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axel15810

04-18-2009, 10:05 AM
Is there an accounting standard that specifically deals with LIFO/FIFO? Just wondering. It's such a basic accounting concept that I can't even find an accounting standard that lays out the accounting for each method.

wasim akram

04-18-2009, 04:36 PM
Read IAS 2 CAREFULLY SPECIALLY Benchmark treatment and Allowed alternative treatment.
If you are related to accounting profession then please study and try to understand first before qouting.


Accountancy Forum > The Profession > Accounting and Audit > FIFO/LIFO GAAP Standard?