The Role and Current Status of IFRS in the Completion of National Accounting Rules – Evidence from Turkey

Abstract

As it is not a member of the European Union, Turkey has not yet adopted EU accounting directives by law. Instead, Turkish standard setting authority adopted International Financial Reporting Standards for entities that have public accountability and has recently prepared the draft Turkish financial reporting standard for non-publicly accountable entities that are subject to independent audit: Framework for Local Financial Reporting. This national standard is influenced by European accounting directive 2013/34, international financial reporting practices and UK experience in addition to national accounting rules.

Keywords:

• IFRS
• Turkey
• European accounting directive
• 2013/34/EU
• SMEs

JEL classification:

• M41
• M48

Acknowledgements

The author would like to thank Prof. Paul André and his anonymous referee in developing this paper.

Disclosure Statement

No potential conflict of interest was reported by the author.

ORCID

CAN ÖZTÜRK http://orcid.org/0000-0003-1587-4707

Notes

1 In the reminder of this paper, TFRSs are stated as IFRSs due to the international audience of this paper.