In our country, in case of the presence of the conditions set by the Public Oversight Authority, companies need to be prepared according to the Turkish Financial Reporting Standards. These companies are: Public companies; banks; insurance, reinsurance and pension companies; factoring companies; financing companies; financial leasing companies; asset management companies; pension funds; issuers and capital market institutions; Organizations evaluated by the KGK in this context as it concerns the public significantly according to their fields of activity, transaction volumes, the number of employees they employ and similar criteria.
On the other hand, although there is no legal obligation, it may be necessary to prepare Financial Reports in accordance with International Financial Reporting Standards both for the correct evaluation and consolidation of the financial structures of companies and to be presented to international financial institutions. With the consistent application of these Standards worldwide, it is aimed to enable the financial status of public companies to be compared internationally by investors and other users of financial statements. International Financial Reporting Standards (IFRS) is a financial reporting system accepted in many countries and also in our country and aims to make companies globally comparable, transparent and understandable in the globalizing world economy.