profit and loss items "Conceptual framework" published by the financial accounting standards board The earliest efforts were made in the areas of canning, Alexandria, munez and spaurous. Michael Zezas, an analyst at Morgan Stanley, also said the tax legislation would be a boon to the market in the short term, but may not be able to make fundamental changes. The current flattening of the us Treasury yield curve shows that the medium-term slowdown in the us economy and the recession of 2019 are not going away. A tax reform would widen the fiscal deficit, possibly in the future and exacerbate cyclical risks in the economy. Julie Palmer, a retail expert at Begbies Traynor, said retailers faced a particularly disappointing deal in the weeks following the apparent success of "black Friday" at the end of November.