THE ROLE OF ACCOUNTING PROFESSIONAL IN INFORMAL ECONOMY

Abstract

Author(s): Burak ERO?LU

Although the concept of informal economy is expressed in different terms in the international literature, it covers the same subject in terms of content. Informality can be seen in every economy. The rate of informality varies according to the development level of the markets. In addition, the legal and political systems of countries are an important factor in the formation of informality. Accounting professionals play an important role in preventing tax losses and evasions in informal economies. Thus, the tax-generating event occurs with the realization of the commercial transaction. The first stage of the commercial transaction concerns the accounting field. Although accounting professionals have important duties in recording this process, these commercial transactions are referred to as illegal judicial transactions. In these cases, the professional accountants are required to inform the relevant institutions in terms of both professional ethics and citizenship responsibility. In this study, a research will be conducted on what informality is, the informal economies in the world, the importance of accounting professionals in preventing the informal economy, and the results obtained with the literature review will be evaluated.

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