Financial Reporting Standards for Small-sized Entities (KÜMİ) have been developed for the entities which are not subject to audit but bookkeeping is made according to balance sheet basis.
An entity can be classified as small-sized in case of meeting at least two of the below stated criterion;
Financial Reporting Standards for Small-sized Entities is in line with “Think Small First" approach in the EU Accounting Directive. It provides a cost-based financial reporting principle for small-sized entities. Main principles can be stated as below;