The convergence issue that will be most difficult to resolve in the area of inventory accounting is:
A)FIFO.
B)LIFO.
C)ownership of goods.
D)costs to include in inventory.

Name: The convergence issue that will be most difficult to resolve in the area of inventory accounting is: A)FIFO. B)LIFO. C)ownership of goods. D)costs to include in inventory.
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Question

Quizplus · Accepted Answer

LIFO (Last In, First Out) is the most difficult convergence issue because it is not allowed under IFRS, while it is permitted under US GAAP.

The Convergence Issue That Will Be Most Difficult to Resolve