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