Why does IFRS ban LIFO? Do you agree with their reasoning?
https://www.investopedia.com/art ic les/ invest ing/ 042115/w hy- last-f irst- out- banned-under-ifrs.asp. Recall that when prices are rising, LIFO understates inventory but gives a more realistic net income, while FIFO gives a more accurate inventory level but overstates income. Why does IFRS ban LIFO? Do you agree with their reasoning?
