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Which inventory valuation method is not allowed under IFRS?
Which inventory valuation method is not allowed under IFRS?
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Practice Questions
1 question
Q1
Which inventory valuation method is not allowed under IFRS?
FIFO
LIFO
Weighted Average
Specific Identification
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LIFO is not allowed under IFRS; companies must use either FIFO or Weighted Average.
Questions & Step-by-step Solutions
1 item
Q
Q: Which inventory valuation method is not allowed under IFRS?
Solution:
LIFO is not allowed under IFRS; companies must use either FIFO or Weighted Average.
Steps: 6
Show Steps
Step 1: Understand what IFRS stands for. It means International Financial Reporting Standards.
Step 2: Learn about inventory valuation methods. These are ways companies value their inventory.
Step 3: Identify the common inventory valuation methods: FIFO (First In, First Out), LIFO (Last In, First Out), and Weighted Average.
Step 4: Know that LIFO is one of the methods used to value inventory.
Step 5: Check the rules under IFRS. IFRS does not allow the use of LIFO for inventory valuation.
Step 6: Conclude that companies must use either FIFO or Weighted Average instead of LIFO under IFRS.
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