IFRS reporting currently does not allow which method of inventory costing?
A) Specific identification.
B) FIFO.
C) LIFO.
D) Weighted average.
E) Lower of cost and net realizable value.

Question

Quizplus · Accepted Answer

IFRS reporting currently does not allow the use of LIFO (last in, first out) method of inventory costing. Other methods such as specific identification, FIFO (first in, first out), weighted average, and lower of cost and net realizable value are allowed.

IFRS Reporting Currently Does Not Allow Which Method of Inventory