Financial Reporting Standards for Large and Medium Sized Enterprises (LME FRS) is the financial reporting framework that will be applied optionally by companies that are subject to independent audit and that do not apply Turkish Financial Reporting Standards (TFRS) (companies that implement General Communiqué on Accounting System Application (MSUGT)). LME FRS set, which was prepared by Public Oversight Accounting and Auditing Standards Authority (KGK) in compliance with international accounting and financial reporting applications and EU regulations, became effective after published in Official Gazette as of 29.07.2017. According to this communiqué; companies are required to prepare individual and consolidated financial statements in accordance with LME FRS in order to provide realistic, practical and comparable information during the fiscal periods starting on and after 01.01.2018. In this study, a general evaluation was made firstly on the companies that will apply LME FRS. Then, the recognition principles for tangible assets according to LME FRS that have a significant share in the companies' balance sheet are addressed. Within this scope, the study aims to explain in detail the points about initial recognition, recognition and depreciation and impairment of tangible assets in terms of LME FRS.