Comparison of the Turkish Accounting Standards / Turkish Financial Reporting Standards (TAS/TFRS) and Financial Reporting Standard for Large and Medium Sized Entities (FRS for LMEs)

Abstract

International accounting standards have been established to provide reliable financial reporting. Standards are prepared in compliance with international standards by Public Oversight, Accounting and Auditing Standards Authority in Turkey. These standards have been standardized according to entities sizes and fields of operations. In this study it is indicated that main differences between Turkish Accounting Standards / Turkish Financial Reporting Standards (TAS/TFRS) and Financial Reporting Standard for Large and Mediumsized Entities (FRS for LMEs). FRS for LMEs is simpler and easier than the full set standards. Also, FRS for LMEs refers to the full standards in subject where special conditions are required. FRS for LMEs is simpler and easier to use than full set standards.