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 reporting 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 reporting date is the end of the financial year for which the statements are being presented. In this case, Icon International will present its first IFRS statements for the year ended December 31, 2015, which means the reporting date is December 31, 2015.

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