Two common ways for companies to account for inventory are first-in/first-out, or FIFO, and last-in/last-out, or LIFO. In FIFO, the first units that arrive in the business are the first sold. In LIFO, ...

Discover why IFRS prohibits LIFO accounting, including issues like distorted financials, outdated inventory values, and ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...

This is the second post in a new CRFB blog series The Tax Break-Down, which discusses tax breaks under discussion as part of tax reform. Last-in, first-out accounting, or LIFO, is a preferential ...

A perpetual inventory system updates the inventory balance continually, which usually requires real-time tracking of inventory items from purchase to sale. Small businesses may opt for the more ...

The Internal Revenue Code has rarely linked itself to financial reporting. One significant instance in which such a link does exist is Sec. 472(c), the LIFO conformity requirement. Interestingly, as ...

Explaining accounting to Congress is never easy. But last spring, Bill Jones, vice chairman of O’Neal Industries, says he witnessed a few “aha” moments as he went door-to-door on Capitol Hill to lobby ...