Statement of Financial Accounting Standards (SFAS).

The Statement of Financial Accounting Standards (SFAS) is a set of accounting standards issued by the Financial Accounting Standards Board (FASB). The SFAS contains the accounting principles and guidelines that public companies in the United States must follow when preparing their financial statements. What was the purpose of the FASB Accounting Standards Codification project? The … Read more

GDP Gap.

The GDP gap is the difference between a country’s potential GDP and its actual GDP. Potential GDP is the level of GDP that would be achieved if the economy were operating at full capacity. The GDP gap is used to measure the amount of slack in the economy. A positive GDP gap indicates that the … Read more