A company which has always prepared financial statements to 31 December each year prepares its first IFRS financial statements for the year to 31 December 2019. These statements show comparative figures for the year to 31 December 2018.

(a) Identify the first IFRS reporting period and state the date of transition.

(b) Explain the procedure which must be followed in order to prepare the financial

statements for the year to 31 December 2019.

(c) Identify the reconciliations which the company must include in its financial statements

for the year to 31 December 2019.