IFRS1 First-time Adoption of International Financial Reporting Standards lays down the procedure which must be followed when an entity prepares its first financial statements that comply with IFRS Standards and IAS Standards.
(a) State the objective of IFRS1.
(b) Explain the terms "first IFRS reporting period" and "date of transition" as defined by IFRS1.
(c) A company adopts international standards for the first time in its financial statements for the year to 31 October 2020. These financial statements provide comparative figures for the previous five years. Explain the requirements of IFRS1 which must be satisfied when preparing these financial statements.