You serve as an accounting adviser within a specific country's entity. The organisation is currently grappling with the challenge of first translation its financial statements into International Financial Reporting Standards (IFRS). Your role is to elucidate the process involved in the initial adoption of IFRS. Note 1: It is imperative to emphasise that the case study you create should not rely on the accounting records or financial statements of any existing company. Reason: In the real world, translating financial statements from one accounting system to another requires additional information, which must be obtained from the top management of an existing company (which the student, for the purposes of their assignment, cannot obtain)