Turkey Updates Financial Reporting And Accounting Standards

Turkish Commercial Code No. 6102 regulates the principles regarding group companies under Articles 195 to 209 for the first time in Turkish law.

The Presidential Decision amending the criteria for determining which companies are subject to independent audit under Article 397 of the Turkish Commercial Code (No. 6102)...

Turkey's Public Oversight, Accounting and Auditing Standards Authority has declared that if an independent audit firm has its activity permit suspended, the permit will not be cancelled...

The Code of Ethics for Independent Auditors (Including Independence Standards) ("Code of Ethics") entered into force after publication in the Official Gazette dated 22 September 2019 and No. 30896.

Presidential Decision No. 11066 introduces significant changes to the threshold values that determine which companies must undergo independent audits in Turkey. This regulatory update has important implications for corporate compliance and financial reporting requirements across various business sectors.

A new amendment to Turkey's commercial books regulation has been published, introducing changes to the requirements for maintaining electronic records of business documents unrelated to enterprise accounting. The Amendment Communiqué modifies existing provisions governing digital record-keeping obligations for commercial entities.

The New Framework includes a chapter regarding presentation and disclosure.

The New Turkish Commercial Code ("New Code") has been enacted and will enter into force in July 2012. One of the major changes brought by the New Code regards mandatory independent audits of corporations.

Amendments introduced to the Law No. 5651 on the Regulation of Broadcasts via the Internet and the Prevention of Crimes Committed through Such Broadcasts (the “Law”)...

The Regulation on Licensing of Medicinal Products for Human Use introduced by the Turkish Pharmaceuticals and Medical Devices Agency which aims to regulate the procedures and principles pertaining to licensing processes ...

The Turkish Competition Board has partially lifted commitments previously imposed on Yemeksepeti, finding that the online food delivery market has evolved from a near-monopoly to a competitive multi-player environment. This decision examines how binding commitments may be reassessed when market conditions materially change, and explores the treatment of most-favoured-nation clauses under both antitrust and abuse of dominance provisions.

Turkey's parliament has adopted sweeping amendments to the Soil Conservation and Land Use Act that impose unprecedented restrictions on the alcohol industry, including comprehensive bans on sponsorship, promotion, and brand-stretching...

Turkey has introduced a new regulatory framework governing the production and marketing of fruit saplings and propagation materials through a comprehensive certification system.

Turkey's Ministry of Economy has temporarily expanded government incentives to also include solar panel imports made within solar energy power investments.

The Constitutional Court recently considered a claim alleging violation of property rights under Article 35 of the Turkish Constitution (decision number 2013/4523, dated 16 September 2015).

Turkey has extended the fee payable to the Radio and Television Council to now include all devices which receive radio or TV transmissions via the internet.

Turkey's new Plant Quarantine Regulation introduces comprehensive digital transformation through the BKKTS system, eliminating wet signatures for entry, exit, and transit procedures. The regulation establishes stricter controls for high-risk products, mandates electronic plant health certificates with QR codes, and implements a three-stage official control process to prevent contamination from harmful organisms.

Turkey has updated its rules for obtaining and revoking employee consent for performing overtime work, as well as restrictions on the working hours for employees in underground mines.