• Register
Search Questions / Answers

Welcome to AccountantAnswer Forum, where you can ask questions and receive answers. Although you need not be a member to ask questions or provide answers, we invite you to register an account and be a member of our community for mutual help. You can register with your email or with facebook login in few seconds

Get AccountantAnswer App


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

2 Answers

+1 vote
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)
selected by
+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.