Identify characteristics of the effective portion of a hedging instrument and the ineffective portion of a hedging instrument. (Select all that apply) O The effective portion is defined as the part of the gain (or loss) on the hedging instrument that offsets a loss (or gain) on the hedged item. O The change in the fair value of a derivative other than the effective portion is defined as the ineffective portion. The gain or loss on the ineffective portion is reported in current assets on the balance sheet. The net gain or loss on the effective portion of the hedging instrument is reported in other comprehensive income