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Comment: Principal versus agent considerations

Grant Thornton LLP appreciates the opportunity to comment on Proposed Accounting Standards Update, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net). We support the Board’s efforts to reduce complexity and cost in the application of the new revenue recognition standard. We also support the Boards’ decision to maintain convergence on determining whether an entity is a principal or an agent.

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