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In this session, Professor Farhad discusses forward contracts as a hedging instrument, highlighting their relevance in advanced and international accounting, as well as in the CPA exam. He encourages viewers to connect with him through his YouTube channel, LinkedIn, Facebook page, and Twitter. The session focuses on hedging foreign exchange rate risks involved in foreign currency transactions, emphasizing that engaging in such transactions exposes individuals or businesses to potential risks. Further exploration of these concepts follows, referencing insights from the previous session.