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IFRS does not allow the LIFO inventory method because ________. of the increased taxes owed under the LIFO method the majority of companies do not
IFRS does not allow the LIFO inventory method because ________.
of the increased taxes owed under the LIFO method | ||
the majority of companies do not actually sell the oldest items first | ||
it is viewed as unrealistic and lacks representational faithfulness of inventory flows | ||
the FIFO method more accurately reflects the cost of inventory |
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