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In this session, Professor Farhad discusses forward contracts as hedging instruments, a topic relevant in advanced accounting, international accounting, and the CPA exam. He encourages viewers to connect with him through his website, YouTube channel, LinkedIn, Facebook, and Twitter. The lecture focuses on hedging foreign exchange risks associated with foreign currency transactions, emphasizing that such transactions carry inherent risks when buying or selling in foreign currencies. He builds on concepts from a previous session to explain these risks further.