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LIFO vs FIFO, GAAP vs IFRS?

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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.

Published in: Economy & Finance
  • Mr. Warren Buffet's Annual Letter complements this presentation in regards to accounting issues mentioned in it. http://www.berkshirehathaway.com/letters/2015ltr.pdf
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  • Made a few changes for better flow, clarity and conciseness.
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LIFO vs FIFO, GAAP vs IFRS?

  1. 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. 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. 3. Why and When LIFO?
  4. 4. LIFO it is when...Inflation ○ ○ ○ ○ ○ ○ ○
  5. 5. Why and When FIFO?
  6. 6. FIFO it is when...Deflation or IFRS ○ ○ ○ ○ ○ ○ ○
  7. 7. Confused?
  8. 8. What if your COGS is minimal?

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