solved Options #1 2: Connect Homework Assignment and Written Assignment Learning

Options #1 2: Connect Homework Assignment and Written Assignment
Learning Outcomes for this Module Reminder:
Analyze foreign currency transactions, including foreign currency-related imports and exports.
Analyze how derivatives, including cash flow and fair value hedges, are used to manage foreign currency transactions.
Analyze managing an exposed foreign currency net asset or liability position that is not a designated hedging instrument.
Explore any differences from the US GAAP and IFRS on foreign currency transactions.

Explore targeted improvements to the accounting for derivatives and hedging issued by the FASB in 2017 effective at the end of calendar year 2018.
With regards to your Assignment performed in Connect, and in general what you read and learned about in general in this Module, answer the following questions.
You should refer to the FASB Accounting Standards Codification (FASB ASC), specifically, when answering some of the questions below:
For foreign-currency related transactions, whether they are accounts receivable or accounts payable denominated in a foreign currency, describe briefly how such transactions are recorded and reported on the income statement when the books are closed at the end of each accounting period, assuming there are outstanding foreign currency related balances receivable or payable at the end of the period.
Explain using an example when a firm would use a cash flow hedge to manage a foreign currency transaction. Be specific.

Explain using an example when a firm would use a fair value hedge to manage a foreign currency transaction. Be specific.
In a few sentences, explain the targeted improvements to the accounting for derivatives and hedged issued by the FASB in 2017 which are currently effective for financial reporting purposes.
Explain at least one major difference that exists today between US GAAP and IFRS on the accounting for foreign currency transactions. Be specific.