Icon International, a software company, incorporated on January 1, 2013 is planning to convert to IFRS. The company decided to present its first IFRS statements for the year ended December 31, 2015. What is the transition date of Icon International?
A) January 1, 2013
B) January 1, 2015
C) December 31, 2015
D) December 31, 2013

Question

Quizplus · Accepted Answer

The transition date is the beginning of the earliest comparative period presented in the first set of the company's IFRS financial statements. In this case, Icon International's first IFRS financial statements are for the year ended December 31, 2015. Therefore, the transition date is January 1, 2015, which is the beginning of the comparative year presented in those financial statements.

Icon International, a Software Company, Incorporated on January 1, 2013