Significant change in LIFO
was primarily driven by unusually high branded drug inflation in the year-ago quarter and lower-than-anticipated branded prescription drug level of inventory as we initiated our transition to AmerisourceBergen," explained chief financial officer Wade Miquelon during a conference call with analysts.
Taxpayers that use LIFO
for tax reporting purposes are allowed to issue financial statements on a basis other than LIFO
only if they are for noncredit purposes and are not provided to shareholders or other owners.
As IFRS doesn't allow LIFO
, there's no need for any LIFO
Although much has been made about LIFO
not being permitted under IFRS, in fact, LIFO
was permitted as an inventory method under IFRS until 2003.
associates the costs of the most recently acquired inventory with the inventory items sold (with the older inventory costs remaining on the balance sheet and reported as inventory on hand).
On the balance sheet, the use of the LIFO
method tends to understate the value of a company's inventory.
Have a few ideas on LIFO
and FIFO routing, or some other type of routing methodology?
A bill to repeal LIFO
inventory accounting for tax purposes and permit a 10-year Sec.
The study also included a survey of financial executives to determine their rationale for adopting either FIFO or LIFO
First permitted in the Revenue Act of 1938, the LIFO
method is widely used by many taxpayers.
There are highly influential people in UK businesses who are being self-deceptive because they are unaware of their failings, or simply living a lie and avoiding situations in which they'll be challenged or tested because they know themselves so well,'' said LIFO
UK managing director Bridget Biggar.
has worked with these entities to promote and implement predator trapping, education and outreach programs, training, and on-the-ground technical and logistical assistance.
adopts the reverse methodology, assuming that the last asset the company purchased is the first it uses.
The only outcome is that lifetime distributions (loans and withdrawals) are taxed on a LIFO
basis rather than the FIFO basis that normally applies to life insurance contracts.
Even basic inventory methods, such as FIFO, LIFO
and weighted average that you knew the instructor understood, needed to be included.