The European Commission has provided an update with regard to Turkey's preparations for EU membership. The progress report notes (pp. 44-45) that there has been no substantial progress with regard to company law, little progress concerning accounting and no progress regarding auditing. A major reason for this lack of progress is the failure of Turkey to bring into force its new Commercial Code (which will make major changes to company law and corporate governance). The progress report notes, however, that the Turkish Accounting Standards Board has adopted and published several interpretations and revisions of international accounting standards.
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