Which inventory method is not allowed under IFRS?
A)FIFO
B)LIFO
C)Lower of Cost and Market Method
D)Periodic inventory method

Question

Quizplus · Accepted Answer

LIFO is not allowed under IFRS. Therefore, the best choice is B. Both FIFO and the lower of cost and market method are allowed under IFRS. The periodic inventory method is also allowed, but it is less commonly used and is generally not recommended due to its lack of accuracy compared to perpetual inventory systems.

Which Inventory Method Is Not Allowed Under IFRS