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Which of the following statements about the recognition of exchange differences in respect of foreign...

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Accounting

Which of the following statements about the recognition of exchange differences in respect of foreign currency transactions reported in an entity's functional currency is true according to IPSAS 4 'The effects of changes in foreign exchange rates'?
The exchange differences on settlement of monetary items should be recognized in surplus or deficit
The exchange difference on translation of a monetary item at a rate different from that used at initial recognition should be recognized in surplus or deficit
Any exchange difference on the translation of a monetary item at a rate different to that used at initial recognition should be recognized in other comprehensive income
Exchange differences should be recognized in equity and never in the income statement

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