Which of the following statements is FALSE?

Multiple Choice

If a foreign operation has a functional currency that is not the Canadian dollar, the method of valuation of assets and liabilities is of no consequence in the translation because all of the assets are translated at the closing rate.

If a foreign operation has a functional currency that is the Canadian dollar, the method of valuation of assets and liabilities is of no consequence in the translation because all of the assets are translated at the closing rate.

If a foreign operation has a functional currency that is the Canadian dollar, a write-down to market may be required in the translated financial statements.

If a foreign operation has a functional currency that is the Canadian dollar, no write-down is required in the foreign currency financial statements.