by Ekrem Duman | Jun 19, 2026 | Accounting, IFRS Foundations
⚡ TL;DRIFRS and local GAAP (such as Turkey’s VUK-based accounting, or national standards across the Balkans) usually coexist. Local GAAP typically drives the tax return and standalone legal-entity filing, while IFRS drives consolidated group accounts and...
by Ekrem Duman | Jun 19, 2026 | Accounting, IFRS Foundations
⚡ TL;DRFirst-time IFRS adoption is governed by IFRS 1. It requires you to prepare an opening IFRS balance sheet at the transition date, apply current IFRS retrospectively (with mandatory exceptions and optional exemptions), and reconcile equity and profit from your...
by Ekrem Duman | Jun 19, 2026 | Accounting, IFRS Foundations
⚡ TL;DRThe IFRS Conceptual Framework is the foundation beneath every standard. It defines the objective of financial reporting, the qualitative characteristics of useful information, and the definitions of assets, liabilities, equity, income, and expenses. When no...
by Ekrem Duman | Jun 19, 2026 | Accounting, IFRS Foundations
⚡ TL;DRIFRS and US GAAP are the world’s two dominant accounting frameworks. IFRS is principles-based and used in 140+ countries; US GAAP is more rules-based and used in the United States. They have converged in many areas but still diverge on inventory (LIFO),...
by Ekrem Duman | Jun 19, 2026 | Accounting, IFRS Foundations
⚡ TL;DRIFRS (International Financial Reporting Standards) is a single set of accounting rules issued by the IASB and now required or permitted in over 140 jurisdictions. It exists to make financial statements comparable across borders, which is why almost every...
