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IFRS Implementation in Turkey: Benefits and Challenges

Author

Listed:
  • Oguzhan Bahadir
  • Volkan Demir
  • Asli Gul Oncel

    (Galatasaray University, Turkey)

Abstract

This paper presents a study of the implementation process for International Financial Reporting Standards (IFRS) in Turkey. The study analyzes the application of IFRS in Turkish publicly traded companies which have been preparing their financial statements under IFRS since 2005, and highlights some key issues that are arising in IFRS implementation by using a questionnaire-based survey, which was completed by 90 Turkish listed firms. The benefits and challenges of IFRS implementation are analyzed, as well as the level of understanding and experience with IFRS, and the perception of the accounting quality provided by IFRS. According to the results, the implementation of IFRS is believed to improve financial reporting by increasing the comparability, quality and transparency of financial statements. However, the lack of IFRS implementation guidance, sufficient sector-adopted regulations, and the difficulty in applying fair value concept are considered major challenges to IFRS implementation in Turkey.

Suggested Citation

  • Oguzhan Bahadir & Volkan Demir & Asli Gul Oncel, 2016. "IFRS Implementation in Turkey: Benefits and Challenges," Journal of Accounting and Management Information Systems, Faculty of Accounting and Management Information Systems, The Bucharest University of Economic Studies, vol. 15(1), pages 5-26, March.
    • Handle: RePEc:ami:journl:v:15:y:2016:i:1:p:5-26
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    Citations

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    Cited by:

    1. Golubeva, Olga, 2023. "Accounting for transition: A literature review," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 51(C).
    2. Tudor Liviu-Alexandru, 2018. "The Impact Of Ifrs Adoption In Emerging Economies," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 6, pages 152-157, December.

    More about this item

    Keywords

    IFRS implementation; Turkish GAAP; accounting quality; survey;
    All these keywords.

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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