XYZ Inc. is a first-time adopter under IFRS 1. The most recent financial statements it presented…

XYZ Inc. is a first-time adopter under IFRS 1. The most recent financial statements it presented under its previous GAAP were as of December 31, 2005. It has adopted IFRS for the first time and intends to present the first IFRS financial statements as of December 31, 2006. It plans to present two-year comparative information for the years 2005 and 2004.

The opening IFRS balance sheet should be prepared as of

(a) January 1, 2005.

(b) January 1, 2003.

(c) January 1, 2004.

(d) January 1, 2006.

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