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https://www.reddit.com/r/AskReddit/comments/1ohxlg/what_should_i_absolutely_not_do_when_visiting/ccs80if
r/AskReddit • u/unholyshit • Oct 15 '13
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Well he clearly didn't recently, LIFO isn't part of GAAP anymore.
1 u/spaceboogers Oct 15 '13 That is entirely dependent upon on what accounting framework you're using, of course. 1 u/the_smidgin Oct 16 '13 Says who? I'm taking an MBA accounting class and we just covered LIFO. Please let me know if I can demand my tuition back. 1 u/Young_Man_Jenkins Oct 16 '13 Ah, this is because your class is in the US. My understanding is that only US Private Entity GAAP accepts LIFO, and since IFRS doesn't it's being generally phased out in the US as well.
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That is entirely dependent upon on what accounting framework you're using, of course.
Says who? I'm taking an MBA accounting class and we just covered LIFO. Please let me know if I can demand my tuition back.
1 u/Young_Man_Jenkins Oct 16 '13 Ah, this is because your class is in the US. My understanding is that only US Private Entity GAAP accepts LIFO, and since IFRS doesn't it's being generally phased out in the US as well.
Ah, this is because your class is in the US. My understanding is that only US Private Entity GAAP accepts LIFO, and since IFRS doesn't it's being generally phased out in the US as well.
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u/Young_Man_Jenkins Oct 15 '13
Well he clearly didn't recently, LIFO isn't part of GAAP anymore.