ASC 815 allows companies to account for certain hedges of existing foreign currency–denominated receivables and payables as cash-flow hedges. Also in ASC 815, hedges of existing assets and liabilities must be accounted for as fair-value hedges. Explain the circumstances that must be present for a hedge of an existing foreign currency–denominated receivable or payable to be accounted for as a cash-flow hedge and how the accounting differs from cash-flow hedge accounting in more-general situations.