CHANGES THE BOBI FRS HAS BROUGHT TO ACCOUNTING PRACTICES: AN INVESTIGATION ON BOBI FRS, TMS/TFRS AND CURRENT LOCAL ACCOUNTING SYSTEM

The notification numbered 30138 on Financial Reporting Standards for Large and Medium Sized Enterprises (BOBI FRS in Turkish abbreviation) prepared by Public Oversight Accounting and Auditing Standards Board (KGK in Turkish abbreviation) was enacted by the Official Gazette dated 29th of July 2017. The objective of the Notification is to put into effect BOBI FRS in order to ensure entities, which are subject to independent audit, but do not apply Turkish Accounting Standards/Turkish Financial Reporting Standards (TMS/TFRS in Turkish abbreviation), to present consolidated and separate financial statements providing fair,useful and comparable financial information. The present study aims to reveal what BOBI FRS brings to accounting practices for large and middle-sized enterprises in Turkey by comparing principles in BOBI FRS to principles in TMS/TFRS and Current Local Accounting Application System in Turkey