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  "authorName": "Carson Block",
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  "notes": "The text discusses the reclassification of Level 2 to Level 3 derivatives and its impact on the net asset position.",
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      "text": "Perhaps unsurprisingly the turnaround in the derivative balance coincided with the first time that Olam recognized the management-sensitive Level 3 derivatives by re-categorizing Level 2 derivatives as per the note below.",
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      "text": "Net position: 22,821",
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      "text": "Analysis of the transfer of financial instruments from Level 2 to Level 3 and the impact on Olam's derivative net asset balance.",
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      "text": "During the financial year ended 30 June 2011, the Group transferred certain financial instruments from Level 2 to Level 3 of the fair value hierarchy, due to changes in inputs to the valuation models to better represent the fair value of the physical forward contracts. The carrying amount of the total financial assets transferred from FY2010 was S$72,621,000.",
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      "text": "Source: Olam financials; Notes 1-3; Footnotes 58-61.",
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