Stengel plc is preparing its opening IFRS balance sheet on January 1, 2014. Under its previous GAAP, Stengel used the LIFO inventory method. Under LIFO, its inventory is reported at £250,000 (in British pounds). Under FIFO, which Stengel will use upon adoption of IFRS, the inventory is valued at £265,000. Explain what Stengel must do.