If companies are required to adopt IFRS,companies will:
A)no longer be able to use FIFO.
B)have to switch to FIFO.
C)have to switch to weighted average cost.
D)no longer be able to use LIFO.

Question

Quizplus · Accepted Answer

U.S.GAAP allows companies to use any of the four inventory costing methods presented in this chapter,but LIFO is not allowed under International Financial Reporting Standards (IFRS).

If Companies Are Required to Adopt IFRS,companies Will