+- Accountancy Forum (https://www.accountancy.com.pk/forum)
+-- Forum: The Profession (https://www.accountancy.com.pk/forum/forum-the-profession)
+--- Forum: Accounting and Audit (https://www.accountancy.com.pk/forum/forum-accounting-and-audit)
+--- Thread: FIFO/LIFO GAAP Standard? (/thread-fifo-lifo-gaap-standard)
FIFO/LIFO GAAP Standard? - axel15810 - 04-18-2009
Is there an accounting standard that specifically deals with LIFO/FIFO? Just wondering. It's such a basic accounting concept that I can't even find an accounting standard that lays out the accounting for each method.
- wasim akram - 04-18-2009
Read IAS 2 CAREFULLY SPECIALLY Benchmark treatment and Allowed alternative treatment.
If you are related to accounting profession then please study and try to understand first before qouting.