Fosbre, Anne B.; Fosbre, Paul B.; Kraft, Ellen M. - In: Global Journal of Business Research 4 (2010) 4, pp. 41-49
A roadblock exists between International Financial Reporting Standards, (IFRS) and United States Generally Accepted … Accounting Standards, (US GAAP) in the area of acceptable methods of inventory valuation. IFRS recognizes the First In First Out … Service, IRS. In order for the United States to adopt IFRS Accounting Standards, the elimination of LIFO would have to occur. …