GUST Restatement
Categories: Accounting
You ask your caddy how fast the wind is blowing. He gives a guess. Based on his assessment, you give it a go with your six-iron, only to have the wind pick up suddenly just after your swing, carrying the ball directly into the water. GUST restatement.
It's also a name of a group of tax reforms. In the mid-to-late 1990s, the U.S. government made a series of revisions to the tax code. These changes collectively became known as the GUST restatement.
The term comes from a (rough) acronym of the laws involved: there's the General Agreements on Tariffs and Trade, or GATT. That's the "G." Then, you've got the Uniformed Services Employment Rights Act of 1994, also referred to as USERRA...the "U." The "S" part comes from the Small Business Job Protection Act of 1996. And, finally, it culminates in the big "T"...the Taxpayer Relief Act of 1997.