40 / 516
Conclusion
The innovations brought by the New TCC with regards to financial
statements aim to adopt the standards applied in industrialized coun-
tries. The New TCC provides that the financial statements of the com-
pany shall be prepared in accordance with the TAS which is compati-
ble with IFRS. The true and fair view principle has been included in
the New TCC and the financial statements of the company shall reflect
the current financial status of the company. With respect to reserve
funds, the basic principles of the TCC have been maintained. With
these amendments, the financial status of the company shall be reflect-
ed in accordance with the current financial status and Turkish markets
would be harmonized with foreign markets.
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NEWSLETTER 2012