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Firm backs FASB debt classification proposal

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Grant Thornton submitted a letter to FASB commenting on its proposed Accounting Standards Update, Simplifying the Classification of Debt in a Classified Balance Sheet (Current versus Noncurrent) (Debt (Topic 470)). The firm agrees with the proposed debt classification guidance and believes that the update of Topic 470 would be simple and reduce complexity in GAAP. The letter also includes responses to questions regarding presentation matters, expected costs and benefits.

Read our comment letter