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The LIFO method is a very popular method among retailers and other types of businesses,...

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Accounting

The LIFO method is a very popular method among retailers and other types of businesses, but it is not allowed under IFRS. Based on what you have learned about LIFO, inventory costing, IFRS, GAAP, and business integrity, why do you think LIFO is not allowed under IFRS? Should it be allowed under GAAP? Why or why not? What are the ethical implications involved in using the LIFO inventory valuation method?

a paragraph please! I really dont know where to start.

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