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Comment on FASB rate reform ASU

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Grant Thornton submitted a comment letter to the FASB commenting on the proposed Accounting Standards Update, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The letter supports the proposed guidance’s goal of easing the potential burden from preparers in accounting of the reference rate reform effects. The firm advocates amending the guidance to clarify some issues in ASC 848-20, and indicates elsewhere where providing examples in the ASU would better illustrate the meaning of some sections.

Read our comment letter