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Topic: LIFO

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Inventory

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UK GAAP

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	New Vehicle Dealership Audit Technique Guide - 2004 - Chapter 5 - LIFO (12-2004)
		In determining whether there exists a LIFO conformity violation, it is important to examine the automobile dealer's financial statement disclosures to the manufacturer and to the entities (creditors) that "floor plan" the dealer's inventory, regardless of whether a particular creditor is an affiliate of the manufacturer or outside party.
		An increment in the LIFO inventory occurs when the end of the year inventory for any pool expressed in terms of base-year cost is in excess of the beginning of the year inventory for that pool expressed in terms of base-year cost.
		The LIFO inventory value of each such increment is referred to in this section as the "layer" and must be separately accounted for and a record thereof maintained as a separate layer of the pool, and may not be combined with a layer of increment occurring in a different year.
	www.irs.gov /businesses/corporations/article/0,,id=137733,00.html (9071 words)

	NFIB.com - LIFO
		LIFO is an inventory accounting method used by companies to determine book income and tax liability.
		If inventory costs are rising, LIFO takes into account the greater costs of replacing inventory, thereby giving both a more conservative measure of the financial condition of the business and the economic income to which tax should apply.
		Repealing LIFO would force hundreds of thousands of companies currently using the accounting method to report their LIFO reserves as income, resulting in a massive tax increase for large and small businesses spread across the economy.
	www.nfib.com /page/LIFO.html (0 words)

	LIFO Systems - Automotive LIFO and IPIC LIFO
		SOURCECORP Tax Benefits Group is an active participant in the LIFO Coalition, a group of approximately 50 trade organizations who joined together to refute the possible repeal of LIFO.
		LIFO accounting may help you or your client save hundreds of thousands, even millions, in tax.
		LIFO Systems makes otherwise time-consuming, complicated and highly specialized tax benefit opportunities readily available to businesses and CPAs.
	www.lifosystems.com (208 words)

	LIFO Systems - Automotive LIFO and IPIC LIFO
		SOURCECORP Tax Benefits Group is an active participant in the LIFO Coalition, a group of approximately 50 trade organizations who joined together to refute the possible repeal of LIFO.
		LIFO accounting may help you or your client save hundreds of thousands, even millions, in tax.
		LIFO Systems makes otherwise time-consuming, complicated and highly specialized tax benefit opportunities readily available to businesses and CPAs.
	rd.business.com /index.asp?epm=s.1&bdcq=LIFO&bdcr=1&bdcu=http://www.lifosystems.com/&bdcp=&partner=2662601&bdcs=nwuuid-2662601-32FF8871-26F6-C7A9-F546-86A00B44B927-ym (208 words)

	NAW \| NAWs Fight On Our Behalf Against Federal Repeal Of LIFO (Site not responding. Last check: )
		LIFO repeal was apparently proposed in part because of mistaken beliefs that LIFO is a “tax loophole” and that it is set to disappear from use anyway.
		LIFO is an established, widely accepted inventory accounting method that has been used by large and small companies throughout the United States for the last 70 years.
		If LIFO is repealed, those in our industry who use this method will be forced to move their LIFO reserves to current inventory, and would then be subject to a massive tax increase.
	www.naw.org /Content/ContentGroups/News2/NAWs_Fight_On_Our_Behalf_Against_Federal_Repeal_Of_LIFO.htm (1017 words)

	LIFO (Site not responding. Last check: )
		In computer science and queueing theory, LIFO (last in, first out) refers to the way items stored in a data structure are processed.
		However this method rarely reflects the underlying commercial substance (perhaps a heap of coal with shipments being added to and taken from the top might be an isolated case) and is therefore effectively outlawed under UK GAAP and IAS.
		Lifo arbejder for at styrke og støtte de liberale tankegange, ideologier, foreninger og partier.
	www.serebella.com /encyclopedia/article-LIFO.html (294 words)

	What is LIFO and FIFO?
		LIFO and FIFO are terms commonly used in inventory control, in cost accounting and in computer science.
		Obviously, you can handle some merchandise LIFO and some FIFO, depending on what it is and how fast you have to move it.
		In accounting, LIFO and FIFO mean two different ways of setting a value on your existing inventory and calculating your profit.
	www.wisegeek.com /what-is-lifo-and-fifo.htm (568 words)

	Automobile LIFO - Print Friendly (Site not responding. Last check: )
		LIFO assumes that goods sold are those purchased most recently and that goods remaining in inventory at period end are those acquired in chronological order since the company adopted LIFO.
		The theoretical justification for LIFO is that it matches goods sold during the current period with the cost of goods most recently purchased.
		The LIFO Reserve is a measure of the cumulative amount that a company's taxable income or financial reporting pre-tax income has been reduced by using LIFO since the method was first adopted.
	www.lifopro.com /glossaryprint.html (1341 words)

	Answer: What is a LIFO reserve?
		This LIFO firm reports $36,000 and $31,000 for inventory in its comparative balance sheets for Year 2 and Year 1.
		The firm has chosen to report inventories using LIFO, but is also telling the public that if it had chosen to report under FIFO, it would have reported $4,000 and $1,000 more in inventory for the two years.
		LIFO ending inventory is $4,000 less, thus $4,000 more was recognized in cost of goods sold.
	www.swlearning.com:8083 /accounting/students/ca_inv_reso4.htm (352 words)

	Industries
		LIFO must be elected by completing and filing Form 970 (PDF), Application To Use LIFO Inventory Method, or a similar statement.
		All or part of the LIFO reserve must be reported as income in the future if inventories are significantly liquidated or sold entirely, the election is terminated (by you or the IRS), or your entire business is disposed in a taxable transaction.
		Under the specific goods LIFO method inventory quantities are measured in physical units such as pounds, kilograms, pieces, etc. This method is not as widely used in the manufacturing industry as is the dollar-value method.
	www.uic.edu /classes/actg/actg516rtr/Readings-Gen/Irs-Fifo---Lifo.htm (1409 words)

	LIFO (Site not responding. Last check: )
		LIFO provides the understanding of how to get the most out of ourselves and others in stressful situations as well as when applied to Time Management; Managing Change; Team Working; Selling; Negotiating and Culture Management.
		Using the LIFO questionnaire during the course, we will explore the participant’s own behavioural strengths and the implications of these strengths being deployed to excess.
		The LIFO questionnaire, completed during the course measures preferences in both favourable and unfavourable circumstances and considers communication congruency under these conditions, which helps explain why people habitually behave in certain ways.
	www.ott-consulting.co.uk /Course_Outlines/LIFO.htm (667 words)

	NTEA.com - (LIFO Repeal Still Under Consideration)
		LIFO accounting is widely used in the oil industry, and repeal would create a significant tax liability for those companies as the LIFO reserves would need to be moved to current inventory.
		While it appears unlikely that Congress will repeal LIFO this year, it is a way for Congress to generate revenue and, as such, repeal will always be a concern.
		LIFO assumes that the most recent units purchased will be the first units sold.
	www.ntea.com /print.asp?DOC_ID=101785 (623 words)

	Taking the Complexity Out of SIMPLIFIED LIFO
		In contrast, Lifo assumes the last costs in are the ones a company should use to measure the cost of goods sold, leaving the earliest costs to value ending inventory.
		When a business uses simplified Lifo, the Lifo effect and subsequent adjustment is merely the allowable percentage change in the index multiplied by the Fifo value of the prior year’s ending inventory.
		A procedure used in conjunction with dollar-value Lifo whereby quantities of physical inventory on hand are extended at both current and original cost in the base year when a company adopted Lifo.
	www.aicpa.org /pubs/jofa/jul2001/howard.htm (2272 words)

	YOUR BUSINESS ENTITIES (Site not responding. Last check: )
		The final challenge of LIFO management deals in the situation when a company is experiencing a drop in inventory levels or a substantial reduction in inventory unit costs, which would most likely trigger taxable income.
		A practical illustration of LIFO would be to consider a company with 30 stores having an average inventory of $40,000 per store, and experiencing a growth rate in inventory over the next five years of 10 percent, arising from both internal and external growth.
		Since the election of LIFO is made with the filing of the tax return which is 75 days after year-end or valid extension, a company has the opportunity to calculate the LIFO reserve and tax deferment prior to election.
	www.sigma.org /web_articles/articles/030226.htm (549 words)

	changing an impermissible lifo method (Site not responding. Last check: )
		The possibility of having to recognize a large LIFO reserve as income in a single prior year, along with the penalties and interest that usually accompany such adjustments, is frightening.
		Further, MSF argued that the history of LIFO makes it clear that the statutory and regulatory "cost" requirement is simply an expression of the rule that the lower of cost or market (LCM) method may not be used in conjunction with the LIFO method.
		A change within the LIFO inventory method does not include a change in method of accounting that could be made by a taxpayer that does not use the LIFO inventory method (for example, a method governed by sec.
	www.aicpa.org /pubs/taxadv/online/apr2000/gaffney.htm (4132 words)

	Llyfrgell Owen Phrasebank - lifo (Site not responding. Last check: )
		Gadewais iddo lifo drosof yn rhaeadrau, roedd yr haul mor ddisglair ac yn chwarae gyda ni yn bryfoclyd.
		Dymunai i'r ddaear ei lyncu a'r môr lifo drosto a'i foddi.
		Roedd yr aer yn oer a diferai dŵr o'r nenfwd gan lifo i lawr y waliau.
	www.testunau.org /mynegair/l/lifo.htm (432 words)

	LIFO Repeal Looms
		If LIFO is repealed, distributors who use the method would have to move their reserves to current inventory, which would then be subject to corporate tax.
		With LIFO, it is assumed that the last unit into inventory is sold first.
		LIFO evens out the effect of inflation on inventory because the older inventory left in reserve is assigned a lower value.
	www.mdm.com /stories/liforepeal.html (354 words)

	LIFO FIFO (Site not responding. Last check: )
		If a manager decided to make the switch over to LIFO, his or her direct income would take a sharp nosedive, considering bonuses are based on a higher gross profit for the company.
		LIFO adequately reports current expenses with current (and appropriate) revenues, when FIFO does not match current expenses with current revenues.
		LIFO will provide a more accurate cost of goods sold on the income statement, when FIFO will underestimate the cost of goods sold (Bohan and Rubin, 1986).
	www.student.ipfw.edu /~hassce01/lifofifo.htm (1565 words)

	The Battle to Preserve LIFO - Accounting - CFO.com
		And that benefit is hefty, figures he presented showed: For 2004, the last year for which figures are available, the LIFO reserve—the difference between the cost of sales under LIFO and under an alternative inventory-accounting method—was $60 billion.
		Although the Senate's immediate plans for a repeal of LIFO were abandoned, the emergence of the possibility triggered fear among companies and industries that use the accounting method.
		Supporters of LIFO claim a repeal would be a significant issue for companies that use it and could cause some particularly small firms to go out of business.
	www.cfo.com /article.cfm/7213052/c_2984368 (673 words)

	AEI - Short Publications (Site not responding. Last check: )
		The problem with current law is not the availability of LIFO, but the fact that many firms' inventories remain subject to FIFO and are therefore taxed more heavily than other types of capital.
		The protection against excessive inventory taxation provided by LIFO is effectively conditioned on the firm's inventories not declining, since any decline triggers the liquidation of a LIFO layer containing goods attributed to past low-cost purchases.
		But, because LIFO also denies a deduction for inventory losses that are due to reductions in the relative price of those goods, little distortion is likely to result, at least when there are no trends in relative prices.
	www.aei.org /publications/filter.all,pubID.25111/pub_detail.asp (2244 words)

	US Private Company Services - LIFO Inventory Method at Risk (Site not responding. Last check: )
		LIFO has been called a "tax loophole", and lawmakers have been led to believe that the LIFO method may soon be eliminated for financial reporting purposes.
		Many retailers and consumer products manufacturers have used the LIFO method to defer a significant amount of the taxes that are attributable to inflation on their inventory.
		PricewaterhouseCoopers is working with a group of over 50 trade associations (the LIFO Coalition) to educate Senate leaders and staff on the rationale and importance of continuing to permit the LIFO method for tax accounting.
	www.pwc.com /Extweb/pwcpublications.nsf/docid/47985C253C8048A0852571A7003FFF33 (428 words)

	Creating a LIFO stack using a linked list
		In the case of the first variable inserted into the LIFO stack head is pointing to nil so setting the nextlink pointer of the temp record sets it equal to nil.
		Note that if you have more than one LIFO stack then you can include a second variable in the procedure call including the value of the head pointer for the stack you want to reference.
		We have extracted the value 56 as the result of the function, and we have head pointing to '12' and temp pointing to 56 so the item has been 'popped' off the stack and it is now safe to dispose of the 56 record pointed to by temp.
	www.awitness.org /delphi_pascal_tutorial/source/LIFO_stack_linked_list.html (975 words)

	LarsonAllen Dealership Group
		LIFO (Last In-First Out) is an accepted method of recognizing the effect of inflation on inventories available for sale.
		The domestic manufacturers may be on a course that could give LIFO a negative impact on dealer 2005 tax returns.
		LIFO benefit is generated by rising prices, decreasing prices cause LIFO penalty.
	www.larsonallen.com /auto/lifo.asp (558 words)

	LIFO Accounting (Site not responding. Last check: )
		Furthermore, the LIFO adjustment may now occur anywhere on the income side of the twelfth-month factory statement, not necessarily in the cost of goods sold account.
		In periods of rising prices, this position suggests that the LIFO earnings more closely match current revenues with current costs, and that the change in the LIFO reserve should not be added to LIFO earnings prior to capitalization.
		However, if the economic benefit of the LIFO tax deferral is added to adjusted net asset value, the cause of that benefit should be considered in the capitalization of earnings.
	www.bizval.com /publications/articlelibrary/LIFOAccounting.htm (786 words)

	:: Case \| Sabatini :: LIFO Test Page (Site not responding. Last check: )
		A tremendous number of companies use the FIFO (first-in, first-out) inventory costing method under the impression that the LIFO (last-in, first-out) method is too complex and burdensome.
		It is not uncommon for companies with a $10,000,000 FIFO inventory that have been using LIFO for 15 years or longer to materialize tax savings in excess of $1,000,000.
		The test below will allow you to evaluate whether the LIFO method of accounting for inventories may be a viable option for your organization.
	www.casesabatini.com /LIFO (263 words)

	SOURCECORP Tax Benefits Group - LIFO Accounting Solutions
		As the largest company in the nation that specializes in LIFO accounting, we have provided LIFO accounting services, software and consulting to thousands of businesses and their CPA’s.
		You will be rest assured knowing our team of LIFO specialists is abreast of all the latest tax regulations and changes – And, we are only a phone call away to address all of your LIFO needs.
		A full-time Account Manager is assigned to each client and CPA and stands ready to promptly answer any question (technical or not) he or she may have.
	www.sourcecorptax.com /lifo/lifo.htm (308 words)

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