Why IFRS Prohibits LIFO Inventory Accounting

Discover why IFRS prohibits LIFO accounting, including issues like distorted financials, outdated inventory values, and ...

Next In, First Out: NIFO Valuation Explained, with Example

Discover NIFO, a unique inventory valuation method based on replacement cost instead of original cost, its working mechanism, ...
For Construction Pros

Fleetio Adds LIFO and FIFO Inventory Features to Software

Fleetio, a fleet maintenance software, has added new inventory valuation methods to its list of offerings, LIFO and FIFO (Last-In First-Out and First-In First-Out). LIFO-FIFO is an accounting method ...
Automotive News

LIFO payback relief for car dealers has been here all along: Use it or lose it

With 2021 just ended, many dealers are rubbing their hands in delight over their supersized operating profits while scratching their heads over what to do about last in, first out (LIFO) recapture as ...
JournalofAccountancy

Auto dealer stumbles on LIFO termination reversal

The Tax Court held that a business taxpayer’s automatic consent request to change from the last-in, first-out (LIFO) inventory method failed due to defects in its Form 3115, Application for Change in ...