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.

A-1,2 and 3

B- 1 and 2 Only

C- 2 and 3 Only

D- 1 and 3 Only