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Statement of Financial Accounting Standards No. 130 - page 14 / 57

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of net income when they occur, but be reported as items of other

comprehensive income.  Much concern recently has been expressed about

derivative instruments and their effects on the financial position and

performance of various enterprises.  The Board's project on accounting for

derivative instruments and hedging activities was undertaken to enhance the

visibility and understanding of those transactions and their effects on

financial position and performance.  Messrs. Cope and Foster believe that

if certain of those effects are reported as items of other comprehensive

income, application of this Statement in conjunction with that reporting is

likely to do little to achieve that objective.  In their view, that is

inappropriate, particularly when the potential for significant impact that

derivative instruments have on an enterprise's performance is an important

concern.

   Members of the Financial Accounting Standards Board:

    Dennis R. Beresford, Chairman

    Joseph V. Anania

    Anthony T. Cope

    John M. Foster

    Gaylen N. Larson

    James J. Leisenring

    Gerhard G. Mueller

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Appendix A

BACKGROUND INFORMATION AND BASIS FOR CONCLUSIONS

CONTENTS

                                                                 Paragraph

                                                                  Numbers

Introduction  . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35

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