THE IMPORTANCE OF THE FINANCIAL REPORTING STANDARDS FOR LARGE AND MID-SIZE ENTERPRISES

Abstract

With globalization, the financial statements of businesses should be comparable and compatible in terms of international business and management. Because these studies necessitate the standardization of accounting processes. It is especially important in worldwide assessments. For this reason, certain common standards were required. For this reason, International Financial Reporting Standards (IFRS) have been adopted in many countries. By using these standards, financial reporting unity has been achieved. In particular, with numbered 30138 notification of 29 July 2017, Financial Reporting Standards for Large and Medium Sized Enterprises was published. This notification entered into force on 1 January 2018. Especially within the scope of the study, the importance of the Financial Reporting Standards for Large and Medium Sized Enterprises will be discussed. In this study, conceptual explanations are predominant. In this context, the importance of the financial reporting standards for large and medium-sized enterprises is emphasized in the study.