Two weeks ago on Sunday, September 7th, at about the same time that many of us were tuning in for the first professional football games of the season, planet Earth had a near miss. An asteroid 60 feet in diameter buzzed past New Zealand at a frighteningly close distance from of just 25,000 miles. In terms of astrophysics, that’s a hair’s breadth! Astronomers breathed a huge sigh of relief, fearful that a direct hit on Sunday could have had the same affect as an asteroid impact in Russia last year. On February 15, 2013 an asteroid roughly identical in size to last week’s asteroid collided with Earth in the Russian town of Chelyabinsk. When the space rock weighing more than the Eiffel Tower and hurtling at 40,000 mile per hour slammed into the atmosphere, it exploded into a fire ball…

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Chatham Financial Comments on FASB’s Proposal on Financial Instruments and Hedge Accounting September 29, 2010 We recently provided our views to the FASB on its controversial proposal to modify the accounting for financial instruments, including revisions to the accounting for derivatives and hedging activities. With respect to financial instruments in general, we continue to believe that both fair value and amortized cost have merit, and we share the concerns of most constituents that the FASB proposal goes too far with fair value as the primary measurement attribute for nearly all financial instruments. As for derivatives and hedging, we agree with certain provisions of the proposal, including reducing the standard for hedge qualification from “highly effective” to “reasonably effective.” However, we have serious concerns about the FASB’s proposed prohibition against removing the designation of an effective hedge (no more de-designations) and…

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