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Unformatted text preview: And why? The IASB, as part of its Improvements Project, determined that the goals of achieving convergence among accounting standards and of promoting uniformity across entities reporting under IFRS would be served by eliminating the formerly "allowed alternative" of costing inventories by means of the last-in, first-out (LIFO) method. This has left the first-in, first-out (FIFO) and the weighted-average methods as the only two acceptable costing techniques under IFRS E8-12 Dollar-Value LIFO On January 1, 2009, the Sato Company adopted the dollar-value LIFO method of inventory costing. The companys ending inventory records appear as follow....
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- Spring '10