Activities

Nexum Boğaziçi explained “Turkish Financial Reporting Standards” in SAP Forum 2006 in İstanbul

On April 7th, in Swissotel the Bosphorus, Nexum Boğaziçi informed attendands of SAP Forum 2006 about Turkish Financial Reporting Standards (TFRS). TFRS, the reflection of International Financial Reporting Standards (IFRS) in Turkey, is expected to be part of the legal structure in 2007 and for this reason will soon become one of the most important accounting and reporting requirements. 

As the chairman of Nexum Boğaziçi board, Joachim Behrendt, who has an academic background in finance and accounting, and Şebnem Çelebi, the director of Nexum Boğaziçi consulting team, informed the audience about these new standards and related projects conducted by Nexum Boğaziçi.

At the presentation, it was explained that the new Turkish Commercial Law expected to be enacted within 2007 will oblige companies to use Turkish Accounting Standards (TAS) and TFRS, and due to this shift,many major changes will be needed in 2007 in the Turkish accounting profession. Necessary information was given through examples during the presentation, in order to prepare accounting departments to the new accounting systems, and help them face the new phase with an ease.

Switching to TFRS is Very Soon

Starting from December 17th, 2004, developments in Turkey leading to European Union accession has gained speed. Adapting themselves to the new accounting structure, many large companies have started to apply Turkey Financial Reporting Standards reflecting the “true and fair view”.  

Since the beginning of 2005, it is obligatory for all campanies in the Turkish stock market to make IFRS-based reporting. Turkish Accounting Standards Board, which has been conducting its studies during the last few years, has been constructing the Turkish Accounting Standards and Turkish Financial Reporting Standards along the lines of International Accounting Standards and International Financial Reporting Standards. Currently, almost all standards are completed, published in official journal and is ready to be applied when the new Turkish Commercial Law is accepted. In the draft Turkish Commercial Law, it is stated that bookkeeping and preperation of financial statements will need to be prepared in line with Turkish Accounting Standards, and similarly, the only responsible association that has the right to determine, publish and generalize the use of these standards will be the Turkish Accounting Standards Board.

Thanks to its extensive knowledge, Nexum Boğaziçi aims to successfully conduct implementation of TFRS when the new Turkish Commerce Law urgently pushes companies to apply these standards.

07/04/2006