Türkiye has been regarded as a hyperinflationary economy since 2022. High inflation poses a significant challenge for businesses in Türkiye. It makes it harder for the financial statements of businesses to reflect their real value and can prevent them from obtaining sufficient support from investors and other stakeholders.
For this reason, companies in Türkiye are required to apply TAS 29 in their year-end or interim TFRS reporting for 2022 and subsequent periods. TAS 29 is an accounting standard used to reflect the real value of financial statements in hyperinflationary economies. The standard takes into account the time value of money and the effect of inflation on the financial statements.
At Tenet we support businesses with accounting in hyperinflationary conditions. Tenet’s solutions enable businesses to apply TAS 29 and the inflation adjustment rules of the Tax Procedure Law in a consistent manner. These solutions help the financial statements of businesses reflect their real value and help them obtain sufficient support from investors and other stakeholders.