Near East Bank has adopted the International Financial Reporting Standards (IFRS) as the standard that it will work to and its successful first audit proves that it is operating at the international benchmark of IFRS.
By reporting its accounts at International Financial Reporting Standards (IFRS) Near East Bank is integrating itself into the global market by allowing the word to compare and measures its performance to the global recognized standard.
Since 2005 the European Union has made IFRS as its mandatory standard for financial reporting. The Capital Markets Board of Turkey accepts IFRS for financial reporting and the new Turkish Commercial Code will expect all companies to report to IFRS standards in dew course.
To comply with IFRS an independent auditor is needed to impartially conduct the inspection and make the financial report. Near East Bank selected the services of one of the top four auditors in the world, Delottie. Not only does Deloitte operate in over 150 countries, with 650 offices and approximately 200,000 employs it has had a presence in Turkey since 1986 giving it expert local knowledge and experience.
Truly International Operator
Near East Bank’s road to being a truly international operator was underlined earlier this year when it was the first Turkish Cypriot bank to be given permission to have an official Representative Office in Turkey. The bank is also proud to be members of the International Investment Association of Turkey and on the Foreign Economic Relations Board of Turkey.