Generally accepted accounting principles ( GAAP ) and International Financial Reporting Standards (IFRS) treat the LIFO inventory
Question:
Generally accepted accounting principles (GAAP) and International Financial Reporting
Standards (IFRS) treat the LIFO inventory cost flow method differently.
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.
GAAPGenerally 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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GAAP VS IFRS a GAAP allows the use of LIFO for reporting inventory ...View the full answer
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Related Book For 
Fundamental Financial Accounting Concepts
ISBN: 978-0078025907
9th edition
Authors: Thomas Edmonds, Christopher Edmonds
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