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In this session, Professor Farhad discusses forward contracts as a hedging instrument in advanced accounting, international accounting, and on the CPA exam. He encourages viewers to visit his website and YouTube channel for additional lectures. To connect with him on a personal level, viewers can subscribe to his YouTube channel, connect on LinkedIn, like his Facebook page (Accounting Lectures), or connect on Twitter. Hedging foreign exchange rates is crucial for managing risks associated with foreign currency transactions.