Upon first-time adoption of IFRS, assets and liabilities should be reported on the opening statement of financial position: Select one:

a. Using only retrospective application of relevant IFRS standards.

b. Using mostly retrospective application of relevant IFRS standards, with a few mandatory exceptions.

c. Using mostly retrospective application of relevant IFRS standards, with some voluntary exceptions.

d. Using mostly retrospective application of relevant IFRS standards, with some mandatory and some voluntary exceptions.