Fair Value Case Essay Example

Fair Value Case Essay Case 11-2(b) Fair Value Disclosures Case 11-2(b) is an extension of Case 11-2(a). For this case, assume that the Case 11-2(a) facts remain, with the exception of the additional assumptions listed below for each security. As stated in Case 11-2(a), Family Finance Co. (FFC) accounts for its investments at fair value, with changes in fair value reflected either in earnings (for trading securities) or other comprehensive income (OCI) (for available-for-sale (AFS) securities). Because FFC uses the interest rate swap in a cash-flow hedge, FFC measures the derivative at fair value, presenting the portion of the fair value change that effectively offsets cash flow variability on its corporate debt in OCI and the remainder in earnings. Additional facts related to specific securities and derivatives owned by FFC are described below. Also refer to the data table at the end of this section for the fair value amounts for each instrument needed to complete the case. S tudents should assume that al l amounts discussed below and those included in the data tables are U. S. dollars in thousands. Instrument 1 — Collateralized Debt Obligation †¢ FFC classifies its collateralized debt obligation (CDO) within Level 3 of the ASC 820, Fair Value Measurement, fair value hierarchy as of December 31, 2012. †¢ FFC identified October 1, 2012, as the date on which the CDO’s fair value measurement changed in classification from Level 2 to Level 3. †¢ FFC determined the broker quotes were not significant to the fair value measurement in its entirety because those quotes resulted in a management adjustment to the income-approach discount rate of just 1 percent. On the basis of sensitivity analysis performed by adjusting the discount rate, management determined percentage changes of 2 percent result in a significantly higher or lower fair value. Further, management performed a qualitative assessment of the significance of these inputs to its fair value measurement and concluded that it did not place much weight on these measurements because they were based on proprietary models using unobservable inputs. That is, management could not, without unreasonable effort, conclude with sufficient assurance whether the quotes were prepared in accordance with ASC 820 and reflected current market conditions and market participant assumptions. †¢ FFC accounts for the CDO as a trading security. 1 Note that as discussed in Case 11-2(a), Instrument 4 is an equity security that does not have a readily determinable fair value and thus is not within the scope of ASC 320, Investments — Debt and Equity Securities. We will write a custom essay sample on Fair Value Case specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Fair Value Case specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Fair Value Case specifically for you FOR ONLY $16.38 $13.9/page Hire Writer However, FFC has elected the fair value option for the security in accordance with ASC 82510, Financial Instruments: Overall, and thus accounts for the investment at fair value with changes in fair value recorded through earnings. C opyright 2009 Deloitte Development LLC All Rights Reserved. Case 11-2(b): Fair Value Disc losures Page 2 Instrument 2 — Mortgage-Backed Security †¢ FFC classifies its mortgage-backed security (MBS) within Level 2 of the fair value hierarchy as of December 31, 2012. †¢ FFC accounts for the MBS as a trading security. Instrument 3 — Auction-Rate Security †¢ FFC classifies its auction-rate securities (ARSs) within Level 3 of the fair value hierarchy as of December 31, 2012. †¢ FFC identified November 1, 2012, as the date on which the fair value measurement of the ARSs changed in classification from Level 2 to Level 3. †¢ FFC accounts for the ARSs as AFS securities. Instrument 4 — Equity Security of a Nonpublic Company †¢ FFC classifies its investment in Company X within Level 3 of the fair value hierarchy during 2012. †¢ FFC sold the equity security in October 2012 for $120. Instrument 5 — Interest Rate Swap †¢ The interest rate (IR) swap is part of a portfolio of IR swaps. FFC individually assessed the IR swaps and classified them within Level 2 of the fair value hierarchy as of December 31, 2012. †¢ FFC does not measure its corporate debt at fair value with changes in fair value reported in earnings. †¢ FFC executes IR swaps with various counterparties and accounts for its IR swap assets and liabilities on a gross basis on its balance sheet. Instrument 6 — Fuel Swap — Gasoline †¢ FFC classifies its fuel swap within Level 3 of the fair value hierarchy as of December 31, 2012. †¢ The fuel swap was the only derivative in FFC’s commodity derivatives portfolio. †¢ The fuel swap’s fair value at initial recognition (January 2, 2012) was $0. Furthermore, each of the four annual swaplets 2 had an inception value of $0. 2 A s waplet is akin to a swap with a single settlement. For example, an IR swap with a duration of two years that re-prices and settles every quarter can also be viewed as a sequential series of eight swaplets at inception (each swaplet is net settled as of the settlement date specified in the swap contract). The fair value measurement of an IR swap considers the expected cash flows of all unsettled swaplets as of the measurement date. C opyright 2009 Deloitte Development LLC All Rights Reserved. Case 11-2(b): Fair Value Disc losures †¢ Page 3 The first annual swaplet settled on December 31, 2012, resulting in a net cash payment to FFC of $100. Required: †¢ Using the case facts and the fair value amounts provided in the fair value data table below, prepare the annual quantitative disclosure tables required by ASC 820 as of December 31, 2012, for each of the six instruments: o For fair value measurements as of the reporting date (i. e. , December 31, 2012) separately for each class of assets and liabilities. Use blank table formats 1a and 1b below to complete the required quantitative disclosures. (Note that participants are also required to identify the classes of assets and liabilities to include in Tables 1a and 1b. ) o For assets and liabilities measured at fair value by means of significant unobservable inputs on a recurring basis, a reconciliation of the beginning and ending balances (i. e. , annual table) separately for each class of assets and liabilities, including where the gains or losses included in earnings are reported in the income statement. Use blank table format 2 below to complete the required quantitative disclosures. (Note that participants are also required to identify the classes of assets and liabilities to include in Table 2. ) o For certain assets and liabilities measured at fair value, (1) the amount of the total gains or losses for the period included in earnings that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held as of the reporting date (i. e. , December 31, 2012) and (2) a description of where those unrealized gains or losses are reported in the income statement. Use blank table format 2 below to complete the required quantitative disclosures. o For assets and liabilities measured at fair value by means of significant unobservable inputs, quantitative information about the significant unobservable inputs used in the fair value measurement. Use blank table format 3 below to complete the required quantitative disclosures. (Note that participants are also required to identify the classes of assets and liabilities to include in Table 3. ) †¢ Identify any qualitative disclosures required under ASC 820 for each of the six instruments as of December 31, 2012. C opyright 2009 Deloitte Development LLC All Rights Reserved. Data Tables Fair Value Data Table (U. S. dollar amounts in thousands) I nstrument 1. CDO 2. MBS 3. ARS 4. Equity security of nonpublic company (PEI) 5. IR s wap (asset) 5a. IR swap portfolio — gross asset values 5b. IR swap portfolio — gross liability values 5c. IR swap portfolio — net assets by counterparty 5d. IR swap portfolio — net liability by counterparty 6. Fuel swap Beginning Balance — 1/1/2012 N/A N/A 75 90 N/A 200 (125) 105 (30) N/A Purchase Value / Date 50 / 6/1/12 85 / 9/1/12 N/A N/A 0 / 1/2/2012 Various Various Various Various 0 / 1/2/2012 Fair Value at Transfer Date 40 N/A 55 N/A N/A N/A N/A N/A N/A N/A Ending Balance — 12/31/2012 25 75 50 0 40 140 (100) 60 (20) 375 I ncome Statement Line I tem Trading revenues Trading revenues Other revenues Other revenues Trading revenues Trading revenues Trading revenues Trading revenues Trading revenues Trading revenues PEI = private equity investments. I nstrument 5 — IR Swap Portfolio (Support for Break-up by Counterparty to Compute Gross Values) Beginning Balance Asset Liability Net Ending balance Asset Liability Net Total A-1 200 –125 75 20 –30 –10 140 –100 40 0 –15 25 Counterparties A-2 B-1 40 20 –25 –40 15 –20 50 –15 35 30 –50 –20 B-2 120 –30 90 20 –20 0 C opyright 2009 Deloitte Development LLC All Rights Reserved. Case 11-2(b): Fair Value Disc losures Page 2 Fuel Swap Data Table Pay Fixed, Receive Float (Fuel Swap) Four-year swap settles annually, ex ecuted 1/1/12, matures 12/31/15; Inception transaction price = zero (at-market swap), each of the four annual s waplets had an inception fair value = zero Cash Flow From Settlements Occurring at End of Fair Value by Period by Swaplet Swaplet Fair Value Quarter Year 1 Year 2 Year 3 Year 4 Total Fair value — Year 1 (1/2/12 — beginning of period) 0 0 0 0 0 N/A — Fair value — Year 1 (12/31/12 — end of period) s ettled 120 125 130 375 Y1 100 Unobservable Inputs Data Table Collateralized Debt Obligation Credit spread Discount for lack of marketability 2% 5% Aucton-Rate Security Estimate of future coupon rates Constant prepayment rate Credit spread Discount for lack of marketability 4. 30% 4. 00% 2. 00% 15% Aucton-Rate Security U. S. unleaded gasoline forward price curve (per gallon) CVA $2. 00 $4. 00 4. 00% C opyright 2009 Deloitte Development LLC All Rights Reserved. Format for Table 1a: Table 1a Description / Classes [For Assets] Fair Value Measurements as of Reporting Date Determined by Quoted Prices in Active S ignificant Other S ignificant M arkets for Identical Assets Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) [CLASSES TO BE DETERMINED BY PARTICIPANTS] T otal assets -– – – Format for Table 1b: Table 1b Description / Classes [For Liabilities] Fair Value Measurements as of Reporting Date Determined by Quoted Prices in Active S ignificant Other S ignificant M arkets for Identical Assets Observable Inputs Unobservable Inputs (Level 1) Level 2) (Level 3) [CLASSES TO BE DETERMINED BY PARTICIPANTS] T otal liabilities Format for Table 2: Level 3 Recurring Fair Value Measurement Disclosure Trading CDO AFS ARS PEI Retail Derivatives Commodities Beginning balance Total gains or losses (realized/unrealized): Included in earnings (or changes in net assets) Included in other comprehensive income Purchases Issues Sales Settlement s Transfers into Level 3 Transfers out of Level 3 Ending balance The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the hange in unrealized gains or losses relating to assets still held as of the reporting date Realized Total C opyright 2009 Deloitte Development LLC All Rights Reserved. Case 11-2(b): Fair Value Disc losures Page 2 Format for Table 3: Level 3 Fair Value Measurements Quantitative Information About Significant Unobservable Inputs I nvestment Fair Value at 12/31/12 Valuation Technique Unobservable Input Value Instrument 1 Fair Value Technique Input 1 Input 2 Amount, range, etc. Amount, range, etc. Instrument 2 Fair Value Technique Input 1 Amount, range, etc. C opyright 2009 Deloitte Development LLC All Rights Reserved.

Free Essays on Men And Women The Differnce In The Brain

Score one for exasperated women: New research suggests men really do listen with just half their brains. In a study of 20 men and 20 women, brain scans showed that men when listening mostly used the left sides of their brains, the region long associated with understanding language. Women in the study, however, used both sides. Other studies have suggested that women â€Å"can handle listening to two conversations at once,† said Dr. Joseph T. Lurito, an assistant radiology professor at Indiana University School of Medicine. â€Å"One of the reasons may be that they have more brain devoted to it.† Battle of the Sexes? Lurito’s findings, presented today at the Radiological Society of North America’s annual meeting, don’t necessarily mean women are better listeners. It could be that â€Å"it’s harder for them,† Lurito suggested, since they apparently need to use more of their brains than men to do the same task. â€Å"I don’t want a battle of the sexes,† he said. â€Å"I just want people to realize that men and women† may process language differently. In the study, functional magnetic resonance imaging - or fMRI - was used to measure brain activity by producing multidimensional images of blood flow to various parts of the brain. Inside an MRI scanner, study participants wore headphones and listened to taped excerpts from John Grisham’s novel The Partner while researchers watched blood-flow images of their brains, displayed on a nearby video screen. Listening resulted in increased blood flow in the left temporal lobes of the men’s brains. In women, both temporal lobes showed activity. Women Might Overcome Stroke The findings tend to support previous suggestions that women’s brains are â€Å"either more bilaterally dominant† or more right-side dominant in doing certain tasks than men’s, said Dr. Edgar Kenton of the American Stroke Association, a neurologist at Thomas Jefferson Univer... Free Essays on Men And Women The Differnce In The Brain Free Essays on Men And Women The Differnce In The Brain Score one for exasperated women: New research suggests men really do listen with just half their brains. In a study of 20 men and 20 women, brain scans showed that men when listening mostly used the left sides of their brains, the region long associated with understanding language. Women in the study, however, used both sides. Other studies have suggested that women â€Å"can handle listening to two conversations at once,† said Dr. Joseph T. Lurito, an assistant radiology professor at Indiana University School of Medicine. â€Å"One of the reasons may be that they have more brain devoted to it.† Battle of the Sexes? Lurito’s findings, presented today at the Radiological Society of North America’s annual meeting, don’t necessarily mean women are better listeners. It could be that â€Å"it’s harder for them,† Lurito suggested, since they apparently need to use more of their brains than men to do the same task. â€Å"I don’t want a battle of the sexes,† he said. â€Å"I just want people to realize that men and women† may process language differently. In the study, functional magnetic resonance imaging - or fMRI - was used to measure brain activity by producing multidimensional images of blood flow to various parts of the brain. Inside an MRI scanner, study participants wore headphones and listened to taped excerpts from John Grisham’s novel The Partner while researchers watched blood-flow images of their brains, displayed on a nearby video screen. Listening resulted in increased blood flow in the left temporal lobes of the men’s brains. In women, both temporal lobes showed activity. Women Might Overcome Stroke The findings tend to support previous suggestions that women’s brains are â€Å"either more bilaterally dominant† or more right-side dominant in doing certain tasks than men’s, said Dr. Edgar Kenton of the American Stroke Association, a neurologist at Thomas Jefferson Univer...

Sonny's blues Essay Example | Topics and Well Written Essays - 750 words

Sonny's blues - Essay Example People of the club are generally referred to as being friendly with Sonny; serving to depict the contrast that exists between the inner and the outside world. At the same time, the author takes on a defensive tone when he tries to justify Sonny's drug addiction; "In order to keep from shaking to pieces" (Baldwin, 40). However, the author holds his sympathy in one hand and his honesty in the other; he criticizes the addiction of drugs in bitter words, blaming it to be the cause of pain and misery for Sonny. Baldwin's creation of characters is interesting in the sense that almost all characters have markedly contrasting personalities. Moreover, the characters are not merely characters; they are in fact representations of the classes of our society. Sonny, for example represents the drug affected population of the society. The prominent features associated with this character include the aspects of poverty, being black, various limitations imposed by the society, willingness to escape f rom his prevailing circumstances, suffering imprisonment and being a prisoner even after being released from the jail which is depicted by words like "caged animal". Likewise, the character of mother not only represents the mothers as an institution but also serves the purpose of explaining the role of all those in the society who actively engage in helping others. Baldwin associates a number of roles that he expects a mother to play; prophetic, saint-like and protector of the family. The writer has used a number of symbols to assist his understanding and to convey a clearer message to the reader. His use of jazz music appears to be associated with negative aspects of life like addiction and drugs. Later in the story, this symbol takes on an entirely new form and serves to establish a connection between the brothers. Another imagery that the writer uses often is ice. This is used to convey negative feelings and emotions that arise in response to unfavorable conditions. The discomfor t felt during such circumstances is especially troublesome for the author, which is expressed by the author in words like "it was a special kind of ice. It kept melting, sending trickles of ice water all up and down my veins, but it never got less" (Baldwin, 17). It also contains an element of longevity that is felt during conditions of stress. The writer has also utilized 'light' as a symbol for revelation. On various occasions during the different phases of story, light is used to point to a fact that was previously unrevealed to the readers as well as the characters of the story. Overall, the story revolves around the idea of sufferings and misery that mankind undergoes as a result of ghastly deeds. The author appears to be of the idea that although some elements in the society promote evils, the person who commits a crime is left alone to suffer in the end and this suffering continues till the end of life. The story sharpens our understanding of the human nature by providing clu es to the human nature in the form of various symbols and incidents which are relatable to our real lives. A number of facts are hidden from the readers in the start, which are revealed later on in the story; this serves as a means of understanding how life unfolds it secrets with the passage of time. The story also has a religious touch, which perhaps is a

Minimising the emission of CO2 Essay Example | Topics and Well Written Essays - 500 words

Minimising the emission of CO2 - Essay Example At different times, the cooling load of the facility may be served by the chiller directly, by the cooling storage unit, or by both. All forms of thermal storage involve losses, and they require additional energy for the operation of the system. The key issue is reducing the electric consumption. It allows the utility to generate more of its electricity with its most efficient generators. It may also allow the utility to generate electricity with fuels that are less scarce or less critical. Cooling storage will undoubtedly become more successful, both technically and economically, as experience accumulates. The additional heat loss depends on the thermal resistance of the surface, the discharge temperature of the fan-coil unit, and the amount of surface area that is affected. If the fan coils were to be fitted under a window, the window designs can make the difference and save energy from escaping out. Wall is reasonably thick and the windows are installed flush with the outside surface of the wall, this leaves a space for installing curtains or other window treatments next to the window, without extending out over fan coil units. To eliminate draught and wasted heat use an easy-to-fix brush or PVC seal on your exterior doors. Make sure your windows are draught proofed. Turning thermostat down by 1C will cut your bill by 10%.

The Human and Professional Values of Managers Essay Example for Free

The Human and Professional Values of Managers Essay The Human and Professional values of Managers: Impact on the profession Some values which can be related to good managers are truth; care, peace, justice and responsibility. Truth is something which is inborn in human behavior. Whether one lives by it or ignores it depends on his upbringing and surrounding factors. A person who has been brought up in an environment where lying was the way of life, will end up doing the same in future even on becoming a manager. Another value is care or love. A manager should care for his employees and respect their feelings. This is a sign of a good manager. A manager should always try to maintain peace at the workplace. He should cultivate the thought of reason and negotiation instead of aggression. Justice is a trait which is required in a manager. He should be able to judge between the right and the wrong for his employees. He should see to it that deserving candidates are rewarded for their hard work. A manager should always bear the responsibility for his actions and not shrug them. It’s generally the manager who is responsible for the subordinates work and he should deal with it and guide his subordinates to perform the best possible work. Leadership Professionalism Effectiveness Innovation Management Public Interest Participation Planning Efficiency 10. Strategy Managers may face a situation when they have to take a choice whether to follow their human or Professional Values. This can be a very tricky decision to take. A situation may arise such as he may know that a certain employee is about to be laid off in a month. But he has order from his superiors not to let him know till the last minute. Now he has to decide whether he will tell the employee the truth or be professional and follow orders. Such decisions have a big impact on the mind of the manager and all people affected by the wrong decision. For a manager, he has to always try to emulate the company values so that all his subordinates can follow his example. He always has to be punctual, responsible, and efficient so that all his subordinates follow his lead. To do might require some compromise on his home front, since to adhere to his values; he might have to work overtime, thus losing out on time spent with his family. But it will certainly cause a positive reaction from his subordinates. A manager will many a times face the dilemma of which employees to reward or relegate. This is another time at which he has to take a decision based on his values. A lot of times, a manager may be in cohorts with an employee and decide to promote him over a more deserving candidate. He may even stick to is human values and promote the right person and ignore his friend and give adequate justice. It may even be a case where you have to lay off a friend when the situation arises. However he may choose not to and not behave in a professional way. Which value will any person choose depends on the situation, consequences and his own characteristics. The Impact of Professional and Human values on managers are huge. They determine the behavior of the manager in his day to day activity. One cannot say which value a manager will employ, but whichever choice he makes determines the personality of the manager. It can lead to success or failure of a manager in his work.

Playing with the industry leader?s rules is competitive suicide?? If so, why? :: essays research papers

I agree with this statement. When it comes to trying to break into an industry and have a competitive advantage over the rest, the strategy we have to use has to be distinctive. This means we have to come up with a different approach to capture our customers to make them want to use our product rather than product’s from the industry’s leaders. The best competitive position is always to have no competition. To achieve that level, organizations should not be following what the leaders are doing instead they should formulate, implement and deploy a distinctive strategy that changes the rules of the business game in their favor. What wins in business is not in trying to out-muscle competitors, but rather to out-think the competitors by brainpower. For example, there are three major international television networks in the world, CBS, NBC, and ABC. In the last thirty years or so, none of them have managed to get a monopoly of the television industry. However, in the last fifteen years, all three were over-taken by CNN. This is because the three networks were trying to gain competitive advantage by using the same strategies. Only CNN has a distinctive strategy. Instead of standard broadcasting, CNN went cable and satellite. Instead of going with variety programming, CNN went with news. Instead of staying domestic, CNN went global. And because of these very different strategies CNN is one of the major leaders in the television network industry, making about US$8 billion a year. Another similar example would be the airline industry. For the last fifteen years or so, CEOs of many major international airlines openly said how difficult it was to make savings in revenues and profits. Except one airline, whose operation has proven profitable since they start business activities in 1973 - Southwest Airlines of the US. This is more because Southwest is not very conventional in their approach or running an Airline business, Southwest Airlines have a distinctive strategy, Some of their more significant strategies would be using a single aircraft instead of multiple aircraft and forgoing having a reservation system like most major airlines. However even though Southwest’s Strategy is to be as plain and simple without all the frills other major airlines are offering, they are still the major leaders in the Airline Industry This proves that in business; if you are not the leader, never play the game according to the rules that the leader has set.

Fleur Adcock: Analysis of Instead of an Interview Essay

‘Instead of an Interview’ by Fleur Adcock, is a poem essentially about the divided sense of identity she has inherited: from both family (or historical) emigrant experience and personal deportation. In the poem, the issue is complicated, as Adcock explores the loss and alienation that emerges from the choice of long-term separation from family. It begins with descriptive visual imagery, where Adcock attempts to familiarise herself with the childhood images of â€Å"The hills†, â€Å"water, the clean air†, and â€Å"a river or two†, â€Å"certain bays†, and â€Å"those various and incredible hills†. The description almost seems like a ramble, which evokes a fresh and exciting experience. Although we learn later on in this poem that she addresses England as her â€Å"home†, this stanza largely bears feelings of nostalgia. The â€Å"ah† in the last line of the stanza re-emphasises her expression of relief, relaxation and comfort, after her first visit back to New Zealand after 13 years. Through this poem, Adcock offers â€Å"snapshots† of her family’s past, and the struggles of family, marriage, and life. In the second stanza, we see Fleur warming up to the familiarity of New Zealand – the â€Å"streets I could follow blind†, and other â€Å"familiar settings†. There seems to be a sense of distress, as Fleur is engaging in parts of her past that she has tried to forget about. Coming back to her birthplace appears to be more overwhelming, than comforting. It seems like she had gone away because she hadn’t like it enough to stay. Whether good or bad, â€Å"the dreams (she’d) not bothered to remember† kept creeping back automatically as she passed â€Å"familiar settings†. She further relates this attachment with the atmosphere of the country: â€Å"ingrained; ingrown; incestuous: like the country. The elaborated vowel sounds enhance the warmth of the stanza, drawing the reader closer to Adock’s personal feelings. The semicolons serve as caesuras, creating dramatic pauses for emphasis. The slightly grotesque terms – â€Å"ingrained†, â€Å"ingrown†, â€Å"incestuous† – are used to emphasise the vividness of her hometown memories, as if they were carved into her thoughts. The three adjectives and the caesuras have a rapid flow, which then shifts to a lingering rhythm with â€Å"like the country†, composed of three words. This sudden change in rhythm brings about a grand atmosphere or aura, especially ue to the end-stopped line, since this breaks the flow and changes to a new stanza. The use of â€Å"country† enhances this importance – her memories and country complement one another, emphasising the size and enormity of these â€Å"ingrained†, â€Å"ingrown†, and â€Å"incestuous† memories. Another significant and extremely personal connection mentioned in this stanza is, â€Å"my Thorndon† – Thorndon being the capital city of New Zealand. The personal pronoun â€Å"my† emphasises a sense of belonging and possession, as though she wants to point out that this country is a significant part of her childhood. In the third stanza, Fleur is genuine to mention all the wonderful things ‘another city’ in New Zealand offered to her: â€Å"a lover†, â€Å"quite enough friends†, in terms of relationships. Her use of caesuras is evident once again in the third line: â€Å"bookshops; galleries; fish in the sea†. She is heightening the reader’s interest with her clever use of punctuation, once again emphasising the different and essential memories of her country. The reader is able to identify from this line Fleur’s many areas of interest. She seems to enjoy the company of nature – natural imagery is abundant in this particular stanza. The â€Å"gardens†, â€Å"fish in the sea†, â€Å"lemons and passionfruit† signify her love for nature. It is evident that these authentic memories are destroyed due to urbanisation; as she mentions in the earlier stanza – â€Å"half my Thorndon smashed for the motorway†. The trees and gardens were ruined over the years and replaced by synthetic and unnatural materials. Hence, her sense of possession has strengthened, with whatever piece of nature and memory that remains. ‘Instead of an Interview’ exposes Adcock’s sense of an identity split between New Zealand and Britain. This alternating change in culture evidently created confusion with Adcock identifying herself. Adcock explained to her niece, â€Å"home is London; and England, Ireland, Europe. â€Å"Perhaps she is entirely attached (maybe temporarily) to the British culture, since she has practically lived there her whole adult and professional life. After visiting her birth town, all the childhood memories came flooding in; perhaps she resisted them because she is still so confused about where she really belongs. The idea of ‘home’ being a â€Å"loaded word† re-emphasises her befuddled state of being. Adding to that, the poem ends with a question ark: â€Å"have I made myself for the first time an exile? † This use of punctuation leaves the reader puzzled, with plenty of questions, because the speaker herself is unsure about her identity. For the first time, Fleur feels she has made herself an â€Å"exile†, which is the state of being expelled from one’s native country. This is a serious dilemma and seems as though she wrote this poem in a slightly sentimental hangover from having visited New Zealand after 13 years. What is misleading is that the poem comes across as Adcock’s way of saying she does not like to talk or be interviewed but rather to show her emotions through her poems.