In the United States, the inventory method Last-In, First-Out (LIFO), is in widespread use. If the United States adopts IFRS, LIFO will not be allowed to be used by companies reporting under IFRS. If you were a chief financial officer, and your company is using LIFO, please outline to your board of directors, in 300 words or more, the possible impact of changing from LIFO to another IFRS-approved inventory method. Also, do you believe LIFO is a method of inventory valuation that properly reflects the value of inventory that is currently held? Why or why not?