Post by amina147 on Mar 6, 2024 10:19:29 GMT 5.5
Public Oversight Authority Announcement on Adjustment of Financial Statements According to Inflation of Enterprises Implementing TAS TFRS and BOBİ FRS With the Announcement dated . . made by the Public Oversight Authority (KGK), the financial statements of companies subject to independent audit for the annual reporting period ending on or after . . were prepared according to "TMS - Financial Reporting Standard in High Inflation Economies" and "BOBİ FRS Chapter ". It has been explained that they should be presented by adjusting them for the inflation effect in accordance with the accounting principles in the "Financial Reporting Standard in Economies with High Inflation.
Thus, it has become clear that businesses that are subject to independent audit or prefer to apply TAS TFRS voluntarily will be required to make inflation adjustments within the scope of TMS TFRS or BOBİ FRS (as the case may be) by the end of . As is known, in accordance with the temporary article added to the Tax Procedure Law (VUK) by the Law No. published Austria Phone Numbers List in the Gazette dated . . , the financial statements dated . . prepared in accordance with the tax legislation are subject to inflation adjustment, regardless of whether the inflation adjustment conditions are met or not. will be kept. This situation, which is valid in terms of tax legislation, is not equally clear for companies that prepare their financial statements in accordance with TAS TFRS and BOBİ FRS, and it is not clear whether the inflation accounting provisions of the relevant standards will be applied in the financial statements that these companies will prepare as of the end.
It was expected to be announced by the Oversight Authority (KGK). In this context, with the "Announcement dated . . " published by the KGK, in accordance with the temporary article of the TPL, the financial statements dated . . will be subject to inflation correction regardless of whether the inflation adjustment conditions are met or not, and therefore, the financial statements will be converted to TFRS in order to ensure uniformity of application. (Turkish Financial Reporting Standards) or BOBİ FRS (Financial Reporting Standard for Large aof businesses preparing their financial statements under "nd Medium-Sized Enterprises) for the annual reporting period ending on or after of businesses preparing their financial statements under "increased.
Thus, it has become clear that businesses that are subject to independent audit or prefer to apply TAS TFRS voluntarily will be required to make inflation adjustments within the scope of TMS TFRS or BOBİ FRS (as the case may be) by the end of . As is known, in accordance with the temporary article added to the Tax Procedure Law (VUK) by the Law No. published Austria Phone Numbers List in the Gazette dated . . , the financial statements dated . . prepared in accordance with the tax legislation are subject to inflation adjustment, regardless of whether the inflation adjustment conditions are met or not. will be kept. This situation, which is valid in terms of tax legislation, is not equally clear for companies that prepare their financial statements in accordance with TAS TFRS and BOBİ FRS, and it is not clear whether the inflation accounting provisions of the relevant standards will be applied in the financial statements that these companies will prepare as of the end.
It was expected to be announced by the Oversight Authority (KGK). In this context, with the "Announcement dated . . " published by the KGK, in accordance with the temporary article of the TPL, the financial statements dated . . will be subject to inflation correction regardless of whether the inflation adjustment conditions are met or not, and therefore, the financial statements will be converted to TFRS in order to ensure uniformity of application. (Turkish Financial Reporting Standards) or BOBİ FRS (Financial Reporting Standard for Large aof businesses preparing their financial statements under "nd Medium-Sized Enterprises) for the annual reporting period ending on or after of businesses preparing their financial statements under "increased.