Welcome to Insights - designed to communicate recent accounting and auditing developments to our clients and other friends in a timely manner. http://www.mcgladrey.com/Resource_Center/Insights.html McGladrey & Pullen’s National Professional Standards Group has developed a document, Fundamentals of Debt Classification, to assist middle market companies in determining whether a borrower should classify debt as current or noncurrent in the balance sheet.http://mcgladrey.com/ McGladrey & Pullen’s National Professional Standards Group has developed a white paper to assist in determining how assets and liabilities that relate to the operations of multiple reporting units should be assigned to each reporting unit to determine its carrying amount. The white paper also addresses the impact of this assignment on the determination of the fair value of each reporting unit. http://mcgladrey.com/Resource_Center/Audit/Articles/assigning_assets_liabilities_022310.html All sales of SBA guaranteed loans need to be evaluated in accordance with the guidance in amended FASB Statement No. 140 to determine the appropriate accounting treatment. http://mcgladrey.com/Resource_Center/Audit/Articles/SBA_loan_sale_accounting_issue_022310.html Recently, the SEC adopted rules requiring enhanced and additional disclosure in proxy statements, annual reports, registration statements, and other reports. .http://mcgladrey.com/Resource_Center/Audit/Articles/proxy_disclosure_enhancements_022310.html The Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants recently issued a proposed Statement on Auditing Standards, Reports on Application of Requirements of an Applicable Financial Reporting Framework.http://mcgladrey.com/Resource_Center/Audit/Articles/sec_guidance_022310.html The Trustees of the International Accounting Standards Committee (IASC) Foundation, the oversight body of the International Accounting Standards Board, recently announced enhancements to their governance arrangements, which are aimed at enhancing public accountability, stakeholder engagement, and operational effectiveness.http://mcgladrey.com/Resource_Center/Audit/Articles/iasc_revises_constitution_022310.html