Beresford, Dennis R.; Neary, Robert D.
April 1985
FE: The Magazine for Financial Executives;Apr1985, Vol. 1 Issue 4, p5
Trade Publication
The article focuses on issues paper submitted by AICPA Accounting Standards Executive Committee (AcSEC) to the FASB to provide some help in implementing the last in, first out (LIFO) method. This issues paper is the result of over three years of work by an AcSEC Task Force comprised of members from both industry and public accounting. The Task Force found merit for financial reporting purposes in most of the existing U.S. Internal Revenue Service approved LIFO approaches. The Task Force addressed the common practice of adopting LIFO for only part of a company's inventory. Their conclusion was that there should be a presumption that if a company changes to LIFO, it should do so for all of its inventories.


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