Which one of the following is a characteristic of a forecasted transaction? Is evidenced by a contractual right or obligation. Can be a hedged item in a cash flow hedge. Is the same as a firm commitment. Is evidenced by a recorded asset or liability. Which of the following, if any, can be the risk being hedged in a foreign currency hedge? Gains and losses associated with the hedging instrument will be recognized in current earnings in each reporting period for which of the following? Disclosure of credit risk of financial instruments with off-balance-sheet risk does not have to include The amount of accounting loss the entity would incur should any party to the financial instrument fail to perform. The entity's policy of requiring collateral or security. The class of financial instruments held. The specific names of the parties associated with the financial instrument. Which one of the following is not a characteristic of derivative instruments? Derivative instruments are a form of financial instrument. All derivative instruments have the same accounting requirements. Derivative instruments can be used for hedging purposes. Derivative instruments can be used to hedge foreign currency risk