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Standards of Financial Reporting = Finansal Raporlama Standartlar─▒

Author(s): Suat TEKER

Journal: Dogus University Journal
ISSN 1302-6739

Issue: 1;
Start page: 174;
Date: 2000;
Original page

Keywords: Standards of Financial Reporting | GAAP | IAS | TAS

A long time ago many financially developed countries adopted accounting standards for financial reporting. It may be strongly argued that standardization in financial reporting is one of the fundamental elements of improving financial markets. Turkey first adopted standards for bank reporting in 1986. However, financial reporting standards for nonfinancial firms have been established only in very recent years (1995). Yet, in spite of the improvements, it is hardly possible to say that newly adopted standards are sufficient for accurate comparisons of financial reports. That is to say, the treatment of new financing tools (e.g. leasing, factoring, forfeiting) and off-balance sheet activities (e.g. forwards, futures, swaps, assurances, guarantees) are still not completely standardized. Having understood the needs, improvements in the standards of accounting will help improve the Turkish financial markets and eventually economic growth.

Tango Rapperswil
Tango Rapperswil

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