The IFRS disallow the use of LIFO for external financial reporting.Assume a U.S.based company has been using LIFO for financial and tax reporting but now wants to prepare IFRS conforming financial statements to enable its stock to be traded on one of the European stock exchanges.
Required:
a. Describe the adjustments that the US.-based company must make to its accounting records to conform with IFRS.
b. What choices of invent ony accounting metho ds would be available to the U.S. company uncler IFRS?

Question

The IFRS disallow the use of LIFO for external financial reporting.Assume a U.S.based company has been using LIFO for financial and tax reporting but now wants to prepare IFRS conforming financial statements to enable its stock to be traded on one of the European stock exchanges.
Required:
 a. Describe the adjustments that the US.-based company must make to its accounting records to conform with IFRS. 
b. What choices of invent ony accounting metho ds would be available to the U.S. company uncler IFRS?

Quizplus · Accepted Answer

The Answer of The IFRS disallow the use of LIFO for external financial reporting.Assume a U.S.based company has been using LIFO for financial and tax reporting but now wants to prepare IFRS conforming financial statements to enable its stock to be traded on one of the European stock exchanges.
Required:
 a. Describe the adjustments that the US.-based company must make to its accounting records to conform with IFRS. 
b. What choices of invent ony accounting metho ds would be available to the U.S. company uncler IFRS?

The IFRS Disallow the Use of LIFO for External Financial