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Even though in the U.S., GAAP allows the use of both FIFO and LIFO, IFRS (International...

Even though in the U.S., GAAP allows the use of both FIFO and LIFO, IFRS (International Financial Reporting Standards) do not allow the use of LIFO because of potential distortion that may arise on a company’s profitability and financial statements. Can you explain what these possible distortions might be from using LIFO?

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Feedback is welcomed.

ekkarill92 answered 1 year ago
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