Which of the following best describes current GAAP with respect to the translation process?

Select one:

A. Assets and liabilities are translated at the exchange rate at the balance sheet date regardless of when they arose.

B. Revenues and expenses must be translated at the exchange rate in effect then they are recognized.

C. Assets are translated at the exchange rate at the balance sheet date, but liabilities are translated at the exchange rate in effect with the liabilities were incurred.

D. Assets and liabilities are translated at the exchange rate in effect when they arose.