Which method of inventory costing is prohibited under IFRS?
Which method of inventory costing is prohibited under IFRS? IFRS prohibits LIFO due to potential distortions it may have on a company’s profitability and financial statements. What inventory costing methods are allowed under IFRS? IFRS allow three inventory valuation methods (cost formulas): first-in, first-out (FIFO); weighted average cost; and specific identification. Which inventory method is … Continue reading Which method of inventory costing is prohibited under IFRS?
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