The Importance of Commencement and Closing Certifications of Commercial Books

Abstract

Pursuant to the Turkish Commercial Code (TCC) article 64, every merchant is under the obligation of keeping books in a manner that will clearly reveal the economic and financial status of his/her commercial enterprise. In the same article, the obligation of certification for the commencement and closing of each of the commercial books is imposed. According to Turkish laws, serious sanctions are designated in case of failure to make commencement and closing certifications of commercial books. Therefore, in this study, the consequences of the commencement and closing certifications of commercial books are examined on the basis of different Turkish laws.