When Translating the Financial Statements of a Foreign Operation to Presentation

Multiple Choice

When translating the financial statements of a foreign operation to presentation currency,AASB 121 requires any gain or loss on translation of the accounts to be:

A) Recognised as a revenue or expense in the income statement.
B) Transferred to a reserve in the equity section of the balance sheet.
C) Deferred and amortised over a period of not greater than 20 years.
D) Written off against the non-monetary assets of the foreign operation with any balance remaining recognised as a revenue or expense in the period.
E) None of the given answers.