  Much evidence points towards that the photosphere in the relativistic outflow
in GRBs plays an important role in shaping the observed MeV spectrum. However,
it is unclear whether the spectrum is fully produced by the photosphere or
whether a substantial part of the spectrum is added by processes far above the
photosphere. Here we make a detailed study of the $\gamma-$ray emission from
single pulse GRB110920A which has a spectrum that becomes extremely narrow
towards the end of the burst. We show that the emission can be interpreted as
Comptonisation of thermal photons by cold electrons in an unmagnetised outflow
at an optical depth of $\tau \sim 20$. The electrons receive their energy by a
local dissipation occurring close to the saturation radius. The main spectral
component of GRB110920A and its evolution is thus, in this interpretation,
fully explained by the emission from the photosphere including localised
dissipation at high optical depths.
