A Comparison of Financial Instruments between the Turkish Financial Reporting Standards (TFRS) and Financial Reporting Standards for Large and Medium-Sized Entities (BOBI FRS)

Taylan Altintas, Nesegul Parlak


The Public Oversight, Accounting and Auditing Standards Authority of Turkey (KGK), issued the “Communique Nr. 30138: Financial Reporting Standard for Large and Medium-sized Entities (BOBI FRS), on the Official Gazette dated 29 July 2017 for the Turkish Companies that are subject to independent audit of financial statements but not using Turkish Financial Reporting Standards (TFRS). This communique is in effect starting from January 1, 2018. The BOBI FRS is consisted of 27 Sections and 9 Appendices including Definitions of Financial Statements. The BOBI FRS is prepared by using a more simple and clear format than the TFRS and out-of-scope details are omitted. The purpose of the BOBI FRS is to provide that the companies subject to independent audit but not using TFRS will issue useful, accurate and comparable consolidated and separate financial statements. With implementation of BOBI FRS, financial statements that make the real performance of the company understandable and that will report asset and sources at real amounts. The purpose of this study is to compare the 4 standards related to financial instruments in TFRS (TAS 32 Financial Instruments: Presentation, TAS 39 Financial Instruments: Recognition and Measurement, TFRS 7 Financial Instruments: Disclosures, TFRS 9 Financial Instruments) to the Section 9: Financial Instruments and Equity of the BOBİ FRS, and to demonstrate the similarities and differences.

Key Words: Financial Instruments, Turkish Financial Reporting Standards (TFRS), Financial Reporting Standards for Large and Medium-sized Entities (BOBI FRS).

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ISSN (online) 2422-8702