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Which method is not allowed under International Financial Reporting Standards (I
Which method is not allowed under International Financial Reporting Standards (IFRS)?
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Practice Questions
1 question
Q1
Which method is not allowed under International Financial Reporting Standards (IFRS)?
FIFO
LIFO
Weighted Average
Specific Identification
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LIFO is not allowed under IFRS, which prefers FIFO and weighted average methods.
Questions & Step-by-step Solutions
1 item
Q
Q: Which method is not allowed under International Financial Reporting Standards (IFRS)?
Solution:
LIFO is not allowed under IFRS, which prefers FIFO and weighted average methods.
Steps: 6
Show Steps
Step 1: Understand what IFRS stands for - International Financial Reporting Standards.
Step 2: Learn that IFRS provides guidelines for how companies should report their financial statements.
Step 3: Know that there are different methods for valuing inventory, which is the goods a company has for sale.
Step 4: Identify the common inventory valuation methods: FIFO (First In, First Out), LIFO (Last In, First Out), and weighted average.
Step 5: Recognize that IFRS does not allow the LIFO method for inventory valuation.
Step 6: Understand that IFRS prefers the FIFO and weighted average methods instead.
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