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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Which of the following inventory costing methods is not allow ed under IFRS?

a. FIFO

b. specific identification

c. average cost

d. LIFO

To determine

Concept introduction:

International financial reporting framework (IFRS):

International financial reporting framework is the accounting framework/ accounting standards followed internationally to prepare the financial statements. IFRS are issued by the International Accounting Standards Board (IASB). IFRS fulfill the objective of common accounting standards worldwide.

To choose:

The inventory costing method that is not used under IFRS.

Explanation

Explanation for correct answer:

LIFO inventory costing method is not used under IFRS. Hence correct option is d.

Explanation for incorrect answers:

a. FIFO inventory costing method is used under IFRS. Hence it is not the correct option...

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