The uncertain future of LIFO

April 2008
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The uncertain future of LIFO after IFRS conversion

At a glance

Outline of LIFO provisions related to the conversion to IFRS.

This article explores the uncertain future of LIFO, examines a potential exception to the LIFO conformity requirement that could allow the use of LIFO for qualifying companies even after their conversion to IFRS, and discusses planning opportunities that may be available to US taxpayers to help them alleviate the tax burden caused by a LIFO termination, resulting from either a conversion to IFRS or through legislative repeal.