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LIFO is a somewhat controversial inventory costing method that is used in the U . S . but is not allowed by International Financial Reporting
LIFO is a somewhat controversial inventory costing method that is used in the US but is not allowed by International Financial Reporting Standards IFRS It is one of the main barriers to full GAAP IFRS convergence and some people in the US believe that LIFO should be banned. Research this issue and tell the class how you feel about this issue. Consider the benefits and drawbacks of keeping or banning LIFO. Cite any outside sources you use.
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