FIFO/LIFO GAAP Standard?

[axel15810]

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]

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.