In Turkey, the Turkish Financial Reporting Standards (TFRS), which are aligned with the International Financial Reporting Standards (IFRS), are applied. Various efforts have been made regarding the electronic presentation of financial reports and the use of the XBRL format. In particular, the Public Oversight Authority (KGK) has taken steps toward the presentation of financial statements in XBRL format by making changes to the TFRS taxonomies. Additionally, KGK’s initiatives on electronic financial reporting further support this process. In this context, regulations and practices related to the presentation of financial reports in XBRL format in Turkey continue to be developed.
To prepare a report in XBRL format, it is necessary to use specialized software for creating and validating the report. The Caseware Financials solution helps automate the routine aspects of the financial reporting process. With user-friendly tools and templates, users can quickly generate financial reports and ensure they pass validation checks. Additionally, adjustment entries imported or entered directly into the software automatically update all relevant financial report indicators — including notes.
Financial reporting is a highly demanding process, regardless of a company’s size or area of operation. Key challenges include ensuring data accuracy, continuously checking indicators, and updating the impact of changes across all relevant reports and footnotes. This becomes especially complex in the case of individual and consolidated reports, or group reporting involving multiple companies. Additionally, companies spend significant time managing report layouts, correcting typos, aligning page numbers, footnote references, and headers/footers.
If needed, companies can create their own custom report sets within working documents based on imported data. For example, these reports may include statistical analyses or management reports. In this way, the Caseware Financials software solution prevents the unnecessary repetition of reporting processes in different formats and enables the creation of automated workflows to handle these tasks instead of employees.
If a company prepares both individual and consolidated financial reports, or if a group of companies needs to prepare multiple reports in the same format, Caseware Financials significantly simplifies this process. Users can create a report template in XBRL format, configured just once, and easily share it with other users or different companies.
There are three separate modules available for financial reporting:
- For standard businesses
- For banks
- For insurance companies
If a group of companies operates in different sectors, these modules can be used simultaneously together. All modules have the same functionality and features, differing only in terms of content and the relevant XBRL taxonomy tags.
The Caseware Financials solution allows you to use up-to-date templates that ensure compliance with new standards and practices. Caseware understands that every organization has different business characteristics and, therefore, different reporting needs. For this reason, the Caseware Financials financial reporting solution offers the best examples and templates that can be tailored to the specific needs of a sector or organization.
Users can easily modify all elements on reports, footnotes, and disclosures according to the characteristics of the sector in which the company operates and can make their own customizations using the software's extensive configuration parameters. All customized additions can be tagged in accordance with the XBRL IFRS Taxonomy and then the prepared report can be converted into XBRL format.
Financials Bank is a comprehensive and user-friendly reporting template designed to meet the financial reporting needs of banks operating in Turkey. This solution has been developed to fully comply with International Financial Reporting Standards (IFRS) and XBRL-based reporting taxonomies.
Thanks to the template, banks can quickly generate IFRS-compliant financial reports enriched with footnotes and disclosures, import analytical accounts to provide more detailed data presentation, and convert the generated reports into XBRL format for easy submission to regulatory authorities (e.g., BRSA, CMB, or TURMOB). While the template can be used directly in its default form, it can also be customized specifically for the institution and shared with other users within the organization.
