15. a b If an Australian company enters a forward exchange contract to buy US$15 000, then which of the following applies? The company's contractual obligation (at the forward rate) and contractual right (at the spot rate) are settled on a net basis. The company has a contractual obligation to deliver foreign currency at the settlement date and that obligation is realized at the spot rate. The company has a contractual right to receive US$15 000 at the settlement date and that right is an asset fixed in A$ at the forward rate. The company's forward contract will act as a hedge against a recognized asset. d