Regulation on Books and Records to Be Kept by the Sports Clubs is Published

08.09.2022 Melis Uslu
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The Regulation on Books and Records to be kept by the Sports Clubs (Regulation) entered into force through its publication in the Official Gazette dated 07.09.2022 and numbered 31946. The Regulation sets forth the procedures and principles regarding the books and records to be kept by sports clubs and parent organizations.

Pursuant to the Regulation, sports clubs that have a commercial enterprise, subsidiary, affiliate or sports joint stock company and/or have a public benefit status shall keep books on a balance sheet basis and report all kinds of income and expenses in their consolidated financial statements to be prepared in accordance with Turkish Accounting Standards.

The books to be kept by sports clubs on a balance sheet basis are listed in the Regulation as decision book, member registration book, document registration book, journal, general ledger and inventory book. The conditions for keeping these books in electronic and physical environment, recording time, and the procedure for certification of the books are regulated.

In addition, it is stated that the accounting period starts on January 1 and ends on December 31; in cases of consolidation, consolidation will be made in the balance sheet of the sports club; and except for economic enterprises that are obliged to keep books in accordance with tax laws, in case it is requested, the Ministry of Youth and Sports may allow sports clubs to use a different accounting period.

The persons authorized to collect income on behalf of the sports club, shall be determined by the decision of the board of directors, the term of the authorization shall be limited to the maximum term of office of the board of directors, and the authorization document attached to the Regulation regarding these persons shall be filled in.

As per the provisional article 1 of the Regulation, the sports clubs may continue to use the books, records and documents which are subject to certification and used by the sports clubs before the Regulation becomes effective, until the remaining pages are completed.

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