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Ifrs Allow FIFO and GAAP Allow LIPO

IFRS allow the use of FIFO and GAAP allow LIFO for inventory accounting. IFRS permit the use of an asset revaluation model for accounting, while US GAAP uses a cost model for tangible and intangible assets with depreciation or amortization minus any impairments. IFRS allow for either the cost or fair value model to be used for accounting for an entire class of assets other than goodwill.

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Balach Malik
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52 views5 pages

Ifrs Allow FIFO and GAAP Allow LIPO

IFRS allow the use of FIFO and GAAP allow LIFO for inventory accounting. IFRS permit the use of an asset revaluation model for accounting, while US GAAP uses a cost model for tangible and intangible assets with depreciation or amortization minus any impairments. IFRS allow for either the cost or fair value model to be used for accounting for an entire class of assets other than goodwill.

Uploaded by

Balach Malik
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Ifrs allow FIFO and GAAP allow LIPO

Asset revaluation model

US GAAP …………. Tangible assets and intangible assets ……… cost model … depreciation minus

IFRS …… cost or fair value for entire class of assets otherthan goodwill

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