Question: Under IFRS and U.S. GAAP, when the temporal method is used, how are translation adjustments treated in the consolidated financial statements? 1. As gains or

Under IFRS and U.S. GAAP, when the temporal method is used, how are translation adjustments treated in the consolidated financial statements?

1. As gains or losses on the current period consolidated income statement

2 As prior period adjustments to retained earnings of the parent

3 As part of other comprehensive income on the consolidated balance sheet

4 None of the above

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