Accounting with “LIFO” vs. “FIFO”: The devil is in the details
Date
2015-04
Authors
Lieneck, Cristian H.
Journal Title
Journal ISSN
Volume Title
Publisher
Medical Group Management Association
Abstract
The ongoing collaboration between the International Financial Reporting Standards (IFRS) and Federal Accounting Standards Board (FASB) has tax-related implications for medical group practices. One of the goals of this collaboration — harmonization of accounting standards across countries — has been pursued since post-World War II economic integration. Generally accepted accounting principle (GAAP) negotiations involve increased global transparency and similarity of accounting standard.
Description
Keywords
cost methods, last-in, first-out, first-in, first-out, accounting
Citation
Lieneck, C. H. (2015). Accounting with “LIFO” vs. “FIFO”: The devil is in the details. Medical Group Management Association (MGMA) Connection, 15(3), 26–29.