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Finansal Kiralama, Faktoring ve Finansman Şirketleri Birliği ve Bağlı Ortaklıkları
Notes to the consolidated financial statements
as of December 31, 2016
(All amounts expressed in Turkish Lira (“TL”))
According to board decisions which are numbered 2014/2, 2014/3 and 2014/4 dated January 7, 2014, it is decided that commercial
enterprises which inline act of law 6361 are established due to provide continually income and assist for realization of the objectives
for the Association of Financial Leasing, Factoring and Finance Companies.
Nature of commercial enterprises, respectively;
• Make the necessary investments for the establishment of related systems about registration process specified in articles 21 and 22
of the relevant law and operates in accordance,
• According to Central Invoice Recording’ entitled under Article 43 at related law, commercial enterprises make required investments
in order to establish the system that consolidate the information concerning the receivables (including invoice information) that
are assigned to factoring companies and banks;
• Expand and develop activities of the Financial Leasing, Factoring and Finance Companies in Turkey.
Commercial enterprises consolidated are as follows:
Title
Address (City /
Country)
Share
Rate
Paid in
Capital
Finansal Kiralama Faktoring ve Finansman Şirketleri Birliği Finansal Kiralama İktisadi
İşletmesi
İstanbul/ Turkey
100%
100.000
Finansal Kiralama Faktoring ve Finansman Şirketleri Birliği Faktoring İktisadi İşletmesi
İstanbul/ Turkey
100% 100.000
Finansal Kiralama Faktoring ve Finansman Şirketleri Birliği İktisadi İşletmesi
İstanbul/ Turkey
100% 105.000
Total
305.000
The new standards, amendments and interpretations
The accounting policies adopted in preparation of the consolidated financial statements as at December 31, 2016 are consistent
with those of the previous financial year, except for the adoption of new and amended TFRS and TFRIC interpretations effective as
of January 1, 2016. The effects of these standards and interpretations on the Group’s financial position and performance have been
disclosed in the related paragraphs.
i) The new standards, amendments and interpretations which are effective as at January 1, 2016 are as follows:
TFRS 11 Acquisition of an Interest in a Joint Operation (Amendment)
TFRS 11 is amended to provide guidance on the accounting for acquisitions of interests in joint operations in which the activity
constitutes a business. This amendment requires the acquirer of an interest in a joint operation in which the activity constitutes a
business, as defined in TFRS 3 Business Combinations, to apply all of the principles on business combinations accounting in TFRS 3
and other TFRSs except for those principles that conflict with the guidance in this TFRS. In addition, the acquirer shall disclose the
information required by TFRS 3 and other TFRSs for business combinations. The amendment did not have an impact on the financial
position or performance of the Group.
TAS 16 and TAS 38 - Clarification of Acceptable Methods of Depreciation and Amortisation (Amendments to TAS 16 and
TAS 38)
The amendments to TAS 16 and TAS 38, have prohibited the use of revenue-based depreciation for property, plant and equipment and
significantly limiting the use of revenue-based amortisation for intangible assets. The amendments did not have an impact on the
financial position or performance of the Group.
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Annual Report 2016
The Association of Financial Institutions