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this is a lecture from open tuition to benefit from the lecture you should download the free lecture notes from opentuition.com so having gone through and looked at our introduction to the world of hedging hopefully youve managed to gone through and get yourself around the complexities of it let me just reiterate what its all about it is about ensuring that if we have any gains or losses on a hedging item and gains or losses on a hedging instrument those gains and losses are offset in the corresponding period within the same financial statements okay and we will elaborate upon that a little bit further now as we go through and first of all look at our hedging with regards to your cash flow hedging so lets go through first of all and see what we mean by looking at cash flow hedging so its very literal were hedging so thats reducing the risk uh against cash flow so here future cash flow so if we look at our diagram that we had earlier on within our introduction uh we are looking at