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  "documentTitle": "Olam International Ltd. (SGX:O32)",
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  "authorName": "Carson Block",
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  "presentationDate": "2012-11-27 00:00:00",
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  "notes": "Critique of accounting practices regarding fair value model assumptions and their impact on reported earnings.",
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      "text": "1. Management's discretionary input in valuing the Level 3 derivatives has a serious impact on the income statement. 2. The extraordinary increase in sensitivity from S$3.8 million per +/- 1% in 2011 to S$12.2 million despite a decline in overall value.",
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      "text": "Those of a cynical nature may also question how a total net derivative asset of S$186.5 million on June 30, 2012 suffered a dramatic reverse of S$422.4 million in just three months to a net derivative liability of S$235.9 million.",
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      "text": "For certain commodity contracts, the fair value had been determined using a fair value model. The valuation requires management to make certain assumptions about the model inputs... Management has determined that the potential effect of adjusting the assumptions to the model inputs of the valuation model by +/- 1% would have changed the profit or loss for the Group by $12,182,000 (2011: $3,764,000).",
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      "text": "62 2012 Annual Report, p. 171. 63 Annual Report, p. 123, Note 2.32.",
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      "text": "Level 3 Derivatives and the Income Statement",
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