While U. S. GAAP allows LIFO inventory costing, IFRS does not. Read paragraphs BC9 through BC21 of
Question:
a. Why did the IASB decide not to allow the use of LIFO?
b. Explain why you agree or disagree with the IASB’s reasoning.
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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a The IASB states that their primary reason for not allowing LIFO is ...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
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