Under IFRS, LIFO is permitted for financial reporting purposes if the company's host country permits it for tax purposes.

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Under IFRS, LIFO is not permitted for financial reporting purposes. Instead, companies must use either the First-in, First-out (FIFO) or Weighted Average Cost (WAC) method. However, the company's host country tax laws may still allow the use of LIFO for tax purposes.

Under IFRS, LIFO Is Permitted for Financial Reporting Purposes If