For accounting periods beginning 1 January 2020 onwards, Turkey
will apply the Conceptual Framework for Financial Reporting
("New Framework") as revised by the
International Accounting Standards Board. Changes apply to
measurement, presentation and disclosure, as well as recognition
and derecognition. The New Framework also clarifies issues such as
prudence, the managing body's management responsibilities, as
well as measurement uncertainty. The New Framework can be applied
before January 2020, at each entity's discretion.
The Public Oversight, Accounting and Auditing Standards
Authority announced the decision, which ensures Turkey complies
with international accounting standards.
