GAAP prescribes a standardized format for disclosing the LIFO reserve.

Name: GAAP prescribes a standardized format for disclosing the LIFO reserve.
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GAAP (Generally Accepted Accounting Principles) does not prescribe a standardized format for disclosing the LIFO (Last In, First Out) reserve; however, it does require disclosure of the method used to determine the cost of inventory and the effects of using LIFO.

GAAP Prescribes a Standardized Format for Disclosing the LIFO Reserve