TITLE

AICPA ISSUES PAPER TO PROVIDE GUIDANCE ON LIFO

AUTHOR(S)
Beresford, Dennis R.; Neary, Robert D.
PUB. DATE
April 1985
SOURCE
FE: The Magazine for Financial Executives;Apr1985, Vol. 1 Issue 4, p5
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
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.
ACCESSION #
15095654

 

Related Articles

  • An alternative approach for computing dollar-value LIFO. Harper Jr., Robert M.; Patterson, Denise M. // National Public Accountant;Dec98, Vol. 43 Issue 10, p20 

    Presents an alternative approach for determining the dollar-value last-in, first-out (LIFO) layers to be included in a company's reported amount for inventory. Traditional approach based upon base-year prices; Alternative approach based upon current year-end prices; Conclusion.

  • Dollar-Value LIFO/Price Index Methods.  // Practical Accountant;Mar2002, Vol. 35 Issue 3, p13 

    Reports regulations for inventory accounting under last-in, first-out (LIFO) method in the United States. Valuation of dollar-value LIFO pools; Clarification of the certain aspects of the index computation method; Application of descriptive terms for index method concepts.

  • Inventory accounting: Taking the lie out of Lie-FO. MILLER, PAUL B. W.; BAHNSON, PAUL R. // Accounting Today;Jan2013, Vol. 27 Issue 1, p26 

    The article recommends inventory accounting in an attempt to solve the (LIFO) dilemma. It reveals four lies being told by managers and accountants who use LIFO and suggests a reality check for every certified public accountant (CPA) who wants to practice ethically. It also proposes the Financial...

  • A Test of the Firm Characteristics Hypothesis for LIFO Choice of Canadian Firms. Archambault, Marie; Archambault, Jeffrey // Journal of International Accounting, Auditing & Taxation;1999, Vol. 8 Issue 1, p165 

    Presents information on a study which examined whether the characteristics of Canadian firms could explain the observed difference in the use of the last-in-first-out method for valuing inventory between the United States and Canada. Methodology of the study; Results and discussion on the study;...

  • HOW IT WORKS.  // Crain's Cleveland Business;8/8/2011, Vol. 32 Issue 32, p0011 

    The article offers information on last-in, first-out accounting (LIFO) in which companies determine the cost of sold products using the price of the last piece of purchased or produced inventory.

  • MANAGING FOR VALUE. Ray, Allen; Gordon, David // Electrical Wholesaling;Apr2009, Vol. 90 Issue 4, p26 

    The article provides information on the significance of Last In First Out (LIFO) accounting method to the inventory operations of several distributors in the U.S. It mentions how it can aid the valuation activities of distributors on their inventory operations and cites how these distributors...

  • Last in, first out: Will chemicals finish last? Zwirn, Ed // ICIS Chemical Business Americas;9/11/2006, Vol. 270 Issue 9, p38 

    The article investigates the impact of the last in, first out (LIFO) method of inventory accounting on the U.S. chemical industry. The key advantage of the LIFO accounting method to chemical manufacturers is discussed. An assessment of Dow Chemical's LIFO exposure is considered. The role of the...

  • L.I.F.O. OR L.O.F.I.--WHICH? Blakely, Edward J.; Knutson, Peter H. // Accounting Review;Jan1963, Vol. 38 Issue 1, p75 

    The article focuses on a procedure followed by practitioners of accounting for the method of inventory determination. The procedure is called dollar-value last in first out (LIFO), may be used to achieve the lowest obtainable final inventory for a manufacturing concern. The dollar-value method...

  • The Effects of LIFO Inventory Costing on Resource Allocation: A Comment. Davis, Harry Zvi // Accounting Review;Oct81, Vol. 56 Issue 4, p975 

    In this article, the author comments on an article by the analyst Robert Halperin related to effects of last in first out (LIFO) inventory costing on resource allocation that was previously published in the journal "The Accounting Review." The author says Halperin claims that since a LIFO firm...

Share

Read the Article

Courtesy of VIRGINIA BEACH PUBLIC LIBRARY AND SYSTEM

Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics