Published in the Official Gazette: New era for concordat applications

Important changes regarding the documents to be submitted in concordat applications have entered into force. The "Regulation on Amending the Regulation on Documents to be Attached to the Concordat Request," prepared by the Ministry of Justice, has been published in the Official Gazette and has begun to be implemented.

NEW CRITERIA FOR FINANCIAL REPORTS

According to the regulation, companies subject to independent audit within the scope of the regulations of the Public Oversight, Accounting and Auditing Standards Authority will prepare their financial reports in accordance with the Turkish Accounting Standards.

Large and medium-sized enterprises that are not subject to independent audit will prepare their financial reports according to the provisions of the Tax Procedure Law No. 213 and relevant legislation.

TWO-COPY REQUIREMENT FOR AUDIT REPORTS

With the regulation amendment, it has become mandatory for the "audit report providing reasonable assurance" to be prepared in two copies.

In addition, a new notification obligation has been introduced for independent audit firms. Accordingly, signed contracts and prepared reports will need to be notified to the relevant Authority within the specified period.

REGULATION HAS ENTERED INTO FORCE

The regulation published in the Official Gazette has entered into force as of the date of its publication, and the Minister of Justice will be responsible for the implementation of the regulation.

News Source: 12punto