Discover why IFRS prohibits LIFO accounting, including issues like distorted financials, outdated inventory values, and ...

Anna Baluch is a freelance writer from Cleveland, Ohio. She enjoys writing about a variety of health and personal finance topics. When she's away from her laptop, she can be found working out, trying ...

A company normally wants to minimize income in order to pay the least tax. However, certain circumstances motivate a company to want high income. For instance, management may believe the company's ...

Manufacturers, processors, wholesalers, jobbers, distributors and other companies that have a substantial portion of their assets in the form of inventory have an opportunity to improve their cash ...

Inventory can consist of merchandise you prepare for retail sale or products you create from raw materials and labor. In either case, you don't expect to sell all your inventory in a single ...

Many dealers know that LIFO stands for the "last-in, first-out" inventory valuation method and that it produces sizable interest-free loans from the U.S. Treasury. These loans last as long as moderate ...

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 ...