Impacts of international financial reporting standarts on financial statements

The many countries in all over the world starts to adopt the firms "financial reports according to International Financial Reporting Standarts (UFRS), which were issued by International Accounting Standarts Board (IASB). 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 (TMS) 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 thesis, effects of International Financial Reporting Standarts (IFRS) on financial statements were the aim of this study is to present how to prepare balance sheet and income statement according to the IFRS, with a case study. Key Words: International Financial Reporting Standarts, Financial Statements, Financial Reporting.