After the revision of IAS 2 Inventories in 2003 , LIFO was explicitly prohibited to be used by the entities following International Accounting Standards to prepare and present financial statements, for which reason(s) among the following provided options: Using LIFO, the inventory figure that will be reported in the SoFP (statement of financial position) might be too old to be relevant, whereas figures in the SoFP should be according to present market conditions i.e. it should provide the most relevant information with respect to time. LIFO cause reduction in tax burden under inflationary economies i.e. in the times of rising prices. Both of the cited reasons noted in the other given options