Which of the following is not considered an acceptable inventory cost method according to IFRS?

Question

Quizplus · Accepted Answer

According to IFRS, first-in, last-out (FIFO) and weighted average cost are acceptable methods for valuing inventory. Specific cost identification is acceptable when inventory items are not interchangeable and can be tracked individually. However, last-in, first-out (LIFO) is not an acceptable method under IFRS.

Which of the Following Is Not Considered an Acceptable Inventory