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Which inventory cost flow method is prohibited according to IFRS?

A. First-in, first-out (FIFO) method.

B. Specific identification method.

C. Weighted average cost method.

D. Last-in, first-out (LIFO) method.

Accounting Auditing Banking
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Question added by Deleted user
Date Posted: 2015/02/22
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Sharath Kumar Maddala
by Sharath Kumar Maddala , Accounting Manager , Pluto Travels LLC

Answer is D : last in first method (LIFO) is not allowed in IFRS

Mohammed Abu Al Hummos
by Mohammed Abu Al Hummos , Group Finance Manager , Khlouse Steel Group

D. Last-in, first-out (LIFO) method

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