Accounting and Legal Books in Turkey

The Importance of Accounting and Legal Books in Turkey

Doing business or managing a business in Turkey is a critical point to understanding how important financial compliance and proper accounting practices are. Businesses must fully comply with accounting standards in Turkey in order to maintain their financial stability, gain the trust of investors, and ensure tax compliance.

What are the accounting and legal books in Turkey? It is organized under two main categories as Turkish Financial Reporting Standards and Turkish Accounting Standards. These standards establish the rules and guidelines that businesses must follow when preparing their financial reports, defining revenues, valuing assets, and preparing their financial statements.

This content aims to explain why accounting standards are so critical for businesses in Turkey, which standards are suitable for the business, and how to comply with these standards. You can start using this resource to begin the process of understanding financial compliance and accounting good practices for businesses.

Accounting Standards in Turkey

When doing business in Turkey, financial management and reporting processes are vital to the success of businesses. Financial records and reports of businesses should be arranged in accordance with legal regulations. In Turkey, these regulations are based on certain accounting standards, such as Turkish Financial Reporting Standards and Turkish Accounting Standards.

What are the Financial Reporting Standards in Turkey?

It determines the standards and rules that businesses in Turkey must follow when preparing their financial reports. These standards are based on international accounting standards and generally apply to large and medium-sized enterprises in Turkey. has been developed to ensure that financial reports are transparent and comparable.

It regulates a range of financial issues, from income identification to asset and liability valuation. Businesses prepare their financial statements and reports in accordance with international standards by complying with .

What are the Accounting Standards in Turkey?

They are accounting standards designed specifically for SMEs (Small and Medium Enterprises) in Turkey. addresses the financial reporting requirements of businesses in Turkey in a simpler and more understandable way. These standards are of great importance for SMEs that want to comply with the Turkish Commercial Code.

It regulates the income and expense records, inventory management, tax compliance, and other accounting processes of businesses. By complying, SMEs both meet regulatory requirements and increase financial control.

and Adaptation Process

Businesses should pay attention to the process of adapting to or. To adapt, it’s important to follow these steps:

Understanding Standards: The first step is to understand. Determine which standards are right for you based on the size and activities of your business.

Compliance: Take the necessary steps to comply with standards. Align your accounting processes and financial reporting systems with these standards.

Training and Consulting: It is important for business owners and accounting professionals to get or to get the training. Seek advice from experts when necessary.

Audit and Internal Audit: Regularly review your financial reports to independent auditors and strengthen internal audit processes.

Pay Attention to Tax Compliance: Complying also includes tax compliance. Prepare your tax returns according to these standards.

Accounting Software and Tools: Automate your financial processes and make them more efficient by using accounting software and tools.

Complying with accounting standards in Turkey is a critical step in meeting your business’s financial compliance and legal requirements. It’s important to understand and apply these standards to protect the financial health of your business and move forward with more confidence into the future. In addition, this process allows you to gain investors’ trust, obtain loans, and support the growth of your business.

Advantages of Accounting Standards in Turkey

Here are a few benefits that complying with accounting standards in Turkey provides to businesses:

Transparency and Trust: Standards-aligned financial reports provide clearer and more reliable information about the financial health of your business. This, in turn, is important for investors, partners and lenders.

International Business Relations: It gives businesses an advantage when doing business internationally because it is based on international accounting standards. When dealing with foreign partners or clients, it is important to comply with international financial reporting standards.

Facilitating Tax Compliance: Complying with and can also facilitate tax compliance. When preparing tax returns, using data that complies with accounting standards can make tax transactions smoother.

Improving Business Processes: Complying with accounting standards can help businesses improve their financial processes. More effective accounting and financial management can improve the performance of your business.

Important Legal Books for Businesses in Turkey

General Assembly Meeting Minutes: It is a book containing the decisions of your company’s general assembly meetings, vote distributions and other important information.

Board of Directors Meeting Minutes: It is a book that contains the decisions of your company’s board meetings, projects and other important issues.

General Ledger:  It is the main ledger that contains all the transactions and financial records of your business. Records of income, expenses, debts, receivables are kept here.

Journal: It is the starting point of accounting records, where daily transactions are recorded.

Other Accounting Records: Depending on the type and size of the business, additional accounting records and books may be maintained. For example, businesses can keep a separate ledger for VAT calculations.

Attestation and Approval Procedures: Statutory accounting books can be certified and approved by notaries or independent auditors. These transactions are made for the purpose of verifying the validity and accuracy of the books.

Retention Periods: Statutory accounting books should be kept in accordance with the retention periods determined in accordance with the Turkish Commercial Code. It usually needs to be stored for 10 years.

Accounting and Book Compliance Guide in Turkey

Accounting standards play a critical role for businesses in Turkey. Turkish Financial Reporting Standards, and Turkish Accounting Standards, are a basic guide to protect the financial health of businesses and to report in a compliant manner. Complying with these standards will help you secure the future of your business.

To ensure your financial compliance, understand standards, review your accounting processes, and seek expert advice when necessary. Also, strengthen your internal audit processes and carefully monitor tax compliance. Automate your financial processes and make them more efficient using accounting software and tools.

Adapting will protect the financial health of your business, as well as allow you to move forward into the future with more confidence. By following these steps, strengthen your financial alignment and build your business on a more solid foundation.