In 2011, the Public Oversight, Accounting and Auditing Standards Authority (POA) became the accounting standard-setter in Turkey. The POA issues Turkish Financial Reporting Standards (TFRS) that are in full compliance with IFRS Standards and determines the application scope of those standards.

We have updated our profile on the use of IFRS Standards in Turkey to reflect the POA's latest regulation regarding use of those standards.

The following entities are required to use TFRS in their consolidated and separate company financial statements:

• Companies whose securities are traded in a regulated market;
• Intermediary institutions;
• Portfolio management companies;
• Banks;
• Financial lease companies;
• Factoring companies;
• Financing companies;
• Insurance companies;
• Reassurance companies;
• Pension companies;
• Asset management companies;
• Pension funds;
• Investment firms;
• Collective investment schemes;
• Credit rating agencies;
• Mortgage finance institutions;
• Housing finance and asset finance funds;
• Asset leasing companies;
• Central clearing institutions;
• Central depository institutions;
• Trade repositories;
• Financial holding companies;
• Payment institutions;
• Electronic money institutions; and
• Currency offices, precious metals brokerage houses and precious metals producing and marketing companies that are member of Borsa Istanbul.

We have accordingly updated our website profile on the use of IFRS Standards in Turkey. You can find this profile and those of other jurisdictions here.