Entities that are subject to independent audit and do not apply TFRS (Fully adapted to IFRS), will apply LME FRS.   In order to use for Local statutory reports of Turkey, Large and Medium-sized Enterprises, "Communiqué on Financial Reporting Standard" and its annex "Standard for Financial Reporting for Large and Medium-sized Enterprises" was published in the official gazette No. 30138 dated 29 July 2017.   The Financial Reporting Standard for Large and Medium Sized Enterprises (LME FRS) is the financial reporting framework to be applied by the enterprises which are subject to independent audit and are not applying the Turkish Financial Reporting Standards (TFRS) and will take place of MSUGT (Accounting System Implementation General Communiqué) and additional issues in the enterprises that do not apply TFRS.  In other words, the financial reporting framework to be taken as basis for the preparation of the financial statements, which will be presented to the general assemblies in accordance with the TTK (Turkish Commercial Code), is going to be LME FRS for the companies that are subject to independent audit and do not apply TFRS.   What is Big Business according to LME FRS? Big Business: Total assets of 75,000,000 TL and above, net sales of 150,000,000 TL and above, number of employees of 250 and above: All capital companies that capture 2 of these 3 criteria will be considered as "Big Business" in terms of LME FRS. Companies that do not comply with the definition of Big Business in LME FRS implementation are facilitated by bringing discretionary into relatively complex applications such as consolidation and deferred tax.   LME FRS will generally be a benchmark in the independent audits of all companies that are subject to an independent audit and do not apply optionally TFRS except PIE (Public Interest Entity) LME FRS entered into force on the date of its publication in order to be applied in the accounting periods beginning on and after 1.1.2018. You can reach the KGK (Public Oversight Institution) Announcement, the Communiqué and the LME FRS via the link below. KGK Accouncement, BOBİ FRS Communiqué BOBİ FRS Regards, 

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