At Metropol CPA, We Provide Trusted IFRS and TFRS Services
In today’s global business environment, accurate and transparent financial reporting is essential for building trust, attracting investors, and meeting regulatory requirements. For companies operating in Turkey, compliance with Turkish Financial Reporting Standards (TFRS) and International Financial Reporting Standards (IFRS) is not just a legal obligation—it is a critical factor in ensuring sustainable growth, operational efficiency, and long-term success. These standards provide a common financial language that enhances clarity, facilitates cross-border comparisons, and strengthens corporate credibility in the eyes of stakeholders worldwide.
Whether you are a multinational corporation adapting to Turkey’s localized requirements or a domestic business aiming to align with globally accepted practices, adherence to IFRS and TFRS helps ensure that your financial statements accurately reflect your organization’s performance and position. This, in turn, reduces the risk of misinterpretation, builds investor confidence, and supports strategic decision-making at every level. However, navigating the complexities of both international and local standards can be challenging, especially when balancing compliance with operational realities and evolving regulatory changes. Read more below to find out how we can help.
Overview of IFRS and TFRS Services
IFRS and TFRS refer to the financial reporting frameworks that guide how companies in Türkiye prepare and present their financial statements. IFRS, or International Financial Reporting Standards, is a globally recognized set of accounting standards issued by the International Accounting Standards Board (IASB) to ensure transparency, consistency, and comparability across different countries.
In Türkiye, publicly traded companies, banks, and other regulated entities are generally required to prepare their reports in accordance with IFRS. TFRS, or Turkish Financial Reporting Standards, is the localized adaptation of IFRS issued by the Public Oversight Accounting and Auditing Standards Authority (Kamu Gözetimi Muhasebe ve Denetim Standartları Kurumu – KGK). While TFRS closely mirrors IFRS, it incorporates Turkish language and certain modifications to align with the country’s legal and tax requirements. In essence, IFRS is the original international standard, while TFRS is Türkiye’s translated and locally adapted version.
Adopting IFRS or TFRS in Türkiye provides several benefits for companies and stakeholders. For businesses operating internationally or seeking foreign investment, using IFRS-aligned standards enhances credibility and allows for easier comparison with global peers. It also improves transparency for investors, lenders, and regulators by providing a consistent framework for financial reporting. For multinational corporations, IFRS compliance can streamline reporting processes across different subsidiaries, reducing the need for multiple accounting systems.
However, applying IFRS and TFRS in practice can present challenges. Companies must stay updated with frequent amendments to the standards, which may require changes to accounting systems, internal processes, and staff training. Differences between IFRS/TFRS and local tax laws may also create additional complexity, requiring reconciliations or parallel reporting to satisfy both financial reporting and taxation requirements. Therefore, many organizations in Türkiye seek expert advisory services to ensure compliance, avoid costly errors, and leverage the advantages of high-quality financial reporting.
Key Differences Between IFRS and TFRS
While IFRS (International Financial Reporting Standards) and TFRS (Turkish Financial Reporting Standards) share the same core principles, there are notable differences businesses in Turkey need to be aware of:
Regulatory Framework
IFRS is developed and issued by the International Accounting Standards Board (IASB), an independent global body that sets universally accepted accounting principles aimed at improving transparency and comparability across borders. It is recognized and applied in many jurisdictions around the world.
TFRS, on the other hand, is issued by the Public Oversight, Accounting and Auditing Standards Authority (Kamu Gözetimi Muhasebe ve Denetim Standartları Kurumu – KGK) in Türkiye. This authority adapts IFRS to the local context, ensuring that the standards comply with Turkish legal, regulatory, and economic requirements. Businesses operating in Turkey must understand that while both sets of standards share the same underlying principles, TFRS is the legally binding framework within the country.
Local Adaptations
Although TFRS closely mirrors IFRS, it contains certain modifications and exceptions designed to address Turkey’s specific business environment. These adjustments may include provisions related to local tax regulations, sector-specific reporting requirements, or certain recognition and measurement rules tailored to Turkish industries.
Such changes can affect the way transactions are recorded, reported, and disclosed. For example, a treatment permitted under IFRS might be adjusted or supplemented under TFRS to align with Turkish fiscal policies or to accommodate common business practices. Companies must be aware of these nuances to ensure full compliance and avoid errors that could impact both reporting accuracy and tax obligations.
Language and Terminology
One of the most visible differences is that TFRS is published in Turkish, with terminology carefully chosen to align with domestic legal language and accounting norms. This ensures that all entities reporting in Türkiye use consistent terminology that matches local laws and regulations.
While this localization makes the standards more accessible to Turkish-speaking professionals, it also means that direct translations from IFRS documents may not always match the exact legal or technical meaning under TFRS. Understanding these language-specific interpretations is essential, particularly for multinational companies operating in Turkey, to ensure that their global reporting aligns with local compliance requirements.
Implementation Deadlines
The timeline for adopting and applying new or amended standards can differ between IFRS and TFRS. While IFRS updates are released directly by the IASB and can be adopted immediately in jurisdictions that follow them, TFRS updates must first go through a formal translation, review, and approval process by the KGK before becoming effective in Turkey.
This may result in a time gap between the IFRS effective date and the TFRS effective date, which businesses must carefully monitor. Failing to account for these differences in implementation deadlines can lead to inconsistencies in reporting, particularly for companies preparing both IFRS and TFRS-based statements.
Understanding these distinctions is essential for accurate financial reporting, avoiding compliance issues during audits, and ensuring that stakeholders receive reliable and consistent information. Our team works closely with businesses to interpret and apply both IFRS and TFRS effectively, ensuring that financial statements meet all relevant requirements while supporting strategic business goals.
Our Comprehensive IFRS and TFRS Services
We offer a comprehensive, end-to-end suite of IFRS and TFRS services in Turkey, designed to help your business confidently navigate complex accounting requirements, stay compliant with evolving regulations, and enhance the credibility of your financial reporting. Whether you are a multinational corporation entering the Turkish market, a domestic business aligning with international best practices, or a listed company subject to regulatory oversight, our solutions are tailored to address your specific challenges. We combine deep technical expertise with practical, hands-on guidance to ensure that every stage of your reporting process is accurate, efficient, and strategically valuable.
1. IFRS and TFRS Training
We deliver comprehensive, interactive, and fully customized training programs for finance and accounting teams at all levels. Our sessions are designed to go far beyond textbook learning by incorporating real-world examples, industry-specific case studies, and practical exercises that demonstrate how IFRS and TFRS principles apply to day-to-day business operations. We cover everything from the fundamentals of each standard to advanced technical topics such as revenue recognition under IFRS 15, lease accounting under IFRS 16, and the treatment of financial instruments.
We also include updates on recent amendments issued by both the International Accounting Standards Board (IASB) and the Public Oversight, Accounting and Auditing Standards Authority (KGK), ensuring that your team is always ahead of regulatory changes. Training can be delivered in various formats—on-site workshops, virtual sessions, or blended learning—allowing flexibility for your team’s schedule. By the end of the program, your staff will have the confidence, tools, and skills to interpret, apply, and maintain compliance with both IFRS and TFRS in a fast-changing environment.
2. IFRS and TFRS Implementation
Integrating IFRS and TFRS into existing accounting systems and workflows can be a complex and high-stakes process, especially for organizations transitioning from local GAAP or outdated processes. Our implementation service is designed to make this transition smooth, structured, and minimally disruptive to daily operations. We begin with a comprehensive diagnostic review of your current policies, chart of accounts, reporting processes, and internal controls. Based on our findings, we develop a tailored implementation roadmap that prioritizes compliance while optimizing efficiency.
We work hand-in-hand with your finance team to embed new accounting treatments, adjust reporting templates, update internal policies, and configure your ERP or accounting software to support IFRS and TFRS requirements. During the process, we also establish robust internal documentation to ensure consistency, audit readiness, and institutional knowledge transfer. With our step-by-step guidance, you can be confident that your transition will not only meet regulatory standards but also create long-term operational benefits such as faster close cycles and improved data quality.
3. IFRS and TFRS Consulting
Our consulting service is ideal for companies that already apply IFRS and TFRS but require expert support in navigating complex accounting issues or aligning reporting with strategic objectives. We act as your trusted advisor, helping you interpret ambiguous or evolving standards, assess their impact on your business, and develop actionable strategies for compliance.
Whether your challenge involves complex consolidation structures, cross-border transactions, industry-specific guidance, impairment testing, or revenue recognition in multi-element contracts, we bring a wealth of experience to deliver practical, value-adding solutions. We also support you in anticipating and preparing for upcoming changes to IFRS and TFRS, so that implementation is planned and seamless. Our goal is not only to keep you compliant but to help you leverage financial reporting as a strategic asset—improving transparency for stakeholders, supporting capital-raising efforts, and facilitating informed decision-making at the management level.
4. IFRS and TFRS Conversion
Switching from local GAAP to IFRS/TFRS—or the reverse—requires more than just technical adjustments; it demands a structured, thorough, and risk-aware approach. Our conversion service is designed to ensure that every figure, disclosure, and note in your financial statements meets the highest accuracy standards while fully complying with the relevant framework.
We start with a gap analysis to identify the differences between your current accounting policies and those required under IFRS/TFRS. From there, we manage the full conversion process, including reclassifying accounts, recalculating balances, preparing reconciliations, adjusting comparative periods, and drafting compliant disclosures. Our team also works to align your internal reporting, management dashboards, and external communications, ensuring that your stakeholders receive consistent and reliable information.
By handling the technical, procedural, and operational aspects of the conversion, we free up your internal team to focus on running the business while ensuring a smooth, audit-ready transition. The result is a set of financial statements that not only meet all compliance obligations but also enhance your credibility with investors, lenders, and regulators.
Why Choose Our IFRS and TFRS Expertise?
Partnering with us means gaining access to a trusted team with proven experience in IFRS and TFRS compliance, built over 10+ year experiences of successfully supporting companies operating in Turkey across various industries. Our professionals bring up-to-date knowledge of the latest accounting standards, continuously monitoring changes issued by both the International Accounting Standards Board (IASB) and the Public Oversight, Accounting and Auditing Standards Authority (KGK) to ensure your reports remain accurate and fully compliant. We believe in delivering tailored solutions because every business is unique, adapting our approach to meet your specific operational, regulatory, and strategic needs. Throughout the engagement, we prioritize clear communication and full transparency, keeping you informed at every stage so you can make confident decisions. If your business in Turkey requires reliable and professional IFRS and TFRS services, we are ready to provide the expertise, efficiency, and peace of mind you need.
Beyond compliance, we focus on creating long-term value for your organization by aligning your financial reporting processes with broader business goals. This means not only ensuring that your statements meet regulatory requirements, but also enhancing the quality, clarity, and strategic usefulness of your financial data. By leveraging our insights and technical expertise, you can streamline your reporting cycles, reduce the risk of errors, and strengthen stakeholder confidence—all of which contribute to a stronger market position and improved decision-making.