Question: While U. S. GAAP allows LIFO inventory costing, IFRS does not. Read paragraphs BC9 through BC21 of IASC, International Accounting Standard 2 Inventories. a.

While U. S. allows LIFO inventory costing, IFRS does not. Read paragraphs BC9 through BC21 of IASC, International Accounting Standard 2 “ Inventories.”
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.

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