IFRS Activity 3 Under U.S. GAAP, LIFO is an acceptable inventory method. Financial statement information for three companies that use LIFO follows. All table numbers are in millions of dollars. IFRS REAL WORLD LIFO Inventory Inventory Net Income Current Total Net Income as Reported FIFO Impact on (from from Using Assets notes) LIFO Rather than FIFO (from notes) $317 (57) Exxon Kroger Ford Motor $9,852 4,966 5,917 $31,200 5,793 6,782 $58,984 7,621 34,368 $30,460 1,116 4,690 4 Assume these companies adopted IFRS, and thus were required to use FIFO rather than LIFO