An entity’s first financial statements that conform to this FRS are the first financial
statements15 in which the entity makes an explicit and unreserved statement in those
financial statements of compliance with this FRS. Financial statements prepared in
accordance with this FRS are an entity’s first such financial statements if, for example,
the entity:
(a) did not present financial statements for previous periods;
(b) presented its most recent previous financial statements under previous UK and
Republic of Ireland requirements that are therefore not consistent with this FRS in
all respects; or
(c) presented its most recent previous financial statements in conformity with
EU-adopted IFRS