Turkey - Report on the Observance of Standards and Codes : Accounting and Auditing

As work on the economics of information' demonstrates, enhancing the reliability and availability of financial reporting is conducive to economic growth and mitigating the risk of financial system instability. In that context, this report provides an assessment of accounting and auditing standards and practices in Turkey. It uses International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) as benchmarks and draws on good practices in the field of accounting and audit regulation to assess the quality of financial information and make policy recommendations. For European Union (EU) candidate countries such as Turkey, the assessment also has regard to the relevant requirements of EU law (also known as the acquis communautaire). There has been significant progress in recent years in improving the environment and framework for financial reporting in Turkey and currently further wide-scale reforms are in progress. In particular, a new draft commercial code will modernize statutory regulation of company financial reporting and will set a major challenge for the accounting and auditing professions in Turkey through the requirement to apply Turkish Accounting Standards based on IFRS and audits based in international Standards of Auditing (ISA).

Bibliographic Details

Main Author:	World Bank
Format:	Accounting and Auditing Assessment (ROSC) biblioteca
Language:	English
Published:	Washington, DC 2007-03
Subjects:	ACCOUNT, ACCOUNTANCY, ACCOUNTANT, ACCOUNTANTS, ACCOUNTING, ACCOUNTING FRAMEWORK, ACCOUNTING POLICIES, ACCOUNTING RECORDS, ACCOUNTING STANDARDS, ACCOUNTS, ACQUISITIONS, AMOUNT OF CAPITAL, AUDIT STANDARDS, AUDITED FINANCIAL STATEMENTS, AUDITING, AUDITING PROCEDURES, AUDITING STANDARDS, AUDITORS, AUDITS, BALANCE SHEET, BANK LENDING, BANKING ASSETS, BANKING CRISIS, BANKING LAW, BANKING REGULATION, BANKING REGULATIONS, BANKING SECTOR, BANKING SUPERVISION, BOOKKEEPING, BORROWER, BUSINESS ADMINISTRATION, BUSINESS COMMUNITY, CAPITAL ADEQUACY, CAPITAL MARKET, CAPITAL MARKET LAW, CAPITAL MARKETS, CASH FLOW, CASH FLOW STATEMENTS, CENTRAL BANK, CERTIFIED PUBLIC ACCOUNTANTS, CHECKS, COLLATERAL, COMMERCIAL CODE, COMPANY LAW, CONSOLIDATED FINANCIAL STATEMENTS, CONSOLIDATION, CONTINGENT LIABILITY, CORPORATE GOVERNANCE, CORPORATE LAW, CREDIBILITY, CREDIT INSTITUTIONS, CREDIT RATING, CREDIT RATING AGENCIES, DEBTS, DEPOSIT, DEPRECIATION, DISCLOSURE REQUIREMENTS, EMPLOYMENT, ENFORCEMENT MECHANISMS, ENFORCEMENT PROCESS, EQUIPMENT, EXCHANGE RATE, EXTERNAL AUDITORS, FACTORING, FINANCIAL AUTONOMY, FINANCIAL CRISES, FINANCIAL INFORMATION, FINANCIAL INSTITUTIONS, FINANCIAL LEASING, FINANCIAL REPORTING, FINANCIAL REPORTING STANDARDS, FINANCIAL STATEMENT, FINANCIAL STATEMENTS, FINANCIAL STRUCTURE, FINANCIAL SYSTEM, FOREIGN CURRENCIES, FOREIGN CURRENCY, FOREIGN CURRENCY RISK, FOREIGN EXCHANGE, FRAUD, GOOD PRACTICE, GOOD PRACTICES, GROSS DOMESTIC PRODUCT, INFLATION, INFORMATION SYSTEM, INSURANCE, INSURANCE COMPANIES, INSURANCE COMPANY, INTEREST RATES, INTERNATIONAL ACCOUNTING STANDARDS, INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE, INTERNATIONAL INVESTORS, INTERNATIONAL STANDARDS, INVESTMENT BANKS, INVESTMENT FUNDS, INVESTOR CONFIDENCE, JOINT STOCK COMPANIES, JOINT STOCK COMPANY, LAWS, LEGAL FRAMEWORK, LEGISLATION, LENDER, LENDERS, LENDING DECISIONS, LEVEL OF RISK, LIMITED PARTNERSHIP, LIQUIDITY, LIQUIDITY RATIOS, LOAN, LOCAL CURRENCY, LONG-TERM INVESTMENT, MARKET CAPITALIZATION, MARKET PARTICIPANTS, MONETARY FUND, MUTUAL FUNDS, OFFSITE SUPERVISION, OWNERSHIP STRUCTURES, PENALTIES, PENSION, PENSION FUNDS, PRIVATE BANKS, PRIVATIZATION, PRUDENTIAL SUPERVISION, PURCHASING, QUALITY ASSURANCE, QUALITY AUDITS, QUALITY CONTROL, REAL SECTOR, REGULATORY AUTHORITY, REGULATORY FRAMEWORK, RESOURCE ALLOCATION, RETURNS, RISK EXPOSURE, RISK MANAGEMENT, SECURITIES, SHAREHOLDERS, STATUTORY AUDITORS, STOCK EXCHANGE, STOCKS, SUPERVISION OF BANKS, SUPERVISORY AGENCY, SUPERVISORY AUTHORITIES, SUPERVISORY BOARD, TAX, TAX CREDIT, TAX LAWS, TAXATION, TRADING, TRANSPARENCY, TREASURY, TURNOVER, UNLIMITED LIABILITY,
Online Access:	http://documents.worldbank.org/curated/en/2007/03/15643344/turkey-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/7927
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