Generally accepted accounting principles ( GAAP ) and International Financial Reporting Standards (IFRS) treat the LIFO inventory
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Required
a. Briefly describe the position GAAP takes with respect to LIFO.
b. Briefly describe the position IFRS takes with respect to LIFO.
c. Explain the primary force that motivates the different positions.
GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...
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Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
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