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Comment: FASB improves clarity with Accounting Standards Update

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Grant Thornton LLP commends the FASB on its efforts to improve the clarity of guidance for distinguishing between contribution and exchange transactions and between conditional and unconditional contributions in its Accounting Standards Update. The update, Not-For-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made, provides examples for this proposed standard that will prove beneficial. Grant Thornton’s letter includes answers to questions raised for respondents.