Student Name: ZHANG QIWEI Student ID Number: B414498 Arguments for and against LFO abolition in the US What are the arguments in favour of retaining LIFO? The arguments are being made on a number of different grounds so be clear to separate these out. What are the arguments in favour of the US abolishing LIFO? Should decisions on matters such as this be made on the basis of what is the most appropriate from an accounting perspective (i.e. principles) or from the perspective of the impact of
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SUMMARY For over 70 years‚ US taxpayers have been able to value the cost of their inventories using the last-in‚ frst-out inventory method of accounting (LIFO). In general‚ to use LIFO for federal income tax purposes‚ taxpayers must also use LIFO for fnancial reporting purposes (herein referred to as the LIFO conformity requirement). The use of LIFO for fnancial reporting purposes is not permitted under International Financial Reporting Standards as promulgated by the International Accounting Standards
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Reasons why the LIFO method should not be repealed in the context of business tax reform In response to proposals by the Obama Administration to repeal the LIFO inventory method as part of the Administration’s budget proposals for Fiscal Years 2010-2013‚ the LIFO Coalition‚ which represents trade associations and business of every size and industry that employ the LIFO method‚ provided reasons why the LIFO method should not be repealed. The reasons for opposing the repeal of the LIFO inventory
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switched from FIFO to LIFO in accounting for inventory. The preceding year it had switched from the weighted-average method to FIFO. I think it is conflict with accounting theory. First‚ accounting method should not be changed year to year. The company should apply for changing the accounting method by giving some reasonable reasons. After permitted‚ the company can change the method. But it should be indicated. Second‚ if the company uses LIFO for tax purposes‚ it must also use LIFO for financial
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As for the results of the LIFO questionnaire‚ my dominating behavioral style in both favorable and unfavorable conditions is Controlling. This means that I am quick to act‚ competitive‚ confident‚ persuasive‚ competitive‚ perfectionist‚ looking for constant development and new opportunities‚ taking the initiative‚ valuing time and having certain standards of quality. Acting according to my values and in compliance with long term goals‚ showing competence and doing my best to achieve goals are important
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University of Connecticut DigitalCommons@UConn Honors Scholar Theses Honors Scholar Program 5-10-2009 Analysis of the LIFO inventory valuation method during the onset of IFRS Joseph Louis Romeo University of Connecticut - Storrs‚ joseph.romeo@uconn.edu Recommended Citation Romeo‚ Joseph Louis‚ "Analysis of the LIFO inventory valuation method during the onset of IFRS" (2009). Honors Scholar Theses. Paper 79. http://digitalcommons.uconn.edu/srhonors_theses/79 This Article is brought
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Accounting Memo Irene Emond BCOM/230 July 14‚ 2014 Jay Johnson Accounting Memo When creating a memo‚ the first thing to do is to know and identify your purpose and your audience. Failing to know your audience can result in misinterpretation‚ needing more clarification or being altogether ignored. Considering your audience is a must‚ as it falls under the same category as knowing the purpose of your memo. Upon reviewing the given example‚ I would suggest using the commonly accepted format. The first
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Bar-Code and FIFO systems implementation at Shure® Final Project Report IPRO 313 Fall 2005 Professor Will Maurer Faculty Advisor: Amanda Bieberich‚ Hassaan Bin Nassir‚ Abel Blasco Comeche‚ Samuel Cieszynski‚ Martin Kim‚ Erika Larsen‚ Hei Chang Lee‚ Dong Chul Lim‚ Bachum Y Mataruke‚ Baroukh E Ovadia‚ Tanim Taher Student Members: Table of Contents 1. Introduction 2. Objective / Goals 3. Development & Solutions Page # 3 4 4 IPRO 313 -2- Fall 2005 1. Introduction
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The dollar value LIFO method is another approach used for inventory valuation‚ it follows the last in first out but take into consideration the impact of inflation. The dollar value LIFO method is derived from the LIFO method and it’s designed to overcome the main problem of LIFO method which is liquidation. The dollar value LIFO method groups all type of goods in the inventory in a pool and the pool is measured by the total dollar amount instead of physical quantity. The balance sheet view differ
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the length. The memo will be written in a casual or informal language when the length is short. A professional or formal language is written when the memo length is long (Flatley‚ Lesikar‚ & Rentz‚ p. 96‚ 2008). The main thing to keep in mind‚ when writing and formatting a memo‚ is the audience. The writer knowing the audience will help with what information to keep or remove‚ whether the memo will be formal or informal‚ and word choice. Memoradum Review An informal memo‚ typically‚ is between
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