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 …

culminate in its repeal as an acceptable accounting method. There are pressures from the International Financial Accounting … available in this transition period. -- LIFO ; LIFO reserve ; IFRS ; US GAAP ; FIFO …