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Is LIFO method of stock valuation accepted by IFRS? If not what is acceptable in IFRS?
in IAS 2 - Inventories by

2 Answers

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Best answer
IAS 2 allows the FIFO or weighted average cost formulas. [IAS 2.25] The LIFO formula, which had been allowed prior to the 2003 revision of IAS 2, is no longer allowed.
by Level 2 Member (2.8k points)
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+1 vote
Hi, IFRS only allows FIFO method, Weighted average cost method and specific unit identification method. LIFO is no longer an acceptable method for inventory valuation.
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