As in all countries that are aware of and determined to achieve economic development and a competitive advantage, incentives in Türkiye make very important contributions to the development of the national economy on a macro scale and the regional economy on a local scale. These contributions include: increasing the number of businesses that can compete in terms of price and quality on a national and global scale and ensuring their continuity, increasing employment, reducing regional development disparities, preventing brain drain, encouraging reverse brain drain, achieving technological superiority, producing high value-added products with strategic value, and ultimately ensuring foreign currency inflow into the country. To achieve this goal, a new incentive system has been put into effect pursuant to the Presidential Decree No. 2025/9903 dated 29/05/2025. Therefore, the accounting and reporting of incentives recognized within this system are extremely important for investment decisions concerning both businesses and countries. This study, due to the importance of these incentives, aims to comparatively present the advantages of the incentives recognized within the system, how they can be transformed based on TAS 20 and MSUGT, and how they can affect the basic financial statements (balance sheet and income statement). The study first explains the incentive system, which is built upon two fundamental structures: the "Turkish Century Development Initiative" and the "Sectoral Incentive System". After briefly providing information about the incentives included in this system, the study discusses which accounts are preferred in practice and in the literature for accounting for government incentives, based on TAS 20 and MSUGT, how these incentives can be accounted for according to the "capital approach" and "income approach," and how these methods affect the basic financial statements. The final part of the study includes examples of accounting for some frequently used incentives, based on the Sample Chart of Accounts in accordance with Financial Reporting Standards under TAS 20 and the Uniform Chart of Accounts under MSUGT. In conclusion, it was determined that the new incentive system offers significant advantages supporting businesses' investment decisions and makes an undeniable contribution to achieving the country's sustainable development goals; that compliance with International Accounting Standards should be increased in the accounting of incentives; that transparency and comparability in financial reporting are important for increasing total investments, especially abroad; and that widespread adoption of accounting practices under TAS 20 would contribute to a more accurate analysis of the impact of government incentives on businesses and enhance the informational value of financial statements.