The directors of Emerald plc (Emerald), an Irish listed company, have decided to adopt International Financial Reporting Standards (IFRS) for the first time in the company's financial statements for the year ended 31 December 2017.

Requirement:

With respect to the financial statements for the year ended 31 December 2017, prepare a memorandum, addressed to the directors of Emerald, explaining:

(a) what Emerald will be required to do when it adopts IFRSS for the first time

(b) in general terms, the type of accounting adjustments that Emerald is likely to have to make when moving from Irish/UK Generally Accepted Accounting Practice to IFRS.

(c) outline the disclosures that Emerald is likely to have to make as a first-time adopter of IFRS.