Abstract

International flying airlines must submit their financial statements and operational results to related civil aviation and financial institutions in home country and abroad. Airlines have to organize their financial statements appropriate to local accounting standards, International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS). Turkish Airlines which is the unique international flying public held flying airline in the sector(1.8%) has to submit its audited financial results to the Security and Exchange Commission (SEC) of Turkey. Most of the airlines are member of International Air Transport Association (IATA), International Civil Aviation Organization, Association of European Airlines (AEA). That is why, these airlines have to submit financial to these organisation besides financal institutions. Airlines fly to different countries by carrying passengers from different nationalities. For this reason, airline industry needs international standardization. In this study, airlines’ financial statement submission has widely discussed by distinguished revenue and cost materials in aviation sector, Newyork Stock Exchange (NYSE) and SEC requirements for NYSE listed airlines, Turkish Airlines financial reporting details. Throughout the study, the word “airline” or “airlines” means “internationally flying airlines”.