The improvements brought by Turkish financial reporting standards on asset valuation: A study to determine the proficiency of public accountant

A large part of studies relating to the valuation have emerged 25-30 years ago due to inflation. And may studies has been done on the subject. However, in recent years along with the inflation, common understanding has been to dominate that using current costs rather than historical costs. At this point, the aim of the valuation is to provide transformation of records of historical costs to real assets in accordance with the current circumstances and also to determine the accurate profit of the period.On the other hand, because of the globalization of capital, it has become a necessity to use a common accounting language as a medium among the countries. Turkish Accounting Standarts that have been set within the framework of International Accounting Standarts have launched out into application initally by the companies that are liable to the Board of Capital Market in also our country as well as in most other countries. This development will bring along some new regulations on valuation to all companies except for the financial organization as of 2013 and also made significant differences in application.In this study, within the frame of evaluation of assets, the changes made by the Turkish Financial Reporting Standarts have been studied, taking into account the problems faced all around the world, the inconvenience that might be caused by the valuation of assets during transition period and the probable effects on accounting personel have been examined.