The FIFO and LIFO valuation methods are examples of accounting principles that measure the value of inventory. FIFO and LIFO value inventory very differently, so the same inventory can have different ...

The American Institute of CPAs’ Financial Reporting Executive Committee has posted an early working draft of guidance on inventory valuation guidance, with a goal of eventually publishing a broader ...

Limited guidance from the IRS and accounting standard-setting bodies has led to a divergence in interpretation and practice for inventory valuation within the scope of business combinations.

As a result, LIFO doesn't provide an accurate or up-to-date value of inventory because the valuation is much lower than inventory items at today's prices. Also, LIFO is not realistic for many ...