You have just been asked to conduct an executive program for the international controller’s office of a company from your home country that is becoming increasingly involved in exports to countries in Europe, Asia, and Latin America. Because the company has only recently begun to expand abroad, none of the staff members are familiar with accounting for foreign currency transactions. The only hedge instrument that the company uses is forward contracts. What are the topics that you would include in your discussion? How would you recommend the company account for its forward contracts?