Premium Essay

The New Tcc

In:

Submitted By gokhanyildiz
Words 4928
Pages 20
IMPLICATIONS OF NEW TURKISH COMMERCIAL CODE ON CORPORATE GOVERNANCE AND IFRS CONVERSION IN TURKEY

ACCOUNTING 7140 X, SPRING 2013

I have participated in preparing this paper and concur with its contents:

Print name Signature

Abstract
Globalization brought many changes in many aspects of human life. The introduction of internet made the borders between countries slimmer and slimmer. E-commerce and other international commerce tools opened new cases and new issues to be discussed in the areas of finance, accounting, financial reporting, auditing and corporate governance. That is why, modifying, updating, and advancing the current Turkish Commercial Code (TCC) became a necessity in order to be capable of addressing the contemporary challenges of today’s world. To adapt these changes, Turkish Regulatory bodies introduced a new Turkish Commercial Code. The New Turkish Commercial Code (New TCC) aims to regulate commercial relations in line with the recent changes in the local and global business environment as well as technological and legal developments including the European Union (EU) legislation. Particularly the Company Law section of the New TCC includes the most radical changes in the whole law which will have a significant impact on the Turkish commercial life. These radical changes introduced by the New Turkish Commercial Code will have significant effects on the accounting, finance, financial reporting and audit functions of companies as well as the responsibilities of Board of Directors and Management within the context of such functions.
Keywords: The New Turkish Commercial Code, IFRS, Corporate Governance, Website Requirements

1.1 Introducing New Turkish Commercial Code
Background

The New Turkish Commercial Code has come into effect as of 1 July 2012. Amendments

Similar Documents

Premium Essay

Functions of Management Paper

...mobilized people who except erudition and change. Timm Computer Consulting (TCC) founded November 11, 2010 it is a new company that offers computer services with a 24 hour turnaround. Implementing the planning function is a major part of the business. Because there are six field service employees, who have individual activities, planning his or her goals each day is extremely important. Because fixing computers is in high demand, each individual calendar is updated and available to the employee a week in advance. This calendar includes filed assignments for the week, company meetings, lunch, and two 15 -minute breaks. TCC managers, also have calendar, however, field assignments, and are consulting assignments. Everyone that works for TCC has his or her own I-Pad with an integrated cleaner application to allow employees to plan events without conflicts. It also allows the employees to see their work schedule and coworker’s calendar for additional information. I-Pads also enables employees to communicate with each other using texting because some of the information can be sensitive, texting allows confidentiality when needed. TCC also implements the management function of organization done by the human resources department manned by Dixie Chick. As an HR professional, Dixie handles all the functions of assembling and coordinating human, financial, physical, information, and other resources needed to achieve TCC goals...

Words: 794 - Pages: 4

Premium Essay

Marketing Information System

...company and the market system that they use. Such system is utilized by country or company to increase the transparency and volume of information that they want to promote depending on the type of products or services that is to be marketed. It is the timely marketing information system that provides the basis for monitoring and estimating emerging market trends. A company may never effectively grow or progress without having the appropriate marketing information system in place. This concept paper looks at Marketing Information System as it is used in the international context and the South Pacific context taking Tonga as a case study focusing mainly on its two major telecommunications that are in place, the Tonga Communications Corporation (TCC) and Digicel Tonga. Concept of Marketing Information System In the global context, expand of market leads to increase in competition among companies or country and at the same time the amount of information that are needed daily become intense. Marketing Information System is than required and become essential for companies to have in place. As defined by Kotler on the Marketing Management Text Book, the concept of Marketing Information System (MIS) consists of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers. For every marketer, they may use different process and procedures of marketing information system but basically it all comes...

Words: 1890 - Pages: 8

Premium Essay

The Life and Times of Rj Berger

...[pic] Official TCC Course Syllabus |Discipline Prefix: CHM |Course Number: 111 |Course Title: College Chemistry I | | |Course Section: D04B | | |Credit Hours: 4 |Lecture Hours: 3 |Clinical Hours: |Lab Hours: 3 | |Contact Hours: 6 |Studio Hours: N/A |Semester: Fall | |Meeting Days/Time/Location: Fridays/1:30pm-4:20pm/Science Building | Instructor Information Name: Dr. Shahin Maaref Office Location: JD-30 Office Hours: TRF 9:00am-11:00am, TR 4:30pm-5:30pm & by appointment Contact Information: 822-7692 Blackboard site: http://learn.vccs.edu Instructor email address: smaaref@tcc.edu Course Information Course Description Explores the fundamental laws, theories, and mathematical concepts of chemistry. Designed primarily for science and engineering majors. Requires a strong background in mathematics. Part I of II. Prerequisites and/or Co-requisites Prequisites - None Corequisites – None It is recommended to have H.S. chemistry or CHM01 as prerequisites and MTH 03 or MTE 06 level or higher. ...

Words: 3238 - Pages: 13

Premium Essay

Syllabus

...Official TCC Course Syllabus Discipline Prefix: ITD Credit Hours: 4 Contact Hours: 4 Course Number: 260 Course Section: H01B Lecture Hours: 4 Studio Hours: Clinical Hours: Semester: Fall 2014 Lab Hours: Course Title: Database Modeling and Design Meeting Days/Time/Location: Wednesday, 8:00 pm – 9:40 pm, ATC – H207 Instructor Information Name: John Clary Office Location: ATC – H207 Office Hours: Immediately before and after class, other times and locations by appointment Contact Information: jclary@tcc.edu Blackboard site: http://learn.vccs.edu Course Information Course Description Introduces life cycle application development methodologies in a systematic approach to developing relational databases and designing applications. Presents content introducing functional and business process modeling, using modeling information to produce application designs, analyzing data requirements as entities, attributes, and relationships and map an entity relationship diagram to an initial database design. Identifies the available automated development tools and software to perform practical applications of these concepts. Prerequisites and/or Co-requisites ITD132 – Structured Query Language General Education Core Competencies Supported by this Course • Critical Thinking A competent critical thinker evaluates evidence carefully and applies reasoning to decide what to believe and how to act. Page 1 of 8 • Information Literacy A person who is competent in information...

Words: 2570 - Pages: 11

Premium Essay

Geography

...Sector overview Tea Michael Groosman Oct 2011 Table of Content Acronyms and Abbreviations ........................................................................................................................... 2 Introduction ..................................................................................................................................................... 1 Supply Chain .................................................................................................................................................... 1 Producers ............................................................................................................................................................ 2 Processors ........................................................................................................................................................... 3 Trade Phase ......................................................................................................................................................... 3 Blenders .............................................................................................................................................................. 4 Retail ................................................................................................................................................................... 4 Market Overview .........................................................................

Words: 6891 - Pages: 28

Premium Essay

Mr. Cga

...Titan Corporation of Canada (TCC) is based in Ontario. It has a callable outstanding bond issue, which was issued five years ago at a coupon rate of 6%, with a face value of $100 million, and with 20 years remaining to the maturity date. Interest rates at the time of the issue were considerably higher than they are now, and the company would now like to refinance the bonds. TCC’s investment banker assures the CFO that the bonds could now be issued for a 20-year maturity at a coupon rate of 4.5%. The following table shows the characteristics of the outstanding issue of bonds and the planned bond issue. Old bonds New bonds Face value $100,000,000 $100,000,000 Remaining maturity 20 years 20 years Overlap period 2 months 2 months Coupon rate 6% paid semi-annually 4.5% paid semi-annually Call premium/flotation costs 50% of coupon rate 2.5% of face value The new bonds would be issued two months before the old bonds could be called, at a call premium of 50% of the annual coupon rate. The flotation costs associated with the new bond issue are 2.5% of the face value. The firm’s corporate tax rate is 35%. The current T-bill rate is 3%. Required a. (12 marks) Should TCC refinance the bond issue? Why or why not? b. (2 marks) What is the current market value per $1,000 face value of the old bonds in the absence of the call provision? c. (2 marks) For an investor with a personal marginal tax rate of 47%, assuming that the difference between the market and call price of...

Words: 762 - Pages: 4

Premium Essay

I Got Mi

...I Got….Myocardial Infarction 1. My initial response was to laugh because it is not a diagnosis that I thought I would ever hear. I am very slender and athletic and my cholesterol levels are all well under control. I do know that to get to the point of an MI, means that I more than likely have arteries full of plaque which ultimately leads to a sudden and extended obstruction of blood supple to myocardial tissue. My brain is already spinning in curiosity of the severity of ischemia in my left ventricle. What is even more scary to me, as a woman, is the higher risk of silent ischemia in women. Silent ischemia doesn’t produce any symptoms when the heart experiences ischemic events. So I guess after the shock wears off, that is when the “oh shit” moment is about to happen. 2. Myocardial Infarction(MI) is also known as a heart attack. MI results when the flow of oxygen rich blood to a myocardium suddenly becomes blocked. If blood flow is not restored quickly, this results in cellular death by necrosis or apoptosis. Acute MI is an important form of Coronary Heart Disease (CHD). MI can occur at any age, but the risk of frequency raises with age progression. It is estimated that MI causes more than 150,000 deaths annually in the US. The American male has a greater than 1 in 5 chance of sustaining an MI or fatal ischemic event before the age of 65. Females that are younger than 45 have a 6 fold lesser risk of MI than men of the same age, however after menopause the rate becomes...

Words: 2373 - Pages: 10

Free Essay

Gm Powertarin

...increased productivity. Reducing labor costs would require Henrichs to stop paying the overtime to the employees, a frequent scenario to which they had become accustomed. But in order to facilitate this change we would need to determine on how to keep his employees motivated to improve production processes while their rewards were decreasing. This could only be accomplished focusing the employees towards the bigger picture; which in this case was to keep the plant operational. The employees were aware that although the Fredericksburg plant was a key in the production of GM’s automatic transmission it was not considered irreplaceable. Other plants could take over the production of the TCC and eliminate the need for the Fredericksburg plant altogether. Additionally, GM could outsource the production of the TCC causing there to be no...

Words: 1533 - Pages: 7

Premium Essay

Unconstitutionality of the Affordable Care Act

...individuals for failing to participate in this federal governmental socialized healthcare system but is also unconstitutional on a number of levels. The Tenth Amendment of the US Constitution was ratified in 1791 and states that “[t]he powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people” (TCC, n.d., p. 1). This concept was reiterated by James Madison who, in Federalist No. 45, wrote: The powers delegated by the proposed Constitution to the federal government are few and defined. Those which are to remain in the State governments are numerous and indefinite. The former will be exercised principally on external objects, as war, peace, negotiation, and foreign commerce; with which last the power of taxation will, for the most part, be connected. The powers reserved to the several States will extend to all the objects which, in the ordinary course of affairs, concern the lives, liberties, and properties of the people, and the internal order, improvement, and prosperity of the State (TCC, n.d.). These passages affirm states’ rights to govern themselves in all matters which are not specifically delegated to the federal government by the Constitution. However, since the...

Words: 1301 - Pages: 6

Premium Essay

Huntington's Gap Analysis

...they are aware of the quality of care being received by loved ones. This way, patients will feel comfortable knowing that their families have a part in the care they are receiving. 2. Care teams need to develop long-term relationships with HD patients in order to learn their preferences, triggers, and habits. By learning the patient, the care team can provide the best customized care to that patient. Facilities can maintain these relationships by reducing the turnover rates for employees. 3. Develop care plans that are flexible towards the progression of the disease. Not all HD patients can be treated in the same way. Treatment options need to change as the symptoms change. 4. Facilities need to promote staff education, for both new and old employees. New employees should be provided with guides and pamphlets about HD prior to the start of their employment. Long time employees should be provided with training courses, such as sensitivity training or even training to provided them with up to date knowledge of treating...

Words: 733 - Pages: 3

Premium Essay

Gm Powertrain

...beset by a variety of issues and resulted in an inability to manage to a budget, and that was problematic to management. Budgetary and ineffective or inefficient functions of the plant occurred due in part from numerous factors including continued use of old machinery, denominator management, i.e., management of human capital by attrition, inappropriate use of incentives, collective bargaining limitations, and a general lack of managerial creativity. These effects were felt throughout the GM organization during the ‘90’s , as a new chairman was installed in a “bloodless coup,” barely four years earlier, when in late October of 1992, John Smale, the chairman of the GM`s executive board, forced GM Chairman John Stempel to resign by issuing a statement that did not give chairman a vote of confidence. "Boardroom Coup At GM, A Chilling Message For U.s. Execs." Mateja, J., and Franklin, S, October 27, 1992. http://articles.chicagotribune.com/1992-10-27/news/9204070415_1_gm-directors-gm-chairman-robert-stempel-john-smale Things appeared to be looking up as a take charge guy in John (Jack) Smith assumed the position of CEO in November of 1992, and eventually Chairman in 1996. It appears the industry was in larger turmoil as external threats were varied and resulted in significant alterations of the landscape. Following the Gulf War, crude oil prices entered a period of steady decline. In 1994, the inflation adjusted oil price reached the lowest level since 1973. However at that...

Words: 3459 - Pages: 14

Free Essay

Market Research

...Executive Summary Introduction and Background States purpose and importance, clear and concise * Purpose - To provide R & S with a better comprehension of the eating habits and patterns of Singapore’s Generation Y- employing the use of Secondary Data and surveys. * Methods used to support & substantiate findings- E.g. Surveys * key issues that will be addressed are as follows ( From Assignment Handout) : What Gen-Y wants regarding the variety on the menu when eating out. 1. A recent study has found that those considered to be in Generation Y are concerned with health and wellness and like to eat in casual, communal spaces. These conclusions and others are discussed in a report from the Center for Culinary Development and Packaged Facts. Gen Y’s love hanging out at communal tables in bar lounges, college dining halls and other informal settings. Dining venues that offer a wide collection of foods, particularly with “far-flung global inspiration,” are favorites. When they eat alone, they often “scarf solo in the car or on the sofa,” adds CCD. They are also thrill-seekers who crave heightened eating experiences such as intense flavors and extreme textures. “The typical Gen Y eater swoons over unusual food forms, flavor profiles tweaked with unexpected or dramatic twists and of course, vivid global cuisines, especially when they blend fresh and spicy,” 2. Generally, the majority of seniors is on fixed incomes and may not be able to afford...

Words: 1316 - Pages: 6

Premium Essay

Working with and Leading People

...This document reflects the position prior to the 2010 changes implementing the Consumer Credit Directive. Those changes apply from 1 February 2011, or earlier if a firm opts to comply with the new rules at an earlier stage. The latest position is set out in OFT140A - 'Consumer credit - regulated and exempt agreements' (November 2010), which is available on the OFT website at: www.oft.gov.uk/shared_oft/business_leaflets/consumer_credit/oft140a.pdf. Office of Fair Trading November 2010 © Crown copyright 2008 This publication (excluding the OFT logo) may be reproduced free of charge in any format or medium provided that it is reproduced accurately and not used in a misleading context. The material must be acknowledged as crown copyright and the title of the publication specified. CONTENTS Chapter 1 Introduction 2 Regulated agreements 3 Exempt agreements Page 1 2 6 1 1.1 INTRODUCTION This guidance note provides a brief overview of regulated and exempt agreements under the Consumer Credit Act 1974 (the Act). The Act was amended by the Consumer Credit Act 2006 both to bring certain previously exempt agreements into the category of regulated agreements, by removing the upper financial limit beyond which an agreement was not subject to regulation, and to provide for new exemptions, with effect from 6 April 2008. A further exemption, relating to buy-to-let agreements, came into effect from 31 October 2008. The guidance sets out what makes an agreement regulated...

Words: 3204 - Pages: 13

Premium Essay

Career Pathway Assessment

...remember, I have always wanted to become a nurse. When I think back I am not sure why. I do remembered my auntie always caring for elderly people and for children. She had brought two houses in Philadelphia that was located next to each other. The first house was where she and some of the children that she cared for had lived and the house next door was where the elderly people had lived. Every summer I would stay with my auntie and I remembered I was excited to help her feed and care for them. I can also remember always wanting to become a candy striper in the hospital in which I did and I also remembered enjoying the experience. When I graduated from high school in 1986 I was accepted to the nursing program at SUNY Morrisville College in New York. I felt so overwhelmed in the program because it seemed that everyone there except for me had some type of nursing experience. I was only 17 years old when I left for college and it was my first time away from home that I was not focused which caused me to have to drop the nursing program. I was so disappointed in myself. I had changed my major to Business Administration. After doing a year and half at the college I ran out of money to continue school so I left and I joined the Navy. My desire was to enter into a medical field but at the time it was not available so I became an Air Traffic Controller but my focus was only to stay four years to get the educational benefits and to reapply to nursing school. Due to life and the...

Words: 2873 - Pages: 12

Premium Essay

Tacoma Community College Student Experience

...My experiences as a student member of Tacoma Community College (TCC) has been both challenging yet rewarding. It felt like I was playing a Korean traditional stick board game called Yutnori. Yutnori involves four sticks, used as dice, and you throw them up in the air and the sticks' placement, each stick has one flat and round side, determines the number of points you have earned. The points will decide the four chips' placement on the malpan game board. The first person who gets all four chips around the board is the winner. Sadly, I was never good at playing Yutnori. Keeping a consistent throw throughout the game was difficult. I either threw the sticks up too high or too low. Each mistake cost me a point and it was frustrating that I couldn't figure out the game pattern as quickly as possible....

Words: 520 - Pages: 3