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In the final paragraph of your application letter you should
IFRS 1
The International Financial Reporting Standard that provides guidelines for the first time adoption of International Financial Reporting Standards.
Opening Balance Sheet
Opening Balance Sheet is a financial statement showing a company's assets, liabilities, and equity at the beginning of an accounting period, providing a starting point for the year's transactions.
Comparative Information
Financial data presented for multiple periods or dates to allow users to identify trends, changes, and financial performance over time.
FASB-IASB Convergence
The effort by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) to align U.S. Generally Accepted Accounting Principles (GAAP) with International Financial Reporting Standards (IFRS).
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