When Measuring Assets and Liabilities Recognized on the Opening Balance

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

A) Use its current valuation method and disclose the method in the notes to the financial statements.
B) Retrospectively apply applicable IASB standards to each asset and liability reported on the opening balance sheet.
C) Prospectively apply applicable IASB standards to each asset and liability reported on the opening balance sheet.
D) Recognize the difference in measurement, and disclose it in the notes to the financial statements as a change in accounting estimate.
E) 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.