International financial reporting standards towards SMEs and the relationship with Basel II criteria - Turkish applications
17/2006 , p38..51
Author(s):
S. Burak ARZOVA
Sinan ASLAN
Keywords:
SME, Small and Medium Size Enterprises, IFRS, Basel II
Abstract:
As a candidate country to the E.U. accession, Turkey must converge its legislation with the E.U. regulations. The acceptance of the EU’s definition for SMEs has taken its place in the Accession Partnership and in the Progress Report 2005 for Turkey. Besides, Banking Regulation and Supervision Agency of Turkey, Saving Deposit Insurance Fund and Banks Association of Turkey are working on convergence of IFRS for SMEs. The main aim of this study is to demonstrate how this works are done in Turkey. In this study, we have made a research concerning the likely difficulties that Turkish SMEs will face during the transition period to IFRS and Basel II towards SMEs. We prepared a questionnaire in order to test the preparedness of Turkish Enterprises (SMEs) to adapt IFRS towards SMEs by 2008. In this study, a questionnaire (Between January – June 2006) has been sent to 200 companies of the ICI listed 500 companies. 156 of 200 questionnaires have returned.
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