Ever wonder when a firm should use LIFO vs FIFO cost accounting? Well wonder no more! Here is a primer. This presentation describes when a firm should use LIFO cost accounting method vs FIFO cost accounting method. #LIFO vs #FIFO #GAAP vs #IFRS As the world #economy heads towards #deflation #COGS re-evaluation needed for firms.

1. LIFO or FIFO???
GAAP or IFRS??
http://ProcessISInc.com
Shaker Cherukuri, MBA, MSEE
alum: GE, CAT, CMI, Booz
Ph:(408)634-4754 (Nashville, TN, USA)
e-mail:SCherukuri@ProcessISInc.com

2. LIFO...vs FIFO
Last In First Out. LIFO. First in First Out. FIFO. Same as in Engineering!!
Do you or don’t you LIFO?
Should you LIFO or FIFO?
Can you LIFO?
Why would you LIFO over FIFO?
Why not FIFO over LIFO?

3. Why and When LIFO?

4. LIFO it is when...Inflation
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5. Why and When FIFO?

6. FIFO it is when...Deflation or IFRS
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7. Confused?

8. What if your COGS is minimal?