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The use of the LIFO inventory method is not permitted under International Financial Reporting Standards (IFRS) but is allowed under US GAAP. Explain the pros

The use of the LIFO inventory method is not permitted under International Financial Reporting Standards (IFRS) but is allowed under US GAAP. Explain the pros and cons of permitting the use of the LIFO method and provide your opinion (with support) as to whether or not it should be permitted.

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