When the functional currency of a foreign operation is the U.S. dollar, translation gains and losses resulting from translating (remeasuring) foreign currency financial statements into U.S. dollars...

When the functional currency of a foreign operation is the U.S. dollar, translation gains and losses resulting from translating (remeasuring) foreign currency financial statements into U.S. dollars should be included as

(a) An extraordinary item in the income statement for the period in which the rate changes.

(b) An ordinary item in the income statement for losses but deferred for gains in accordance with the conservatism convention.

(c) An ordinary item in the income statement for the period in which the rate changes.

(d) A deferred item in the balance sheet.