Which of the following statements is (are) true with respect to with the use of currency for reporting purposes?

I. The presentation currency is always meant to imply the parent company's currency.
II. The functional currency is always meant to imply the foreign currency in which the subsidiary operates in.
III. For subsidiaries that are fairly independent of the parent, the functional currency is the local currency in which the subsidiary operates in.
IV. The temporal method is used whenever the functional currency is that of the parent's.

Explanation: II is incorrect because the functional currency is the currency in which the foreign operations are measured in; however, that may take on the form of either the parent's currency or the foreign currency.