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Research hedging as an unrecognized foreign currency firm commitment. Describe the proper accounting and reporting for this type of hedge with U.S. GAAP and IFRS.

Researchhedgingas an unrecognized foreign currency firm commitment. Describe the proper accounting and reporting for this type of hedge with U.S. GAAP and IFRS. What are the relevant U.S. GAAP and IFRS standards? Discuss how each standard is similar or different in handling hedging reporting with these situations.

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