Araştırma Makalesi
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A Qualitative Research Examining the Impact of the Earthquakes on Financial Reports within the Scope of IAS 10

Yıl 2025, Cilt: 12 Sayı: 2, 435 - 454, 30.06.2025

Ahmet Onay , Recep Güneş

https://doi.org/10.30798/makuiibf.1471944

Öz

Deeply affecting the Turkish economy, the earthquakes that struck Kahramanmaraş on February 6, 2023, had an adverse effect on the operations of numerous companies. As of the occurrence date, these earthquakes have been reported in the financial statements of many publicly traded companies as events after the reporting period. The purpose of this study is to determine how events after the balance sheet date are reported in the financial statements of companies in Türkiye in the post-earthquake period. In line with this objective, two sample groups were created from companies whose stock trading was suspended after the earthquake and those in the BIST-100 Index that continued trading. The financial statements of these sample groups, specifically regarding events after the reporting period, were separately examined. Qualitative methods were employed in the analysis, and word frequencies and word clouds were obtained using Maxqda Analytics Pro 24. The analyses confirmed that publicly traded companies report events after the reporting period in accordance with International Financial Reporting Standards. Additionally, the study qualitatively revealed the economic impacts of the earthquake disaster in Türkiye, resulting in both material and non-material losses. This study has the potential to contribute to the limited domestic literature by addressing events after the reporting period through conceptual or theoretical examinations. Additionally, it stands to contribute to the broader international literature on the subject.

Anahtar Kelimeler

Events After the Reporting Period Accounting Standards Financial Reporting Qualitative Research

Etik Beyan

Ethics Committee approval was not required for this study. The authors declare that the study was conducted in accordance with research and publication ethics. The authors confirm that no part of the study was generated, either wholly or in part, using Artificial Intelligence (AI) tools. The authors declare that there are no financial conflicts of interest involving any institution, organization, or individual associated with this article. Additionally, there are no conflicts of interest among the authors. The authors affirm that they contributed equally to all processes of the research.

Kaynakça

  • Abu-nassar, M., & Orabi, H. (2012). The extent of compliance of the Jordanian companies in applying the International Accounting Standard 10: Events after the reporting period. Journal of Administrative And Economics Science, 5(2), 113-131.
  • Al-Bishtawi, S., & Al-Harasees, M. (2022). Subsequent events under Covid-19 pandemic. International Journal of Academic Research in Accounting, Finance and Management Sciences, 12(2), 25–43. https://doi.org/10.6007/ijarafms/v12-i2/13112
  • An, J., & Park, B. (2019). Natural disasters and international financial accessibility in developing countries. Asian Economic Papers, 4(18), 245-261. https://doi.org/10.1162/asep_a_00682
  • Bloomberg HT. (2023, March 17). Depremlerin maliyeti açıklandı. https://www.bloomberght.com/depremlerin-maliyeti-aciklandi-2327187
  • Chen, G. (2020). Assessing the financial impact of natural disasters on local governments. Political Economy: National, 40(1), 22-44. https://doi.org/10.1111/pbaf.12245
  • Chung, J. O., Cullinan, C. P., Frank, M., Long, J. H., Mueller-Phillips, J., & O'Reilly, D. M. (2013). The auditor's approach to subsequent events: Insights from the academic literature. Auditing: A Journal of Practice & Theory, 32(1), 167-207. https://doi.org/10.2308/ajpt-50328
  • Delikanlı, İ. U. (2009). Finansal tabloların yayımının onaylanma süreci ve bu süreçteki gelişmelerin tablolara yansıtılması. Muhasebe ve Denetime Bakış, (29), 101-118.
  • Dhakal, D., Shrestha, S., & Shrestha, A. (2024). Impact of financial risk and macro-economic variable on stock return: Evidence from commercial banks of Nepal. Janabhawana Research Journal, 3(1), 1-20. https://doi.org/10.3126/jrj.v3i1.68380
  • Doğan, U., & Cengiz, S. (2018). International Financial Reporting Standards (IFRS) –10 Determination events after reporting period accounted for and reported. Kırıkkale University Journal of Social Sciences, 8(1), 123-144. https://doi.org/10.1108/04-2018-1021
  • Donatella, P., Haraldsson, M., & Tagesson, T. (2022). Reporting on covid-19–or not? Annual report disclosure of the pandemic as a subsequent event. Journal of Public Budgeting, Accounting & Financial Management, 34(6), 117-136. https://doi.org/10.1108/JPBAFM-04-2021-0074
  • Dönmez, A. (2010). Evaluation of events occurring after the balance sheet date in terms of auditing standards. Financial Analyze Journal, 20(99), 13-34.
  • Esen, Ö., & Sakin, T. (2022). The effects of covid 19 pandemic to "events after the reporting date": A content analysis on Turkish firms. Econder International Academic Journal, 6(1), 35-49. https://doi.org/10.35342/econder.987113
  • Ferreira, S., & Karali, B. (2015). Do earthquakes shake stock markets?. PLoS One, 10(7): e0133319. https://doi.org/10.1371/journal.pone.0133319
  • Gönen, S., & Kutay, N. (2013). Importance of IAS 10 events after the reporting period in decision taking of financial statement users. International Journal of Alanya Faculty of Business, 5(3), 39-46. https://doi.org/10.2308/acch.2007.21.3.281
  • Hategan, C. D., & Crucean, A. C. (2018). Reporting of subsequent events in financial statements-between obligation and necessity. Audit financiar, 16(152), 571-583. https://doi.org/10.20869/AUDITF/2018/152/025
  • Heimerl, F., Lohmann, S., Lange, S., & Ertl, T. (2014). Word cloud explorer: Text analytics based on word clouds. In 47th Hawaii International Conference on System Sciences (pp. 1833-1842). IEEE Xplore Press. https://doi.org/10.1109/HICSS.2014.231
  • Herda, D. N., & Lavelle, J. J. (2014). Auditing subsequent events: Perspectives from the field. Current Issues in Auditing, 8(2), 10-24. https://doi.org/10.2308/ciia-50886
  • International Accounting Standards Board. (2003). IAS 10: Events after the reporting period. https://www.ifrs.org/content/dam/ifrs/publications/pdf-standards/english/2021/issued/part-a/ias-10-events-after-the-reporting-period.pdf
  • International Accounting Standards Board. (2007). IAS 1: Presentation of financial statements.https://www.ifrs.org/content/dam/ifrs/publications/pdf-standards/english/2022/issued/part-a/ias-1-presentation-of-financial-statements.pdf?bypass=on
  • Financial Reporting Council. (2018). ISA 560: Subsequent events. https://www.frc.org.uk/library/standards-codes-policy/audit-assurance-and-ethics/auditing-standards/isa-uk-560/
  • Janvrin, D. J., & Jeffrey, C. G. (2007). An investigation of auditor perceptions about subsequent events and factors that influence this audit task. Accounting Horizons, 21(3), 295-312. https://doi.org/10.2308/acch.2007.21.3.295
  • Keerthiratne, S., & Tol, R. (2017). Impact of natural disasters on financial development. Economics of Disasters and Climate Change, 1(1), 33-54. https://doi.org/10.1007/S41885-017-0002-5
  • MAXQDA (2024). Software for qualitative data analysis, VERBI Software. Consult. Sozialforschung GmbH, Berlin, Germany.
  • Miao, Q., Hou, Y., & Abrigo, M. (2018). Measuring the financial shocks of natural disasters. National Tax Journal, 71(1), 11 - 44. https://doi.org/10.17310/ntj.2018.1.01
  • Miao, Q., Chen, C., Lu, Y., & Abrigo, M. (2020). Natural disasters and financial implications for subnational governments: Evidence from China. Public Finance Review, 48(1), 101-72. https://doi.org/10.1177/1091142119884710
  • Michels, J. (2017). Disclosure versus recognition: Inferences from subsequent events. Journal of Accounting Research, 55(1), 3-34. https://doi.org/10.1111/1475-679X.12128
  • Miyazaki, T. (2013). Effect on the finances of local governments in the case of an earthquake occurring directly beneath the Tokyo metropolitan area: Projections by year and prefecture(in Japanese). Economic Analysis, 186(1), 52-68.
  • Nawaiseh, M. A. L., & Jaber, J. (2015). Auditing subsequent events from the perspective of auditors: study from Jordan. International Journal of Financial Research, 6(3), 78-85. https://doi.org/10.5430/ijfr.v6n3p78
  • NTV. (2023, March 14). Rapor: Depremin Türkiye ekonomisine maliyeti 150 milyar dolar. https://www.ntv.com.tr/ntvpara/rapor-depremin-turkiye-ekonomisine-maliyeti-150-milyar-dolar,UUKGaIWDRUikZseMHFa0kw
  • Oyedokun, G. (2015). Adoption of IFRS: Implication of event after reporting period on auditors’ reports. International Accounting e-Journal, 5, 1-27. https://doi.org/10.2139/SSRN.2912245
  • Özdemir, Z., & Gökçen, B. A. (2016). Auditing of subsequent events: A survey of auditors in the city of Istanbul in Turkey. Accounting and Finance Research, 5(2), 42-56. https://doi.org/10.5430/afr.v5n2p42
  • Pamukçu, F., & Pamukçu, N. (2009). Events after the balance sheet date and the effects to financial statements. Financial Analyze Journal, (91), 67-80.
  • Pauch, D., Bera, A., & Walczak, D. (2024). Insurance in mitigating the financial consequences of natural disasters. Economics and Environment, 89(2), 1-11. https://doi.org/10.34659/eis.2024.89.2.769
  • The Official Gazette (2023, March 3). Sosyal sigortalar ve genel sağlık sigortası kanunu ile 375 sayılı kanun hükmünde kararnamede değişiklik yapılmasına dair kanun. The Oficial Gazette No: 32121. https://www.resmigazete.gov.tr/eskiler/2023/03/20230303-8.htm
  • Scholtens, B., & Voorhorst, Y. (2013). The impact of earthquakes on the domestic stock market. Earthquake Spectra, 29(1), 325-337. https://doi.org/10.1193/1.4000103
  • Seo, H., Jung, J., & Lee, D. (2018). The impact of local financial capability on damage from natural disasters. Journal of the Korean Society of Hazard Mitigation, 18(3), 381-389. https://doi.org/10.9798/KOSHAM.2018.18.3.381
  • Shaw, W. (2011). The 2011 Tohoku, Japan quake and tsunami: Provisional financial impact assessment. Risk Management e-Journal, 11, 9-18. https://doi.org/10.2139/ssrn.1797845
  • Skufina, T., Baranov, S., & Samarina, V. (2017). The influence of strong earthquakes on the global economy: Facts and assessment. International Journal of Ecological Economics and Statistics, 38(4), 108-114. Sümer, H., & Erer, M. (2009). Events after the balance sheet date. World of Accounting Science Journal, 11(1), 1-17.
  • Şalış, İ. (2011). Accounting and application of events after the balance sheet date [Unpublished master's thesis]. Marmara University.
  • Presidency of Strategy and Budget (2023). Kahramanmaraş and Hatay earthquakes report. https://www.sbb.gov.tr/wp-content/uploads/2023/03/2023-Kahramanmaras-and-Hatay-Earthquakes-Report.pdf
  • Tunji, S., Adeleye, O., Olakunle, O., & Okon, E. (2022). Events after the reporting period and investment decisions in manufacturing companies in Nigeria. Sumerianz Journal of Economics and Finance. 5(2)31-38. https://doi.org/10.47752/sjef.52.31.38
  • Tüm, K. & Memiş, M. Ü. (2015). IAS 10 – Events after the reporting period (Balance sheet date) and responsibilities of independent auditors. Journal of Çukurova University Social Sciences Institute, 24(1), 321-324.
  • Williams, W., Parkes, E. L., & Davies, P. (2013). Wordle: A method for analysing MBA student induction experience. The International Journal of Management Education, 11(1), 44-53. https://doi.org/10.1016/j.ijme.2012.10.002
  • Yamada, H., Yashiro, H., Omine, H., & Yoshikawa, H. (2012). Financial impact on the measurement of earthquake risk transfer in railway company. Journal of Japan Association for Earthquake Engineering, 12(4), 201-208. https://doi.org/10.5610/jaee.12.4_201
  • Yılmaz, F., & Sarı, E. S. (2013). Evaluation of events after the reporting period (Balance sheet date) in terms of TAS and a research on companies in the ISE-100 Index. Journal of the Accounting Institute, 73(1), 65-82.

Yıl 2025, Cilt: 12 Sayı: 2, 435 - 454, 30.06.2025

Ahmet Onay , Recep Güneş

https://doi.org/10.30798/makuiibf.1471944

Öz

Kaynakça

  • Abu-nassar, M., & Orabi, H. (2012). The extent of compliance of the Jordanian companies in applying the International Accounting Standard 10: Events after the reporting period. Journal of Administrative And Economics Science, 5(2), 113-131.
  • Al-Bishtawi, S., & Al-Harasees, M. (2022). Subsequent events under Covid-19 pandemic. International Journal of Academic Research in Accounting, Finance and Management Sciences, 12(2), 25–43. https://doi.org/10.6007/ijarafms/v12-i2/13112
  • An, J., & Park, B. (2019). Natural disasters and international financial accessibility in developing countries. Asian Economic Papers, 4(18), 245-261. https://doi.org/10.1162/asep_a_00682
  • Bloomberg HT. (2023, March 17). Depremlerin maliyeti açıklandı. https://www.bloomberght.com/depremlerin-maliyeti-aciklandi-2327187
  • Chen, G. (2020). Assessing the financial impact of natural disasters on local governments. Political Economy: National, 40(1), 22-44. https://doi.org/10.1111/pbaf.12245
  • Chung, J. O., Cullinan, C. P., Frank, M., Long, J. H., Mueller-Phillips, J., & O'Reilly, D. M. (2013). The auditor's approach to subsequent events: Insights from the academic literature. Auditing: A Journal of Practice & Theory, 32(1), 167-207. https://doi.org/10.2308/ajpt-50328
  • Delikanlı, İ. U. (2009). Finansal tabloların yayımının onaylanma süreci ve bu süreçteki gelişmelerin tablolara yansıtılması. Muhasebe ve Denetime Bakış, (29), 101-118.
  • Dhakal, D., Shrestha, S., & Shrestha, A. (2024). Impact of financial risk and macro-economic variable on stock return: Evidence from commercial banks of Nepal. Janabhawana Research Journal, 3(1), 1-20. https://doi.org/10.3126/jrj.v3i1.68380
  • Doğan, U., & Cengiz, S. (2018). International Financial Reporting Standards (IFRS) –10 Determination events after reporting period accounted for and reported. Kırıkkale University Journal of Social Sciences, 8(1), 123-144. https://doi.org/10.1108/04-2018-1021
  • Donatella, P., Haraldsson, M., & Tagesson, T. (2022). Reporting on covid-19–or not? Annual report disclosure of the pandemic as a subsequent event. Journal of Public Budgeting, Accounting & Financial Management, 34(6), 117-136. https://doi.org/10.1108/JPBAFM-04-2021-0074
  • Dönmez, A. (2010). Evaluation of events occurring after the balance sheet date in terms of auditing standards. Financial Analyze Journal, 20(99), 13-34.
  • Esen, Ö., & Sakin, T. (2022). The effects of covid 19 pandemic to "events after the reporting date": A content analysis on Turkish firms. Econder International Academic Journal, 6(1), 35-49. https://doi.org/10.35342/econder.987113
  • Ferreira, S., & Karali, B. (2015). Do earthquakes shake stock markets?. PLoS One, 10(7): e0133319. https://doi.org/10.1371/journal.pone.0133319
  • Gönen, S., & Kutay, N. (2013). Importance of IAS 10 events after the reporting period in decision taking of financial statement users. International Journal of Alanya Faculty of Business, 5(3), 39-46. https://doi.org/10.2308/acch.2007.21.3.281
  • Hategan, C. D., & Crucean, A. C. (2018). Reporting of subsequent events in financial statements-between obligation and necessity. Audit financiar, 16(152), 571-583. https://doi.org/10.20869/AUDITF/2018/152/025
  • Heimerl, F., Lohmann, S., Lange, S., & Ertl, T. (2014). Word cloud explorer: Text analytics based on word clouds. In 47th Hawaii International Conference on System Sciences (pp. 1833-1842). IEEE Xplore Press. https://doi.org/10.1109/HICSS.2014.231
  • Herda, D. N., & Lavelle, J. J. (2014). Auditing subsequent events: Perspectives from the field. Current Issues in Auditing, 8(2), 10-24. https://doi.org/10.2308/ciia-50886
  • International Accounting Standards Board. (2003). IAS 10: Events after the reporting period. https://www.ifrs.org/content/dam/ifrs/publications/pdf-standards/english/2021/issued/part-a/ias-10-events-after-the-reporting-period.pdf
  • International Accounting Standards Board. (2007). IAS 1: Presentation of financial statements.https://www.ifrs.org/content/dam/ifrs/publications/pdf-standards/english/2022/issued/part-a/ias-1-presentation-of-financial-statements.pdf?bypass=on
  • Financial Reporting Council. (2018). ISA 560: Subsequent events. https://www.frc.org.uk/library/standards-codes-policy/audit-assurance-and-ethics/auditing-standards/isa-uk-560/
  • Janvrin, D. J., & Jeffrey, C. G. (2007). An investigation of auditor perceptions about subsequent events and factors that influence this audit task. Accounting Horizons, 21(3), 295-312. https://doi.org/10.2308/acch.2007.21.3.295
  • Keerthiratne, S., & Tol, R. (2017). Impact of natural disasters on financial development. Economics of Disasters and Climate Change, 1(1), 33-54. https://doi.org/10.1007/S41885-017-0002-5
  • MAXQDA (2024). Software for qualitative data analysis, VERBI Software. Consult. Sozialforschung GmbH, Berlin, Germany.
  • Miao, Q., Hou, Y., & Abrigo, M. (2018). Measuring the financial shocks of natural disasters. National Tax Journal, 71(1), 11 - 44. https://doi.org/10.17310/ntj.2018.1.01
  • Miao, Q., Chen, C., Lu, Y., & Abrigo, M. (2020). Natural disasters and financial implications for subnational governments: Evidence from China. Public Finance Review, 48(1), 101-72. https://doi.org/10.1177/1091142119884710
  • Michels, J. (2017). Disclosure versus recognition: Inferences from subsequent events. Journal of Accounting Research, 55(1), 3-34. https://doi.org/10.1111/1475-679X.12128
  • Miyazaki, T. (2013). Effect on the finances of local governments in the case of an earthquake occurring directly beneath the Tokyo metropolitan area: Projections by year and prefecture(in Japanese). Economic Analysis, 186(1), 52-68.
  • Nawaiseh, M. A. L., & Jaber, J. (2015). Auditing subsequent events from the perspective of auditors: study from Jordan. International Journal of Financial Research, 6(3), 78-85. https://doi.org/10.5430/ijfr.v6n3p78
  • NTV. (2023, March 14). Rapor: Depremin Türkiye ekonomisine maliyeti 150 milyar dolar. https://www.ntv.com.tr/ntvpara/rapor-depremin-turkiye-ekonomisine-maliyeti-150-milyar-dolar,UUKGaIWDRUikZseMHFa0kw
  • Oyedokun, G. (2015). Adoption of IFRS: Implication of event after reporting period on auditors’ reports. International Accounting e-Journal, 5, 1-27. https://doi.org/10.2139/SSRN.2912245
  • Özdemir, Z., & Gökçen, B. A. (2016). Auditing of subsequent events: A survey of auditors in the city of Istanbul in Turkey. Accounting and Finance Research, 5(2), 42-56. https://doi.org/10.5430/afr.v5n2p42
  • Pamukçu, F., & Pamukçu, N. (2009). Events after the balance sheet date and the effects to financial statements. Financial Analyze Journal, (91), 67-80.
  • Pauch, D., Bera, A., & Walczak, D. (2024). Insurance in mitigating the financial consequences of natural disasters. Economics and Environment, 89(2), 1-11. https://doi.org/10.34659/eis.2024.89.2.769
  • The Official Gazette (2023, March 3). Sosyal sigortalar ve genel sağlık sigortası kanunu ile 375 sayılı kanun hükmünde kararnamede değişiklik yapılmasına dair kanun. The Oficial Gazette No: 32121. https://www.resmigazete.gov.tr/eskiler/2023/03/20230303-8.htm
  • Scholtens, B., & Voorhorst, Y. (2013). The impact of earthquakes on the domestic stock market. Earthquake Spectra, 29(1), 325-337. https://doi.org/10.1193/1.4000103
  • Seo, H., Jung, J., & Lee, D. (2018). The impact of local financial capability on damage from natural disasters. Journal of the Korean Society of Hazard Mitigation, 18(3), 381-389. https://doi.org/10.9798/KOSHAM.2018.18.3.381
  • Shaw, W. (2011). The 2011 Tohoku, Japan quake and tsunami: Provisional financial impact assessment. Risk Management e-Journal, 11, 9-18. https://doi.org/10.2139/ssrn.1797845
  • Skufina, T., Baranov, S., & Samarina, V. (2017). The influence of strong earthquakes on the global economy: Facts and assessment. International Journal of Ecological Economics and Statistics, 38(4), 108-114. Sümer, H., & Erer, M. (2009). Events after the balance sheet date. World of Accounting Science Journal, 11(1), 1-17.
  • Şalış, İ. (2011). Accounting and application of events after the balance sheet date [Unpublished master's thesis]. Marmara University.
  • Presidency of Strategy and Budget (2023). Kahramanmaraş and Hatay earthquakes report. https://www.sbb.gov.tr/wp-content/uploads/2023/03/2023-Kahramanmaras-and-Hatay-Earthquakes-Report.pdf
  • Tunji, S., Adeleye, O., Olakunle, O., & Okon, E. (2022). Events after the reporting period and investment decisions in manufacturing companies in Nigeria. Sumerianz Journal of Economics and Finance. 5(2)31-38. https://doi.org/10.47752/sjef.52.31.38
  • Tüm, K. & Memiş, M. Ü. (2015). IAS 10 – Events after the reporting period (Balance sheet date) and responsibilities of independent auditors. Journal of Çukurova University Social Sciences Institute, 24(1), 321-324.
  • Williams, W., Parkes, E. L., & Davies, P. (2013). Wordle: A method for analysing MBA student induction experience. The International Journal of Management Education, 11(1), 44-53. https://doi.org/10.1016/j.ijme.2012.10.002
  • Yamada, H., Yashiro, H., Omine, H., & Yoshikawa, H. (2012). Financial impact on the measurement of earthquake risk transfer in railway company. Journal of Japan Association for Earthquake Engineering, 12(4), 201-208. https://doi.org/10.5610/jaee.12.4_201
  • Yılmaz, F., & Sarı, E. S. (2013). Evaluation of events after the reporting period (Balance sheet date) in terms of TAS and a research on companies in the ISE-100 Index. Journal of the Accounting Institute, 73(1), 65-82.
Toplam 45 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular Finansal Muhasebe, Kurumsal Yönetişim, Muhasebe Teorisi ve Standartları
Bölüm Araştırma Makaleleri
Yazarlar

Ahmet Onay 0000-0003-1182-6003

Recep Güneş 0000-0003-3813-2749

Erken Görünüm Tarihi 28 Haziran 2025
Yayımlanma Tarihi 30 Haziran 2025
Gönderilme Tarihi 22 Nisan 2024
Kabul Tarihi 3 Haziran 2025
Yayımlandığı Sayı Yıl 2025 Cilt: 12 Sayı: 2

Kaynak Göster

APA Onay, A., & Güneş, R. (2025). A Qualitative Research Examining the Impact of the Earthquakes on Financial Reports within the Scope of IAS 10. Journal of Mehmet Akif Ersoy University Economics and Administrative Sciences Faculty, 12(2), 435-454. https://doi.org/10.30798/makuiibf.1471944
 Kapak Resmi İndir

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