Accounting for inventory under US GAAP: Is LIFO still used by companies?

Thesis title: Accounting for inventory under US GAAP: Is LIFO still used by companies?
Author: Naranbat, Chandmansuren
Thesis type: Diploma thesis
Supervisor: Procházka, David
Opponents: Vašek, Libor
Thesis language: English
Abstract:
As globalization progresses and international economic dependency increases, the need for global accounting system becomes more apparent. With this matter US lawmakers are willing to converge with international accounting standards. However, there are many challenges facing them, one important would be the repeal of LIFO inventory costing method. Although, the LIFO costing method was under pressure of SEC’s Roadmap toward IFRS and Obama administration’s budget proposals 2012, which contained a provision to elimination of LIFO for tax purposes. The method is still used by firms and the repeal did not happen yet. This study investigates into the current situation of firms using the LIFO and provides the most recent facts of LIFO repeal.
Keywords: Inventory valuation; LIFO, FIFO; LIFO repeal
Thesis title: Accounting for inventory under US GAAP: Is LIFO still used by companies?
Author: Naranbat, Chandmansuren
Thesis type: Diplomová práce
Supervisor: Procházka, David
Opponents: Vašek, Libor
Thesis language: English
Abstract:
As globalization progresses and international economic dependency increases, the need for global accounting system becomes more apparent. With this matter US lawmakers are willing to converge with international accounting standards. However, there are many challenges facing them, one important would be the repeal of LIFO inventory costing method. Although, the LIFO costing method was under pressure of SEC’s Roadmap toward IFRS and Obama administration’s budget proposals 2012, which contained a provision to elimination of LIFO for tax purposes. The method is still used by firms and the repeal did not happen yet. This study investigates into the current situation of firms using the LIFO and provides the most recent facts of LIFO repeal.
Keywords: Inventory valuation; FIFO, LIFO; LIFO repeal

Information about study

Study programme: Finance and Accounting
Type of study programme: Magisterský studijní program
Assigned degree: Ing.
Institutions assigning academic degree: Vysoká škola ekonomická v Praze
Faculty: Faculty of Finance and Accounting
Department: Deparment of Finacial Accounting and Auditing

Information on submission and defense

Date of assignment: 24. 11. 2018
Date of submission: 31. 5. 2019
Date of defense: 11. 6. 2019
Identifier in the InSIS system: https://insis.vse.cz/zp/67839/podrobnosti

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