Accounting is the language of the business and financial information is communicated to related parties using this language by means of financial statements. As people and institutions from various countries around the world began to use financial statements provided by businesses, the need for a universal language to communicate these financial statements has emerged. International Accounting/Financial Reporting Standards arose from this need. Main objective of these standards is to provide relevant financial information to be represented faithfully. Financial instruments occupy an important part in the financial statements of businesses. There are a wide variety of financial instruments, from cash to equity instruments, as well as derivative instruments based on these instruments. New ones have been added to traditional financial instruments with the development of financial markets. In order to provide financial statements with relevant information represented faithfully, financial instruments together with other financial statement items must be reported in a way to meet this requirement. The standards relating to financial instruments are TAS/IAS 32, TAS/IAS 39, TFRS/IFRS 7, and TFRS/IFRS 9. Financial instruments may often be complex and require calculations based on a number of assumptions and estimates to be reported. Furthermore, having more than one financial standards regarding financial instruments and some financial standards being included in other standards make reporting of financial instruments more complex. The aim of this study is to explain the standards relating to financial instruments in an understandable way by supporting these explanations with examples.  TFRS 2023 Set (Blue Book), published by Public Oversight Board of Turkey, is used as a main source for this study. Derivative instruments are excluded.