Question about retranslation of foreign currency/subsidiary

I’m a little confused about the retranslation of foreign currency/subsidiary.
The following is my understanding about retranslation of foreign currency/subsidiary?

When the company operating in foreign countries, we transfer monetary items with the closing exchange rate of the finacial reporting date. The profit or loss should be reconganised in the statement of profit or loss.

When we consolicating FS of foreign subsidiaries, the asset and liability should be retranslated using the closing exchange rate, while the income and expense should be retranslated at the rate of the transaction date. The profit or loss should be recognised in other comprehensive income.
It that correct?