Reclassifying long-term investments as short- term investments.

english

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Reclassifying “long-term investments” as “short- term investments.” Doing this would require a statement from management that the intention is to sell the property within one year. Actually, Grace intends to hold the investment for several years, and the classification would be changed back to long-term next year when the threat of loan violation has disappeared. Reclassifying certain short-term loans as long- term on the basis that Grace will refinance the loans. Technically, this is true. However, Grace has no formal refinancing commitment and will not have one until at least six months from now.

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