Oct Discussion: LIFO - Should it be allowed? E LIFO is not allowed under IFRS, but is allowed under GAAP. Why do you think LIFO is not allowed under IFRS? Should it be disallowed under GAAP as well? Why or why not? (Answer this question in one brief, well-developed paragraph by clicking the Reply button below.) Note: Your posting should consist of at least one fully developed, well-written paragraph answering the question. You should also comment on one classmate's post. Your post and comment should be professionally written, using proper grammar, spelling, and punctuation. Your comments should be respectful and should add something substantive to the discussion. (Simply saying "good post" or "I agree," even if you write that in a long sentence or paragraph with lots of descriptive words, does not meet the requirement! I am also not looking for a critique of your classmate's post. Think of how you would respond to the classmate if you were in a discussion about this topic in the classroom.)