SourceCorp Announces Great News for LIFO Users…IFRS Not Likely to Force Method Change
SourceCorp LIFO expert says recent developments should ease the minds of LIFO taxpayers based on a recent memo from the tax counsel to the LIFO Coalition. Fort Worth, Texas (PRWEB) February 16, 2012 LIFO, or Last In First Out accounting, may not be affected by the adoption of International Financial Reporting Standards, or IFRS after all. While there is no current timetable for the adoption of IFRS for U.S. companies, the looming conversion has long been a source of concern for companies using LIFO. Because IFRS does not recognize the LIFO method, full adoption of IFRS by the Securities
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