Foreign currency revaluation, consolidation & elimination for intercompany loans

Assumptions: 1. USD is the parent company's functional currency and reporting currency. 2. A foreign sub uses its local currency as their functional currency. 3. The intercompany loan from the parent to the sub is denominated in USD. 4. The sub booked the loan in USD on its books, which is equal to the USD amount booked on the parent's books. 5. The sub only updates its exchange rate at the beginning of each month. This rate is used for the entire month for transactions. (Certain countries publish exchange rates once a month, like the UK and Belgium) 6. The loan balance is then being revalued to the sub's functional currency at month-end based on the monthly rate (the same rate mentioned above #5) . This is done monthly and unrealized gain or loss is reported in the sub's P&L in its functional currency. 7. Exchange rate used for consolidation in the US at the month-end is very likely not the same rate used by the sub. Questions: Based on the above assumptions, how do you convert/translate the sub's Balance Sheet interco items from its functional currency to the USD reporting currency? Do you lock the translated USD amount on the sub's books so that it can match to the USD amount on the parent's books? Or, do you follow the normal translation of balance sheet items by using the consolidated exchange rate to convert the loan balance from local currency to USD? There will be a difference in the sub's USD balance and the parent's USD balance. Do you book this difference in the CTA account during elimination process? Sorry for the lengthy post. Any insights are greatly appreciated. Thanks in advance.