LIFO is a somewhat controversial inventory costing method that is used in the U.S. but is not allowed by International Financial Reporting Standards (IFRS). It is one of the main barriers to full GAAP - IFRS convergence and some people in the U.S. believe that LIFO should be banned. Research this issue and tell the class how you feel about this issue. Consider the benefits and drawbacks of keeping or banning LIFO.

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Analysis of LIFO Inventory Costing Method The LastIn FirstOut LIFO inventory costing method is a controversial practice used in the US but not allowed ... View the full answer