Please give accounting standards codification when possible while answering the following:

1. Under what circumstance(s) would the amount included in the foreign currency translation account be recorded in the Income Statement instead of the Statement of Other Comprehensive Income?

2. Under what circumstance(s) would it potentially make sense for a Company to consider hedging the amount included in the Statement of Other Comprehensive Income for Foreign Currency Translation? Be specific.

3. Explain in a few sentences how the accounting for foreign currency translation differs for subsidiaries of a US Parent Company operating in a hyperinflationary environment which are consolidated into the Parent Companys financial statements