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Comment: FASB research project on distinguishing liabilities from equity

Grant Thornton LLP has submitted a comment letter to the FASB on its research project on distinguishing liabilities from equity. This area of U.S. GAAP has challenged the board for many years and is extremely complex to follow, costly to apply and often results in different accounting for economically similar instruments. Our comment letter proposes a simple model to simplify accounting in this area.