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Although the Turkish Accounting Standards Board (TASB) has adopted almost all International Accounting Standards (IASs) and International Financial Reporting Standards (IFRSs) as Turkish Accounting Standards (TASs), according to a 2007 UNCTAD report, the TASs are not legally binding and are not generally applied by Turkish companies. Further, accounting requirements in Turkey are fragmented, with several agencies issuing specific accounting standards for entities falling under their respective jurisdiction. The Banking Regulatory and Supervisory Agency (BRSA) and the General Directorate of Insurance (GDI) set financial reporting standards for banks and insurance companies, respectively (including publicly held companies), while the Capital Markets Board (CMB) sets financial reporting standards for all other publicly held companies. The CMB issued Communique XI-25 incorporating almost all IFRSs that were effective in 2003. However, the CMB's IFRS-based standards are not equivalent to IFRSs because of its translation policy and the cut-off date of 2003, according to a 2006 OECD report. There used to be significant differences between IFRSs and the BRSA - issued standards for banks. However, since November 2006 banks and financial institutions have been required to follow TASs. The GDI requires only listed insurance companies to follow the CMB's IFRS-based standards. However, a the review of the publications on the subject suggests, the proposed amendments to the Commercial Code will bring financial reporting requirements in Turkey closer to the international standards on corporate financial reporting. According to a 2007 World Bank report on accounting, the new Code will require all companies other than Small and Medium-size Enterprises (SMEs) to follow TASs, while the SMEs will have an option to follow TASs or a simplified set of accounting standards set by the TASB. According to the April 2008 Letter of Intent to the IMF, the Turkish government is planning to adopt the new Commercial Code in 2008. However, as of November 2008, adoption of the Code was still pending.

A number of publications by international organizations point out that Turkey has made progress in bringing auditing requirements into line with international best practices and European Union requirements. According to the 2006 Turkey Progress Report by the European Commission (EC), in June 2006, the Capital Markets Board (CMB) introduced a translation of the International Standards on Auditing (ISAs) applicable to audits of CMB-regulated entities. Also, the Banking Regulation and Supervisory Agency (BRSA) with respect to banks and the General Directorate of Insurance with respect to insurance companies have adopted implementing legislation on audit principles. However, the audit requirements are fragmented and do not cover most of the companies in Turkey. As stated in the 2007 European Commission Screening report, the Turkish authorities admit that there is no general purpose framework consistent with internationally accepted auditing practices, and the enforcement of existing requirements is not satisfactory. According to the 2007 World Bank report, the new Commercial Code is expected to significantly improve financial reporting requirements in Turkey. In the area of auditing, the new Code will require that all companies have their financial statements audited by the auditors or audit firms authorized by the Code. Audits will be required to be conducted in accordance with ISAs. In the April 2008 Letter of Intent to the IMF, the Turkish government stated that it is planning to adopt the new Commercial Code in 2008. However, as of November 2008, the adoption of the Code was still pending.