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Which of the following statements are correct if an entity reports in the currency of a hyperinflationary economy? The financial statements should be restated into

Which of the following statements are correct if an entity reports in the currency of a hyperinflationary economy?

  1. The financial statements should be restated into current measuring units
  2. The gain or loss on the net monetary position should be included in comprehensive income, not in the profit/loss for the year
  3. A general price index should be applied to non-monetary items

1, 2 and 3

1 and 2 only

2 and 3 only

1 and 3 only

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