Reporting currency gains

[JohnCheek]

I just got these unusual questions from a seminar participant; unusual because I rarely see employee benefit plans with any foreign investments:

1) Are all ERISA financial transactions reported in Base currency? - (USD as base)

2) Should the Fx Gain and loss be included in the Acquire & Dispose and Revalued cost schedules?

3) If so how should it be classified? (FX gain or loss or included in the overall gain or loss total)?

My initial thought is that the currency changes would be included in the appreciation/depreciation in fair value of investments. I don't recall seeing any other guidance.

Does anyone else have suggestions?