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題 名 | The Future of LIFO |
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作 者 | Harris, Peter; | 書刊名 | Academy of Taiwan Business Management Review |
卷 期 | 6:3 2010.08[民99.08] |
頁 次 | 頁83-86 |
分類號 | 494.7 |
關鍵詞 | |
語 文 | 英文(English) |
英文摘要 | The Last In First Out Inventory method (LIFO) has been an accepted popular method in the U.S since its inception in 1939, soon after the Great Depression. It has been questioned as a realistic, appropriate economic method since then, and many have and continue to argue that is simply provides a tax benefit for those who are in a position to use LIFO. It is seen as a“tax loophole” rather than an appropriate accounting method by many. This paper provides two reasons that have recently surfaced that will potentially eliminate LIFO as an acceptable accounting method. The pressures imposed by the SEC to standardize financial reporting under the leadership of International Accounting Standards Board (IASB), and the political pressures imposed by the Obama Administration; both strongly opposing LIFO are the principle reasons for its elimination by as early as December 31, 2010. Assuming that LIFO is eliminated, there are a number of tax planning opportunities available to companies who presently use this method. |
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