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PurposeThe purpose of this study is to explain the accounting principles for the issues that are special in corcondatum transactions in the framework of Tax Procedure Law, General Communique on Accounting System Application, Turkish Accounting and Financial Reporting Standards and the Financial Reporting Standard for Large and Medium-Sized Businesses. MethodologyAccounting of concordatum transactions in terms of creditor and debtor will be handled within the framework of existing accounting regulations. Thus, similarities and differences in the accounting of these transactions will be revealed. FindingsWhile the receivable given up by concordatum is written as expense for the creditor as of the relevant period; the amount, which is a profit in terms of the debtor, is monitored in a special provision account. The amount that is tracked in the provision account and deducted for loss within three years and not fully redeemable is transferred to the relevant operating accounts. However, it has been determined that there are different applications in the literature. In addition, it was determined that there are differences in terms of doubtful receivables arising from temporary and final deadline in the concordatum process. ConclusionConsideration of all existing regulations in the accounting of the concordatum in Turkey and comparative disclosures by the creditor and debtor has an important place in terms of compliance on relevance and faithful representation in financial statements.

Accounting transactions of concordatum in terms of Turkish accounting regulations