Please use this identifier to cite or link to this item: https://hdl.handle.net/20.500.11851/5739
Title: Financial reporting transformation: the experience of Turkey
Authors: Alp, Ali
Üstundağ, S.
Keywords: Accounting standards
IASB
SME
Turkey
Issue Date: 2009
Abstract: From the viewpoint of a developing country which is in need of foreign capital and foreign investments to finance its economic growth, the need for high quality financial information has vital importance. The need for IFRS in Turkey was brought up by the same reasons as a developing country and as an emerging market. With the internationalization of capital markets and the increased volume of international investments, companies functioning in Turkey needed to provide high quality financial information to access financial resources. Furthermore, internationally accepted and reliable financial information is also needed for the overseas customers of the domestic companies. Another reason facilitating the need for IFRS is Turkey's candidation for European Union membership. This paper attempts to explain the development process of accounting standards around the world and its practical results in a developing country: Turkey. Within this context, brief information is given about the structure of International Accounting Standards Board (IASB), and adoption process of IFRS in Turkey. During this adoption process, Turkey encounters several complications such as complex structure of the international standards, potential knowledge shortfalls, and difficulties in application and enforcement issues. This paper explores these difficulties and shares the Turkish experience from a viewpoint of a regulator and an academician, and discusses the proper and consistent way implementing a "Principle Based" IFRS in Turkey. © 2009.
URI: https://doi.org/10.1016/j.cpa.2007.12.005
https://hdl.handle.net/20.500.11851/5739
ISSN: 1045-2354
Appears in Collections:İşletme Bölümü / Department of Management
Scopus İndeksli Yayınlar Koleksiyonu / Scopus Indexed Publications Collection

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