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

question 60

Multiple Choice

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

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Definitions:

Guarantor

An individual or entity that agrees to be responsible for another's debt or obligations in case of default.

Obligee

In contract law, the party to whom another party owes an obligation.

Specially Manufactured Goods

Products that are custom-made to a buyer's specifications, often not suitable for sale to others.

Oral

relates to spoken rather than written communication, often used in contexts such as contracts, agreements, or testimonies.