Evauation of Local Financial Reporting Framework from Accounting Professionals’ Point of View: Practice of Trabzon Province

Public Oversight Accounting and Auditing Standards issued by the Institution of Turkey Financial Reporting Standards (IFRS / IAS), include businesses that are subject to audit. However, companies that are subject to independent audit and do not have public accountability, have been given a choice to use either TFRS or Financial Reporting Standard for Large and Medium-Sized Enterprises. The purpose of this study is to evaluate the Local Financial Reporting Framework and Applications, defined as the draft of BOBI FRS, in terms of professional accountants. In this direction, a questionnaire form was applied to the professional accountants operating in Trabzon Province, containing their views on the local financial reporting framework and practices and the anticipated changes. In the analysis of the data, frequency, t-test and one-way analysis of variance (ANOVA) were used to evaluate whether there were differences in the demographic characteristics of accounting professionals. When the analysis results are evaluated, the vast majority of professionals find the YFRC transparent and understandable, and its ease of use reduces the financial burden of large and mediumsized enterprises. In the study, it was also determined that there is no significant difference in the views of YFRC according to the variables of education and professional title of the members of the profession.