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Comment: FASB proposed update on U.S. GAAP application

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This comment letter by Grant Thornton supports the FASB Accounting Standards Update, Technical Corrections and Improvements to Recently Issued Standards: I. Accounting Standards Update No. 2016-01. Grant Thornton supports the board’s efforts to improve the codification by making technical corrections to address the unintended application of U.S. GAAP. However, Grant Thornton holds that the amendments to ASC 321-10-35-2 do not qualify as a technical correction and should not be made to the guidance.