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Comment: FASB update clarifies new ASC 606 guidance

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Grant Thornton issued a comment letter to the FASB on its proposed Accounting Standards Update, Collaborative Arrangements (Topic 808): Targeted Improvements. The firm offered answers to FASB’s questions for respondents regarding the update, which intends to clarify when a transaction between collaborative participants is within the scope of the new revenue guidance in ASC 606, Revenue from Contracts with Customers.