ASPE and IFRS Do Not Permit Companies to Use LIFO

question 23

Multiple Choice

ASPE and IFRS do not permit companies to use LIFO inventory cost method except for which of the following reason(s) .

• A)If a Canadian public company has foreigners as its majority shareholders.
• B)If a Canadian public company is listed on a US stock exchange.
• C)If a Canadian public company does more than 50% of its business outside Canada.
• D)All of the answers provide a reason.

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