Under the current-rate method, what is the accounting treatment for exchange gains and losses arising from the current year?

A) Reported as equity
B) Reported in other comprehensive income
C) Reported in consolidated net income
D) Included in opening consolidated retained earnings

Current-Rate Method

An accounting technique used for converting foreign subsidiary financial statements into the parent company's reporting currency, translating all assets and liabilities at the current exchange rate.

Exchange Gains/Losses

The difference in value realized from the exchange of currency that can either be a profit (gain) or a loss due to fluctuating exchange rates.