The only acceptable cost flow assumptions under IFRS are
A)FIFO and LIFO.
B)FIFO and average.
C)LIFO and average.
D)FIFO, LIFO and average.

Name: The only acceptable cost flow assumptions under IFRS are A)FIFO and LIFO. B)FIFO and average. C)LIFO and average. D)FIFO, LIFO and average.
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Question

Quizplus · Accepted Answer

Under IFRS, the only acceptable cost flow assumptions are FIFO and weighted average. LIFO is not allowed under IFRS. Therefore, the correct choice is B, which includes the two acceptable methods.

The Only Acceptable Cost Flow Assumptions Under IFRS Are