- This topic has 1 reply, 2 voices, and was last updated 1 year ago by .
- You must be logged in to reply to this topic.
PQ Awards Nominations
Please help us to win one of the PQ Magazine awards and send in the voting form >>
You can nominate us in any or all of the following categories: Online College of the Year, Study Resource of the Year, Private Sector Lecturer of the Year, and Accountancy Personality of the Year.
Specially for OpenTuition students: 20% off BPP Books for ACCA & CIMA exams – Get your BPP Discount Code >>
How do you switch from using LIFO to using FIFO
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)