Özet:

Purpose- FRS for SMEs (KÜMİ FRS) is financial reporting standards, compatible with the EU criteria designed for the benefit of small and micro enterprises. It has been prepared in accordance with the definition of small and micro enterprises determined by the EU in 2013. The purpose of this study is to present the differences between FRS for SMEs (KÜMİ FRS) and Tax Procedure Law(TPL)/GCASI applications. Methodology- The study employs literature review and case study to achieve the target. Finacial tables, prepared according to FRS SMEs and TPL/GCASI have been compared and the differences have been stated by financial table analysis. Findings- Financial statements to be prepared according to the Tax Procedure Law/GCASI (MSUGT/VUK) approach are balance sheet, income statement, cost of sales statement, cash flow statement, funds flow statement, equity statement and profit distribution statement. On the other hand, according to FRS for SMEs (KÜMİ FRS), the financial statements to be prepared are the statement of financial position, statement of profit or loss and footnotes. According to FRS for SMEs, during the recording of the revenue related to the construction contracts, the measurement is made according to the percentage of completion method. On the other hand, the revenue related to construction contracts by Tax Procedure Law/GCASI approach; provisional acceptance is recorded according to progress payment. According to Tax Procedure Law/GCASI approach, promissory notes and payables are subject to rediscount. However, due to FRS for SMEs all receivables or payables with or without notes should be rediscounted. The Ministry of Finance determines the useful life according to to Tax Procedure Law/GCASI approach regarding the depreciation of tangible fixed assets. On the other hand, the useful life is at the discretion of the enterprise regarding FRS for SMEs approach. According to Tax Procedure Law/GCASI approach, pro-rata depreciation can only be allocated to passenger cars. By FRS for SMEs, however, pro-rata depreciation is allocated to all tangible fixed assets. In addition, according to Tax Procedure Law/GCASI approach, buildings and lands are amortized together while depreciating. According to FRS for SMEs, the buildings and the plots should be separated from each other and the land should not be depreciated. Research and development expenses for intangible assets can be added to the cost of the asset according to Tax Procedure Law/GCASI approach or recorded as period expense. According to FRS for SMEs, however, research and development expenses incurred for tangible assets are expensed directly. The Tax Procedure Law/GCASI approach to impairment requires being at the stage of litigation and enforcement. According to this approach, in order to set aside a provision for impairment for any receivable, a lawsuit must be filed or the enforcement phase must be reached. According to FRS for SMEs, on the other hand, there is no need to have reached the stage of lawsuit or execution in order to set aside a provision for any receivable. Conclusion- Considering that FRS for SMEs, which will be implemented in 2022 and the first results will be seen in 2023, finds a wide application ground, the audit sector will show a serious growth. The realization of this growth will define that the financial statements of the enterprises present the relevant information in a more realistic way. Enterprises realizing this goal this will take an important step in terms of institutionalization.

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