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1. IFRS disallowed LIFO and US GAAP allowed to use both.
2. Items that are Perishable in nature use FIFO method.(i.e Vegitables)
3. items that are not Perishable in nature use LIFO method (i.e coal)
4.In united states, LIFO is use for tax reporting.But, FIFO is used in financial accounting.
Most of the industries tend to use FIFO, however, there are some industries use LIFO such as news paper business they mostly use the latest news that happened to publish it in their new upcoming print.
