The Banking Regulation and Supervision Agency (BDDK) has announced that banks, as well as financial leasing, factoring, financing, savings finance, and asset management companies, will transition to inflation accounting starting from January 1, 2025.
In a statement released on the BDDK’s official website, information was provided regarding companies exempted from implementing inflation accounting this year.
The announcement stated, “It has been decided that banks, along with financial leasing, factoring, financing, savings finance, and asset management companies, will implement inflation accounting starting from January 1, 2025.”
This move by the BDDK marks a significant step in aligning financial institutions with inflation accounting practices, enhancing transparency, and ensuring adherence to regulatory standards. The transition is expected to bring about a more accurate reflection of financial positions and facilitate better risk management strategies within the banking and financial sectors.
As the industry prepares for this transition, financial institutions are urged to adapt their accounting practices and systems accordingly to comply with the new regulations. The move towards inflation accounting reflects the ongoing commitment of regulatory authorities to strengthen financial reporting standards and promote stability within the banking sector.
The BDDK’s proactive approach ensures that the banking and financial industry is well-prepared for the upcoming changes, fostering a resilient and transparent financial environment in the years to come.
source: aa.com.tr / prepared by Melisa Beğiç