Accounting System In Turkey

At present there is no set of generally-accepted accounting principles that apply equally to all Turkish companies although over the past few years there have been some tentative steps in that direction. Instead, there are general rules that govern aspects of accounting in the Tax Procedures Code and, in addition to these general rules, there are others that apply specifically to banking and insurance companies and to companies registered with the Capital Market Board. The most recent development has been the introduction of a uniform chart of accounts, which prescribes certain fundamental accounting concepts, a code of accounts, and a format for the presentation of financial statements which, with the exceptions listed below, are applicable to all companies from 1 January 1994 onwards. The exceptions to this general rule are: