Which of the Following Statements About the Use of the LIFO

question 41

Multiple Choice

Which of the following statements about the use of the LIFO method in Australia is true?

• A) The LIFO method is not allowed to be used for either financial reporting or tax purposes.
• B) The LIFO method may be used for both financial reporting and tax purposes.
• C) The LIFO method may be used for financial reporting but not for tax purposes.
• D) Use of the LIFO method must be approved by the Australian Securities and Investments Commission and the Australian Taxation Office.

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