Translation Methods for Multinational Operations

XYZ Corporation is a multinational company with subsidiaries in several countries. The company's functional currency is the US dollar. During the financial reporting period, XYZ Corporation's subsidiary in France operates with the Euro as its local currency. To prepare consolidated financial statements, XYZ Corporation must translate the financial statements of its French subsidiary into US dollars.

Which translation method should XYZ Corporation use for its financial reporting as per the International Financial Reporting Standards (IFRS) to convert the financial statements of its French subsidiary?