Inventory - LIFO
Definition: LIFO creates GAAP/IFRS non-comparability; LIFO reserve disclosure
LIFO creates GAAP/IFRS non-comparability; LIFO reserve disclosure
US GAAPLIFO allowed; widely used for tax benefits
IFRSLIFO prohibited; FIFO and weighted average only
US StandardASC 330
IFRS StandardIAS 2
External Links
- FIFO and LIFO accounting — Wikipedia