International accounting standards permit the use of either the FIFO or weighted average cost flow assumption,but prohibit the use of LIFO.

Question

Quizplus · Accepted Answer

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

International Accounting Standards Permit the Use of Either the FIFO