ADAPTATION of FINANCIAL STATEMENTS BASED on GENERAL COMMUNIQUE ON ACCOUNTING SYSTEM APPLICATION (GCASA) to FINANCIAL REPORTING STANDARD for LARGE and MEDIUM SIZED ENTERPRISES (FRS for LMEs) and A RATIO ANALYSIS

With globalization, the need to regulate financial statements in a way that all users can understand has emerged. International Financial Reporting Standards (IFRS) have become more widely used to respond to this need. With the use of IFRS, financial statements are not only understandable and useful, but also become more transparent. Over time, these standards have also had implications for national regulation. In Turkey, the first regulations related to financial statements, published in 1992, the General Communique on Accounting System Application (GCASA) was generated. By 2018, the Financial Reporting Standard for Large and Medium Sized Enterprises (FRS for LMEs), which is compatible with IFRS for large and medium sized enterprises, has been published. Enterprises that apply the standard must prepare their financial statements in accordance with the principles contained in these regulations. In this study, the basic financial tables prepared according to the General Communique on Accounting System Application have been adjusted to FRS for LMEs by making correction records. These financial tables prepared according to both regulations were compared in terms of ratio analysis and the resulting differences were examined