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    husted67's Avatar
    husted67 Posts: 1, Reputation: 1
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    #1

    Mar 29, 2007, 08:09 AM
    Fifo and lifo
    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?
    tickle's Avatar
    tickle Posts: 23,796, Reputation: 2674
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    #2

    Mar 29, 2007, 08:23 AM
    I am not familiar with 'fifo' and 'lifo'. Can you entlighten me as to what this means ?
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #3

    Mar 29, 2007, 01:33 PM
    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.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Apr 4, 2007, 10:24 AM
    FYI:

    LIFO means Last In, First Out.

    FIFO means First In, First Out.
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