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Accounting

What accounting requirements are there in Turkey?

As one of the EU countries, Turkey has decided to adopt the International Financial Reporting Standards (IFRS) in order to be consistent with the EU legislations. Since January 2008, all listed companies in Turkey are permitted to prepare their financial statements in accordance with the IFRS. On the other hand, IFRS for SMEs is prohibited because of the fear that implementation will be too costly than beneficial and the decision to adopt IFRS either for tax purpose or accurate financial reporting. There is also no specific reporting requirement for SMEs.