Abstract:
Nowadays, an extremely fast developments are faced, in every field. The increase on international business activities, investment decisions, and pace of transformation in capital markets which are affected by the technological development, requires financial data to be presented in one common language. Therefore, there has been a vast increase in the effort to adopt financial accounting and reporting standarts, in all over the world. In establishing standarts for accounting and financial reporting, besides the aim for adoptation in world scale, a concern for higher quality has taken part. Setting standards increases the quality of the financial information which is the content of financial reporting. There is a worldwide tendency towards a single global set in accounting. With this objective, International Accounting Standards (IAS) and International Financial Reporting Standarts (IFRS) has been published by International Accounting Standards Board (IASB). In order to adopt to these set of standards, Turkish Accounting Standards Board (TASB) has been formed, on 18 December 1999. The Board effective from 07 March 2002, has taken the responsibility to comply with international accounting standards. With this intention, Turkish Accounting Standards (TAS) and Turkish Financial Reporting Standards (TFRS) has started to be published
