The Sixth Circuit Court of Appeals recently upheld a Tax Court finding that the consistent omission of a step when computing inventory cost under the dollar-value ...

Last-in, first-out is one of several methods a business may use to account for the cost of its inventory for financial reporting purposes. Inventory is the goods and products a business sells to ...

Discover why IFRS prohibits LIFO accounting, including issues like distorted financials, outdated inventory values, and ...

How a company values its inventory affects its income statement and bottom line. "Average cost" and "last in, first out," or LIFO, are two of the most common methods for valuing inventory. Both rely ...

Manufacturers, processors, wholesalers, jobbers, distributors and other companies that have a substantial portion of their assets in the form of inventory have an opportunity to improve their cash ...

Few differences between IFRS and U.S. GAAP loom larger than accounting for inventories, particularly the disallowance of the last-in, first-out (LIFO) method in IFRS. The proposed shift of U.S. public ...