When consolidating a non-hyperinflationary foreign operation that uses a different date from that of the reporting entity pursuant to IFRS 10 (which allows this provided the difference is no greater than three months and adjustments are made for the effects of any significant transactions or other events that occur between the different dates), which exchange rate should be used for translating the assets and liabilities of the subsidiary?

a The rate of exchange that was in effect when the transaction was initiated by the foreign operation

b The rate at the balance sheet date of the foreign operation

c The rate at the balance sheet date of the reporting entity

d The rate that is valid on the last day of the month