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Cornerstones of Financial Accounti...
Cornerstones of Financial Accounti...
Which of the following inventory costing methods is not allow ed under IFRS?
a. FIFO
b. specific identification
c. average cost
d. LIFO
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 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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