We found a match
Your institution may have access to this item. Find your institution then sign in to continue.
- Title
Considering Life After LIFO.
- Authors
Plummer, Elizabeth; Vigeland, Robert L.
- Abstract
The article reports that the last-in, first-out (LIFO) inventory method used for financial and tax purposes in the U.S. is expected to be eliminated soon. The expected demise of LIFO is based on several factors, including the fact that it is not permitted by International Financial Reporting Standards. Federal tax law also dictates that companies using LIFO for financial reporting purposes are the only ones allowed to also use it for tax purposes. Its elimination will increase tax revenues.
- Subjects
UNITED States; LAST in, first out (Accounting); ACCOUNTING; INTERNATIONAL finance; TAX laws
- Publication
CPA Journal, 2011, Vol 81, Issue 11, p26
- ISSN
0732-8435
- Publication type
Article