When a company, such as Company A, is preparing its first IFRS financial statements as at 31 December 20X7, it should reassess its estimates to reflect the conditions under IFRS and any new information available. This means that the entity needs to adjust its accounting estimates to comply with IFRS requirements and take into account any new information that has come to light since the previous financial statements were prepared. This is in line with the principle of ensuring consistency and comparability when transitioning to IFRS reporting.