When measuring assets and liabilities recognized on the opening balance sheet in accordance with first-time adoption of IFRS, the reporting company must:

Multiple Choice:

• Retrospectively apply applicable IASB standards to each asset and liability reported on the opening balance sheet.
• Use its current valuation method and disclose the method in the notes to the financial statements.
• Prospectively apply applicable IASB standards to each asset and liability reported on the opening balance sheet.
• Retrospectively apply applicable IASB standards to each asset and liability reported on the opening balance sheet and recognize the amount of change in the income statement.
• Recognize the difference in measurement, and disclose it in the notes to the financial statements as a change in accounting estimate.