Discover why IFRS prohibits LIFO accounting, including issues like distorted financials, outdated inventory values, and ...

Discover the key differences in inventory accounting between GAAP and IFRS, including valuation methods, write-down reversals ...

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 ...

IRC section 1363(d) generally requires a C corporation that elects to become an S corporation to include a “Lifo recapture amount” in its gross income. The amount is the difference between the ...