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Comment: Clarifying the scope of asset derecognition guidance

Grant Thornton LLP comments on Proposed Accounting Standards Update, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. Overall, we support the Board’s efforts to define an “in substance nonfinancial asset” to clarify the scope of the guidance in Subtopic 610-20 and provide guidance on the accounting for partial sales of nonfinancial assets in phase 2 of its 3-phase project to clarify the guidance on acquisition and disposition of assets and businesses.

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