Which of the following statements is false regarding translating the financial statements of foreign subsidiaries?

a. Under the current-rate approach, all assets and liabilities are translated at the exchange rate in effect on the balance sheet date.

b. Under the current -mmcurrent method, current assets and current liabilities are translated at the current rate, and noncurrent items are translated at their historical rates.

c. Under the monetary-nonmonetary method, nonmonetary assets and liabilities are translated at their historical rate.

d. The nations of the world now have settled on the current-rate method.