Accounting in Turkey

Overview by

Accounting System

Accounting Standards
Since the control of accounts has no longer been totally under government influence, account certification has been carried out in agreement with the " Turkish Code of Commerce".
The results obtained have to be sent to the Ministry of Finance.


Public companies must comply with the accounting principles and standards of the capital market board which are generally in line with IFRS.

Accounting Regulation Bodies
BDDK, Website of the Banking Regulation and Supervision Agency (in English)
Organization of Turkish accounting standards
Accounting Law
Turkey passed the Independent Accountancy Law in 1989 (Law n. 3568/89), which applies to accountants and auditors.
Difference Between National and International Standards (IAS/IFRS)
Turkish companies listed on the Stock Exchange must draw up their consolidated annual accounts on the basis of IASB/ IFRS standards.
With the renewal of EU benefits, the "Turkish Code of Commerce" is converging with European regulations.
Accounting News
Turkish accounting news
EIN News on Turkey

Accounting Practices

Tax Year
The tax year begins on 1 January and finishes on 31 December of the same year.
Accounting Reports
The accounting structure includes:
- Consolidated Balance Sheet
- Assets
- Floating Assets (liquid assets; Treasury bonds; short term investments; receivables; stocks; other floating assets)
- Total Floating Assets
- Fixed assets
- commercial receivables
Publication Requirements
The balance sheet and the profit and loss account must be expressed in Turkish currency and drawn up in a clear, complete and easily understandable way quarterly and annually (annual accounting balance sheet).

Accountancy Profession

Professionals and organizations authorized to control and then certify company accounts must be subject to Law n°3568.
Professional Accountancy Bodies
Expert Accountants' Association of Turkey
TÜRMOB, Union of Chambers of Certified Public Accountants of Turkey.
Member of the International Federation of Accountants (IFAC)
Member of Other Federation of Accountants
Member of the Federation of Mediterranean Accountants (FCM);
Member of the IAAER (International Association of Accounting Education and Research);
Member of the IASB (International Accounting Standards Board).
Audit Bodies
Companies have to seek a statutory auditor to conduct an annual audit of the financial health of their organization. You can contact audit companies:
- Mazars Denge
- Pricewaterhouse Coopers

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