The board decisions (“Decisions”) of the Public Oversight, Accounting and Auditing Standards Authority (“Authority”) regarding the Turkish Sustainability Reporting Standards (“TSRS”) was published in the Official Gazette on 29 December 2023.
In 2022, paragraph 6 was added to Article 88 of the TCC and it was regulated that the Authority in Turkey was authorized to determine and publish TSRSes for the enterprises and institutions to be determined by the Authority in accordance with international standards for reporting on sustainability.
At the last point, the Authority decided to adopt the international standards published by ISSB (International Sustainability Standards Board) for the TSRS and the translations of these standards into Turkish and into legislation were published in the Official Gazette and entered into force.
The orientation of these TSRSes is mandatory for institutions, organizations and enterprises that meet both of the following conditions:

1. Being from the institutions, organizations and enterprises listed in the scope of the Decisions

1.1. Investment, collective investment, mortgage financing, data storage, central clearing, settlement and custody institutions and portfolio management companies, joint stock companies whose capital market instruments are traded on a stock exchange or other organized markets or which have a prospectus or issuance certificate with a validity period approved by the Capital Markets Board for the purpose of being traded, and joint stock companies which are not traded on a stock exchange or other organized markets but which issue capital market instruments other than shares without public offering and which have an issuance certificate with a validity period approved by the Capital Markets Board for this purpose subject to the regulation and supervision of the Capital Markets Board
1.2. Rating agencies, financial holding and leasing, factoring, financing, asset management and savings finance companies and companies holding qualified shares in financial holding companies and banks as defined in Law No. 5411 subject to the regulation and supervision of the Banking Regulation and Supervision Agency
1.3. Insurance, reinsurance, and pension companies operating under the Insurance Law No. 5684 and Individual Pension Savings and Investment System Law No. 4632
1.4. Authorized institutions, precious metals brokerage houses, companies engaged in the production or trade of precious metals, which are permitted to operate in the Istanbul Stock Exchange markets
Note: Banks other than SDIF banks are subject to reporting requirements without any threshold.

2. Exceeding the thresholds of at least two of the criteria under the Decisions in two consecutive reporting periods

2.1. 500.000.000 TL (approximately USD 16.320.000) total assets,
2.2. 250 persons employed,
2.3. 1.000.000.000 TL (approximately USD 32.640.000) annual net sales revenue.
TSRSes will be effective for accounting periods beginning on or after January 1, 2024.