Financial Reporting Standards for Large and Medium-sized Entities (BOBI FRS) were published in the Official Gazette numbered as 30138 dated July 29, 2017 and will be applied for the reporting periods beginning on and after 1 January 2018.
BOBI FRS is the financial reporting framework for the entities, which do not have to apply Turkish Financial Reporting Standards but are within the scope of the independent audit. The purpose of the BOBI FRS is to provide fair, relevant and comparable financial information to the users’ of financial statements.
BOBI FRS consists of 27 sections and complies with international accounting and financial reporting practices and European Union regulations. It sets out the accounting principles for all accounting transactions that entities may need. BOBI FRS prepared in line with the “Think Small First" approach in the EU Accounting Directive. It provides a cost-based financial reporting for medium-sized entities and introduces additional obligations for large entities.
BOBİ FRS represents a significant improvement for the financial reporting system in Turkey and will increase the quality of financial information provided to the users’ of financial statements.