Stengel plc is preparing its opening IFRS statement of financial position on January 1, 2012. Under its previous GAAP, Stengel used the LIFO inventory method. Under LIFO, its inventory is reported at £250,000; under FIFO, which Stengel will use upon adoption of IFRS, the inventory is valued at £265,000.
Prepare the entry (if any) needed to record this adjustment at the date of issuance.