Ledgers and Records to Be Kept by Sports Clubs

In the Regulation on Books and Records to be Kept by Sports Clubs, the procedures and principles regarding the books and records to be kept by sports clubs registered with the Ministry of Youth and Sports to participate in the activities of the Ministry and sports federations, as well as their umbrella organizations, were determined as of September 7, 2022.

1. Sports clubs shall keep books based on the operating account basis or the balance sheet basis in accordance with the Turkish Commercial Code No. 6102 and in compliance with the Tax Procedure Law. However, sports clubs that have a commercial enterprise, participation, subsidiary, or sports joint-stock company within their structure and/or hold a public benefit status are required to keep books on a balance sheet basis.

2. For sports clubs that have a commercial enterprise, participation, subsidiary, or sports joint-stock company within their structure, all income and expenses related to sports activities, subject to the relevant provisions of the Capital Markets Law No. 6362 dated 6/12/2012, shall be reported in their consolidated financial statements prepared in accordance with Turkish Accounting Standards.

3. According to Article 3 of the Board Decision on the Scope of Application of Turkish Accounting Standards (TAS) for sports clubs keeping books on a balance sheet basis:

a) If they are included in the attached list in the Board Decision, Turkish Financial Reporting Standards (TFRS) shall be used in the preparation of their financial statements,

b) If they are subject to independent audit but not included in the attached list, the Financial Reporting Standards for Large and Medium-Sized Enterprises (BOBI FRS) shall be used in the preparation of their financial statements, provided that TFRS may optionally be adopted.

4. For sports clubs not included in the scope of TAS application under the Board Decision, the General Communiqués on the Implementation of the Accounting System published by the Ministry of Treasury and Finance shall be used in the preparation of their financial statements.

5. Decision and member registration books, awards, certificates, medal information, and similar records of a permanent nature shall be kept permanently; accounts and documents that sports clubs are required to keep and retain, subject to the periods specified in special laws, and other records and documents shall be retained for ten years in accordance with the page and date order of the books in which they are recorded.

6. Books, records, and documents subject to approval used by sports clubs before the regulation entered into force shall continue to be used until their remaining pages are exhausted. The regulation entered into force as of September 7, 2022.