Background

In order to ensure more effective auditing and public oversight system, the Kamu Gözetimi, Muhasebe ve Denetim Standartları Kurumu (KGK) was established in accordance with“Public Oversight, Accounting and Auditing Standards Authority’s Organization and Responsibilities Decree Law” numbered 660, issued on November 2, 2011. The KGK is responsible for achieving an effective public oversight in Turkey. The KGK is also responsible for setting standards that ensure the preparation and auditing of financial statements in compliance with international standards.

Accounting Standards

All domestic companies whose securities trade in a public are required to apply IFRS Accounting Standards. Certain modifications have been made to the Standards that effect financial institutions, including financial lease companies, factoring and financing insurance, reinsurance and pension companies and investment funds.

Sustainability Disclosure Standards

Türkiye has mandated the application of the ISSB Standards by incorporating them fully in Turkish Sustainability Reporting Standards (TSRS). TSRS were incorporated into Turkish law as of 29 December 2023.

*The information above has been translated and compiled from publicly available sources, including the official websites of relevant institutions and the website of IFRS.