Trade Forex - Forex Market

To what extent should deferred payments in a particular foreign currency be secured by forward financial cover, if a trader wants to hedge against currency risk as completely as possible? Analytically, the question can be addressed in a general and a narrow sense.
A more general accounting would look at all the company's outstanding debts and assets arising from many possible transactions denominated in the Forex currency-including those anticipated in the near future. A multinational corporation that has many dealings with its overseas affiliates would be a logical candidate for the general approach.
Offsetting total assets against liabilities depicts the company's net position in the foreign currency, and calls for a decision to cover some or all of this net position as it is reported (translated) back into the home currency at the end of every accounting period. The problem with this general approach is deciding on a uniform accounting rule for undertaking this translation every three months or so. Should only current assets and liabilities be revalued as the spot exchange rate fluctuates, leaving concurrent assets valued in terms of old exchange rates? Or, should only monetary claims and liabilities directly denominated in the foreign currency be adjusted as the exchange rate changes Leaving all no monetary assets abroad (inventories, buildings, and equipment) unadjusted? Until the U.S. forex institute.