International Financial Reporting Standards allow the use FIFO and LIFO, but not moving average, inventory valuation for financial reporting purposes.

Question

Quizplus · Accepted Answer

International Financial Reporting Standards (IFRS) allow the use of FIFO (First-In, First-Out) and weighted average cost methods, but do not permit the use of LIFO (Last-In, First-Out) for inventory valuation.

International Financial Reporting Standards Allow the Use FIFO and LIFO