LIFO conformity rule definition
A rule that requires that the same inventory cost flow be used on the financial statements as is used on the income tax return.
A rule that requires that the same inventory cost flow be used on the financial statements as is used on the income tax return.
Harold Averkamp (CPA, MBA) has worked as a university accounting instructor, accountant, and consultant for more than 25 years. He is the sole author of all the materials on AccountingCoach.com. Read more about the author.