As Turkey becomes a key hub for international business and investment, IFRS reporting in Turkey plays a critical role for multinational companies. Companies with foreign shareholders or group-level structures rely on consistent, transparent, and comparable financial statements based on International Financial Reporting Standards (IFRS).
In this article, we explore the role of IFRS in Turkey, the types of IFRS services we offer at Metropol CPA, and how these services support multinational companies in consolidating their financials and achieving transparency across borders.
What Is IFRS Reporting?
International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board (IASB) to bring consistency, transparency, and comparability to financial statements worldwide. IFRS is used in over 140 countries and is particularly critical for companies listed on international stock exchanges or operating across multiple jurisdictions.
While Turkey has adopted IFRS-based standards for listed and public interest entities, many foreign-invested companies voluntarily choose to prepare IFRS-adjusted financial statements alongside statutory records prepared under Turkish Financial Reporting Standards (TFRS) or Uniform Chart of Accounts (UCA / Tekdüzen Hesap Planı).
Why IFRS Reporting Matters in Turkey
Companies with international stakeholders or parent entities often require financial data to be presented in a format that aligns with group accounting policies. IFRS serves this need by ensuring:
- Consistency with group consolidation requirements
- Transparency for international investors
- Improved comparability across global operations
- Better access to global financing and capital markets
Our IFRS Reporting Services at Metropol CPA
At Metropol CPA, we offer end-to-end IFRS support tailored to the needs of foreign-invested entities, international corporations, and joint ventures operating in Turkey. Our services include:
- IFRS Conversion of Local GAAP Financials: Transforming statutory financial statements prepared under Turkish accounting principles into IFRS-compliant reports.
- Preparation of IFRS Financial Statements: Drafting complete IFRS reports, including balance sheet, income statement, statement of changes in equity, and cash flow statement.
- Group Reporting Support: Mapping and reconciling Turkish trial balances to group reporting packages in accordance with IFRS.
- Disclosure and Compliance Review: Ensuring that all required IFRS disclosures are included and up-to-date.
- Audit Preparation: Supporting IFRS audits by international audit firms or group auditors.
- IFRS Advisory: Answering technical IFRS questions and assisting with complex accounting treatments (e.g., leases, revenue recognition, financial instruments).
We provide IFRS conversion, group reporting assistance, and advisory under the umbrella of our accounting services in Turkey, tailored to meet the needs of international clients.
Who Needs IFRS Reporting in Turkey?
IFRS reporting is particularly valuable for:
- Foreign subsidiaries of global companies
- Joint ventures and partnerships involving non-resident investors
- Companies preparing for cross-border mergers or acquisitions
- Businesses seeking investment from abroad or international funding
Even though IFRS reporting is not mandatory for all private companies in Turkey, many voluntarily adopt it to improve financial transparency and meet group-wide requirements.
Why Work With Metropol CPA?
- We have a dedicated IFRS team composed of professionals with both local and international accounting expertise.
- Our team is experienced in multi-currency environments, intercompany eliminations, and consolidation-level reporting.
- We communicate in English, enabling smooth coordination with your group finance teams or overseas auditors.
- We tailor our IFRS reporting service to your timeline, format, and consolidation needs, ensuring hassle-free integration into your group financials.
Let’s Talk
If your company is operating in Turkey and needs IFRS reporting or group reporting support, we are here to help. Reach out to us for a customized solution aligned with your corporate structure and reporting deadlines.
📩 Contact us: info@metropolcpa.com
🌐 Learn more: www.metropolcpa.com