Which ONE of the following statements is FALSE? The nonmonetary accounts inventory and buildings are remeasured using the appropriate historical rates, but the related expenses to these assets, i.e., cost of goods sold and depreciation expense, are remeasured using the current rate. O Remeasurement is the restatement of the foreign entity's financial statements from the recording currency into the foreign entity's functional currency. Remeasurement is required only when the functional currency is different from the recording currency. O Monetary assets and liabilities represent the rights to receive or obligations to pay a fixed number of foreign currency units in the future. The current rate is used to remeasure monetary assets and liabilities