms and universities, would make a considerable contribution to the adaptation process and further researches.