Can a company use fifo to account for inventory and then use lifo for reporting financial and tax info and is this what is known as the lifo conformity rule?

I am not familiar with 'fifo' and 'lifo'. Can you entlighten me as to what this means ?

In Canada, NO you can not since you may not use LIFO for Tax Purposes.

In the USA however, I am pretty sure you can.

FYI:

LIFO means Last In, First Out.

FIFO means First In, First Out.