Question
Even though in the U.S., GAAP allows the use of both FIFO and LIFO, IFRS (International Financial Reporting Standards) do not allow the use of
Even though in the U.S., GAAP allows the use of both FIFO and LIFO, IFRS (International Financial Reporting Standards) do not allow the use of LIFO because of potential distortion that may arise on a companys profitability and financial statements. Can you explain what these possible distortions might be from using LIFO?
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Financial & Managerial Accounting For Undergraduates
Authors: Jason Wallace, James Nelson, Karen Christensen, Theodore Hobson, Scott L. Matthews
2nd Edition
161853310X, 9781618533104
