Skip to content

Ask the Tutor ACCA MA

Stock valuation

MMoses5y ago
How do you switch from using LIFO to using FIFO
John MoffatJohn MoffatTutor5y ago#1
In management accounts you can use whatever way you want to value inventory, and if you want to change then you just change!! For Financial Accounting, if you change the way you value inventory then it needs to be disclosed in the financial statements, but that is not relevant for management accounts. (And for financial accounting LIFO is not allowed, but again that does not affect management accounts)
Sign into reply to this topic.