Circular from the Insurance and Private Pension Regulation and Supervision Agency (SEDDK) on the application of inflation accounting in the insurance sector has been published.
The circular noted the following:
“In the notice dated November 23, 2023, published by the Public Oversight, Accounting and Auditing Standards Authority, on the adjustment of the financial statements of companies subject to independent audit, institutions or organizations authorized to regulate and audit in their areas are listed according to inflation are obliged to comply with TMS 29 (Financial Reporting for Large and Medium-Sized Enterprises) Persons who regulate and monitor in their own area are given the freedom to apply the inflation calculation. is recognized.
In this context, it was decided that insurance, reinsurance and pension companies will not apply inflation calculations in 2025. Circular No. 2024/10 on the application of inflation accounting in the insurance sector has been repealed.”
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