Turkey's Public Oversight, Accounting and Auditing Standards Authority has updated a range of Financial Reporting Standards and Accounting Standards, as well as Interpretations on Financial Reporting Standards.

The updated Financial Reporting Standards are below.

Official Gazette Date

Financial Reporting Standards

16 December 2017

TFRS 1: Turkey Financial Reporting Standard Regarding First-time Adoption of Financial Reporting Standard

TFRS 3: Turkey Financial Reporting Standard Regarding Mergers

TFRS 4: Turkey Financial Reporting Standard Regarding Insurance Agreements

TFRS 9: Turkey Financial Reporting Standard Regarding Financial Instruments

TFRS 9: Turkey Financial Reporting Standard Regarding Financial Instruments

TFRS Yorum 12: Turkey Financial Reporting Standard Interpretation Regarding Privileged Service Agreements

17 December 2017

TFRS 1: Turkey Financial Reporting Standard Regarding First-time Adoption of Financial Reporting Standard

TFRS 10: Turkey Financial Reporting Standard Regarding Consolidated Financial Tables

TFRS 12: Turkey Financial Reporting Standard Regarding Explanations on Shares of Other Companies

TFRS Yorum 22: Turkey Financial Reporting Standard Interpretation Regarding Foreign Money Transactions and Advances

18 December 2017

TFRS 2: Turkey Financial Reporting Standard Regarding Payments Based on Shares

TFRS 4: Turkey Financial Reporting Standard Regarding Insurance Agreements

19 December  2017

TFRS 2: Turkey Financial Reporting Standard Regarding Payments Based on Shares

TFRS 3: Turkey Financial Reporting Standard Regarding Mergers

TFRS 4: Turkey Financial Reporting Standard Regarding Insurance Agreements

TFRS 5: Turkey Financial Reporting Standard Regarding Assets Held for Sale and Discontinued Operations

TFRS 7: Turkey Financial Reporting Standard Regarding Explanations

TFRS 9: Turkey Financial Reporting Standard Regarding Financial Instruments

TFRS 9: Turkey Financial Reporting Standard Regarding Financial Instruments

TFRS 13: Turkey Financial Reporting Standard Regarding Reasonable Value Measurement

TFRS Yorum 2: Members' Interests and Similar Financial Instruments in Cooperative Operations

TFRS Yorum 5: Rights on Shares Deriving from the Service Towing, Restoration and Environmental Rehabilitation Funds

TFRS Yorum 10: Interim Financial Reporting and Valuation

TFRS Yorum 12: Turkey Financial Reporting Standard Regarding Explanations on Shares of Other Companies

TFRS Yorum 16: Turkey Financial Reporting Standard Interpretation Regarding Protection of Financial Investment from Net Investment in Foreign Operations

TFRS Yorum 19: Turkey Financial Reporting Standard Interpretation Regarding Payment of Financial Liabilities with Equity-Linked Financial Instruments

TFRS 9: Turkey Financial Reporting Standard Regarding Financial Instruments

TFRS 10: Turkey Financial Reporting Standard Regarding Consolidated Financial Tables

TFRS 12: Turkey Financial Reporting Standard Regarding Explanations on Shares of Other Companies

TFRS Yorum 17: Turkey Financial Reporting Standard Interpretation Regarding Distribution of Non-cash Assets to Shareholders

TFRS 1: Turkey Financial Reporting Standard Regarding First-time Adoption of Financial Reporting Standard

The updated Accounting Standards are below.

Official Gazette Date

Accounting Standards

16 December 2017

TMS 1: Accounting Standard Regarding Presenting Financial Tables

TMS 2: First Accounting Standard Regarding Stocks

TMS 12: Accounting Standard Regarding Income Taxes

TMS 16: Accounting Standard Regarding Fixed Tangible Assets

TMS 32: Accounting Standard Regarding Presenting

TMS 34: Accounting Standard Regarding Mid-term Financial Reporting

TMS 36: Accounting Standard Regarding Depreciation in Assets

TMS 37: Accounting Standard Regarding Provisions, Contingent Liabilities and Contingent Assets

TMS 38: Accounting Standard Regarding Intangible Assets

TMS 39: Accounting Standard Regarding Accounting and Measurement

TMS 40: Accounting Standard Regarding Real Estate for Investment

TMS Yorum 27: Valuation of the Benefit of Legal Transactions in Charge Appearance

TMS Yorum 32: Intangible Assets - Website Costs

17 December 2017

TMS 7: Accounting Standard Regarding Cash Flow Tables

TMS 12: Accounting Standard Regarding Income Taxes

TMS 28: Accounting Standard Regarding Investments in Subsidiaries and Joint Ventures

TMS 40: Accounting Standard Regarding Investment Properties

TMS 28: Accounting Standard Regarding Investments in Subsidiaries and Joint Ventures

19 December 2017

TMS 1: Accounting Standard Regarding Presenting Financial Tables

TMS 2: First Accounting Standard Regarding Stocks

TMS 8: Accounting Standard Regarding Accounting Policies, Changes in Accounting Estimates and Mistakes

TMS 10: Accounting Standard Regarding Events After Balance Date

TMS 12: Accounting Standard Regarding Income Tax

TMS 20: Accounting Standard Regarding Accounting for Government Grants and Disclosure of State Grants

TMS 21: Accounting Standard Regarding Exchange Rate

TMS 23: Accounting Standard Regarding Borrowing Cost

TMS 28: Accounting Standard Regarding Investments in Subsidiaries and Joint Ventures

TMS 32: Accounting Standard Regarding Presenting

TMS 33: Accounting Standard Regarding Earnings Per Share

TMS 36: Accounting Standard Regarding Depreciation in Assets

TMS 37: Accounting Standard Regarding Provisions, Contingent Liabilities and Contingent Assets

TMS 39: Accounting Standard Regarding Accounting and Measurement

TMS Yorum 27: Valuation of the Benefit of Legal Transactions in Charge Appearance

TMS 7: Accounting Standard Regarding Cash Flow Tables

TMS 16: Accounting Standard Regarding Fixed Tangible Assets

TMS 27: Accounting Standard Regarding Personal Financial Tables

TMS 34: Accounting Standard Regarding Mid-term Financial Reporting

The updated Standards each entered into force on the date they were published in the Official Gazette.

The full text of the Communiqué can be found in the links above.

Information first published in the  MA | Gazette, a fortnightly legal update newsletter produced by Moroğlu Arseven.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.