MADDİ DURAN VARLIKLARDA AMORTİSMAN İŞLEMLERİNİN MUHASEBE STANDARTLARI İLE VERGİ MEVZUATI AÇISINDAN İNCELENMESİ VE FİNANSAL TABLOLAR ÜZERİNDEKİ ETKİSİNİN DEĞERLENDİRİLMESİ

Maddi duran varlık kavramı, işletmelerin birden çok faaliyet döneminde kullanmak amacıyla edindikleri fiziki yapısı olan, kullanıldıkları süre içinde aşınmaya, yıpranmaya ve değer kaybına uğrayan sınırlı bir ekonomik (yararlı) ömrü olan varlıkları açıklamak için kullanılmaktadır. Özellikle sanayi işletmelerinde önemli bir yer tutan maddi duran varlıklara ilişkin amortisman işlemlerinin doğruluğu maliyetlerin doğru bir şekilde hesaplanması, fiyatlama kararları ve finansal tabloların finansal bilgi kullanıcılarının ihtiyacına uygun olarak düzenlemesi açısından son derece önemlidir. Bu çalışmada Vergi Usul Kanunu (VUK), Türkiye Muhasebe Standardı 16 (TMS 16) ve KOBİ Türkiye Finansal Raporlama Standartları (KOBİ TFRS)’ndaki düzenlemeler doğrultusunda maddi duran varlıklarda amortisman ayrılması konusu ele alınmıştır. Ayrıca düzenlemeler arasındaki farklılıklar açıklanarak, söz konusu farklılıkların finansal durum tablosu ve gelir tablosu üzerindeki etkisi incelenmiştir.

ANALYSIS OF DEPRECIATION TRANSACTIONS IN TANGIBLE FIXED ASSETS IN TERMS OF ACCOUNTING STANDARDS AND TAX LEGISLATION AND ASSESSMENT OF ITS EFFECTS ON FINANCIAL STATEMENTS

The concept of tangible fixed asset is used to describe physical assets with limited economic life (benefit) held by enterprises to be used throughout multiple business periods, which are subject to wear and tear and loss of value throughout the time they are to be used. Amortization, lexical meaning of which is wear and tear depreciation, on the other hand, is in the broadest sense the partition of costs of the fixed asset to multiple periods by certain methods. The accuracy of depreciation transactions of tangible fixed assets, which are of particular importance for industrial enterprises are essential for correct calculation of costs, pricing decisions and in terms of financial position statements are prepared according to the needs of financial information users. Regulations regarding depreciation transactions in our country are present in tax legislation, International Financial Reporting Standards (IFRS), Turkish Accounting Standards 16 (TAS 16) and Turkish Financial Reporting Standards for SMEs (TFRS for SMEs). Although there are many articles regarding depreciation in many acts in tax legislation, regulations on the concerned issue are for the most part present in Tax Procedures Law (TPL). While all enterprises in our country have to abide by the provisions of TPL, public enterprises which are only responsible against the public have to conform to full set of TASs. However, the new Turkish Commercial Code (TCC) which will enter into force as of 1st of July, 20112 will impose obligations on enterprises which are not accountable against the public and prepare general purpose financial statement to abide by TFRS for SMEs. There are different applications regarding depreciation transactions in tax legislation, Full set TAS and TFRS for SMEs. In the basis of these differences lie the different aspects taken by the tax legislation and accounting standards to depreciation. The focus in tax legislation is on correct calculation of tax base whereas in accounting standards, the focus is on producing fair information Among the major differences between Tax Procedures Law (TPL) and accounting standards is the calculation of depreciable value. While the residual value is avoided in determining depreciable value according to TPL, according to TAS 16 and TFRS for SMEs, depreciable value is determined after residual value is deducted from cost value of the asset. On the other hand, while interest expenses occurred during the acquiring of the asset, delay interests, currency exchange differences and commission expenses have to be included in the cost of the asset, according to TAS 16, concerned borrowing costs are not included in the asset cost, except in qualifying assets. According to TFRS for SMEs, however, the total of such borrowing costs are regarded as period costs and are under no circumstances associated with asset cost. According to TPL, asset’s cost value is not changed as long as the asset is not subjected to a value or capacity increasing expenditure or inflation adjustment in financial statements. According to accounting standards, cost value is revaluated after being activated. According to TAS 16, however, while enterprises are able to use either one of cost or revaluation methods in asset valuation, according to TFRS for SMEs, only the cost method can be used. Hence, while tangible fixed assets can be indicated below or above the cost value in financial statements in valuation periods following the first year when they are credited according to TAS 16, according to TFRS for SMEs, tangible fixed assets are not reflected to financial statements with values exceeding the cost value. Another difference between TPL and accounting standards is regarding the period of depreciation. Depreciation period, according to TPL, starts in the year when the asset is credited and depreciation is carried out on an annual basis according to economic life determined by the Ministry of Finance. According to this code, date is set as the basis for determining depreciation period. The enterprise is able to continue to depreciate for tangible fixed assets with selling purposes and future non-useful fixed assets. According to TMS 16 and TFRS for SMEs however, depreciation period starts when the asset is usable and depreciation is carried out according to the useful time determined by the enterprise. Predictions of the enterprise regarding the useful life are updated annually. In determining the depreciation period, accounting period is set as basis. Furthermore, according to accounting standards, depreciation transactions are discontinued for tangible fixed assets with selling purposes and future non-useful fixed assets. There are differences between TPL and accounting standards in accepted methods of depreciation. TPL is mainly based on normal depreciation method and declining balance method. Additionally, exceptional depreciation method and depreciation method specific for mines are also legally accepted under certain circumstances. Among these methods, normal depreciation method can be used by tax payers who keep their books according to operation account and balance sheets while declining balance method can be used only by tax payers who use balance sheet in keeping their accounts. According to TPL, it is possible for enterprises using declining balance method to use normal depreciation method for a single time. However, as per the previsions of the code, it is not possible to use declining balance method once the normal depreciation method is used. Pro-rata deprecation method can only be used in passenger cars based on monthly periods and depreciation not carried out in the first year can be included to the amount of the final year. The subjects of depreciation methods are arranged in parallel in to TMS 16 and TFRS for SMEs. According to accounting standards, the depreciation methods the enterprises can prefer are straight-line depreciation, declining balance method and unitsof-production method. Enterprises using accounting standards can also use declining balance method. If the future economic benefits of the asset create a major change in the foreseen consumption pattern, the current depreciation method is reviewed. In case where the current expectations are changed, it is possible for the enterprise to change its deprecation method so as to reflect the new consumption pattern. According to standards, pro-rata depreciation method is used for all fixed assets on daily basis and instead of the final year, depreciation not carried out in the first year is carried out in its own accounting period. According to TPL, it is not possible for the depreciation rates determined and announced by the Ministry of Finance to be changed. If the declining balance method is used, the deprecation rate is twice the normal depreciation rate, provided that it does not exceed fifty percent. According to accounting standards, however, depreciation rates freely selected by enterprises by predicating assets’ useful lives and production amounts can be changed each year. In case where declining balance method is used, however, the necessity to follow a certain parameter does not exist and the rate is freely determined by the predictions of the enterprise. Different applications between tax legislation and accounting standards regarding depreciation transactions also cause differences between statements of financial positions and statements of income. But since tax legislation and accounting standards applications intersect at a certain point in depreciation transactions, this difference in financial statements are temporary. In other words, differences caused by different applications regarding depreciation transactions will disappear in the following periods. Temporary differences caused by depreciation transactions result in deferred tax claim or tax dept in statements of financial position. The reason for tax claim or tax dept caused by depreciation transaction is that the tax expenditure of the concerned period is determined according to accounting standards and tax reserve is determined according to tax legislation. Different arrangements between tax legislation and accounting standards result in separation between commercial profit and financial profit. But with the new Turkish Code of Commerce entering into effect, this separation will disappear. As of the date of 31.12.2012, enterprises will arrange their financial statements according to accounting standards. Furthermore, in the calculation of the tax base income statements prepared according to accounting standards will be made use of. In this study, depreciation in tangible fixed assets within the context of TPL, TAS and TFRS for SMEs is covered. Additionally, differences between the regulations are explained and the results of these differences on statement of financial position and statement of income are analyzed. Consequently, depreciation examples in the context of regulations in TPL, TAS and TFRS for SMEs are provided