Discuss foreign currency transactions utilizing multinational accounting financial instruments and foreign entity statements. What are the accounting implications for foreign currency exchange rates, hedge effectiveness, inter-period tax allocations for foreign currency transactions, and hedge net investments in a foreign entity? What are some of the differences, benefits, and ramifications of convergence to International Financial Reporting Standards (IFRS)? Consider the expected timeline, functional currency, translation and measurement, foreign subsidiaries, and hedging of a net investment in a foreign subsidiary.