We provide movable and immovable property appraisal as part of independent auditing in compliance with the International Financial Reporting Standards (IFRS), and Turkish Accounting Standards (TAS). Enterprises that are subject to the Capital Market Board produce financial statements in accordance with the International Financial Reporting Standards within the framework of the Capital Market Board’s Communiqué Serial XI No. 25 since 2005. Financial Reporting Standards of Turkey (TFRS), a harmonized version of the International Financial Reporting Standards came into force in 2005 when it was published on the official journal.
Financial Reporting Standards of Turkey:
- defines the realistic value,
- regulates realistic value appraisal framework in uniform Financial Reporting Standards of Turkey, and
- sets forth the explanations relating to realistic appraisal measurement.
Fair value is not specific to enterprise, but is based on the market. There may be observable market operations or data for some of the assets and debts. However no such operations or data may be available for other assets and debts. Nevertheless objective of the fair value measurement is the same in both cases, and it is to forecast price of an ordinary transaction on the date of measurement when selling an asset or transferring a debt between the market participants under current market conditions (in other words, it is the issue price on the date of measurement from the perspective of the market participant who is in possession of the asset or is in debt).
Fair value is the price obtained from the act of selling an asset or it is the price payable when transferring a debt in an ordinary operation in the primary (or most advantageous) market on the date of measurement under current market conditions regardless the price is directly observable or s estimated by way of using another method of appraisal (in other words, it is the issue price).