IFRS 1 requires companies transitioning to IFRS to prepare an opening balance sheet at the date of transition. Which of the following describes the date of transition?

Multiple Choice

• No more than 180 days before the entity presents its first IFRS financial statements.

• The last day of year in which an entity presents full comparative information under IFRS.

• The beginning of the year for which the entity prepares its first IFRS financial statements.

• The beginning of the earliest period for which an entity presents full comparative information under IFRS.

• At least ninety days before the entity presents its first IFRS financial statements.