LIFO

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LIFO

(lī′fō)

American Heritage® Dictionary of the English Language, Fifth Edition. Copyright © 2016 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

LIFO

(ˈlaɪfəʊ)

n acronym for

(Accounting & Book-keeping) last in, first out (as an accounting principle in sorting stock). Compare FIFO

Collins English Dictionary – Complete and Unabridged, 12th Edition 2014 © HarperCollins Publishers 1991, 1994, 1998, 2000, 2003, 2006, 2007, 2009, 2011, 2014

last′-in′, first′-out′

1. a method of handling inventory costs at the price of the earliest items, assuming that items purchased last will be sold first. Abbr.: LIFO Compare first-in, first-out.

2. LIFO (def. 2).

[1935–40]

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Noun

LIFO - inventory accounting in which the most recently acquired items are assumed to be the first sold

last in first out

inventory accounting - accounting that controls and evaluates inventory

Translations

LIFO

[ˈlaɪfəʊ] ABBR =last in, first out → UEPS

Collins Spanish Dictionary - Complete and Unabridged 8th Edition 2005 © William Collins Sons & Co. Ltd. 1971, 1988 © HarperCollins Publishers 1992, 1993, 1996, 1997, 2000, 2003, 2005

LIFO

[ˈlaɪfəʊ] n abbr =last in first out → lifo m inv

Collins Italian Dictionary 1st Edition © HarperCollins Publishers 1995

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References in periodicals archive ?

Gross margin decreased 90 basis points primarily driven by an unfavorable LIFO impact of 80 basis points.

Gorman-Rupp achieves increased net income of USD9.5m for Q4 2018

Adjusted earnings before interest, taxes, depreciation and amortization, LIFO, lease termination and impairment charges, and other items (EBITDA) fell 26.5% to $274.1 million, or 3.39% of revenue, down 119 basis points from a year ago.

Earnings Take Big Hit at Rite Aid

The most recent quarter included an after-tax (all figures are net of tax) LIFO charge of $64 million; $3.62 million in acquisition-related intangibles amortization expense; and $1.22 million for employee severance, litigation and other expense, all slightly countered by a $488,000 gain on an antitrust litigation settlement and a $652,000 credit against warrant expense.

CEO: AmerisourceBergen has 'good momentum'

In the letter to Congress, industry proponents claim LIFO is an appropriate means of evaluating inventory and its repeal would significantly and permanently harm many businesses, including metalcasting facilities.

Industry opposing LIFO repeal: AFS joined more than 125 others in a letter opposing tax reform that would eliminate the "Last In, First Out" inventory accounting method

Under the LIFO method, inventory is considered to be sold (disposed of) on a last-in, first-out basis.

LIFO inventory considerations when making a C-to-S conversion

* Using LIFO, however, requires taxpayers to be consistent.

Avoiding missteps in the LIFO conformity rule: how to properly present U.S. GAAP-to-IFRS reconciliations

If the inventory items are specific and separately identifiable, the costs can be uniquely allotted, but if the inventory items are identical and interchangeable, then an assumption of the flow of costs can be made--first-in, first-out (FIFO), average costs, or LIFO. The method chosen should be the one that best reflects income.

Inventory valuation under IFRS and GAAP: this article is based on a study supported by the IMA[R] research foundation

A recent CPA Journal article discussed the financial and tax effects when a company discontinues using LIFO, why companies might voluntary switch from LIFO to another inventory method, and strategies that a company should consider when timing the switch (Linda Hughen, Jane R Livingstone, and David Upton, "Switching from LIFO: Strategies for Change, "April 2011, pp.

Considering life after LIFO

Walloping American businesses by taking away the LIFO tax break will be a hefty blow at just the wrong time, considering nearly 10 percent of those who want to work in the U.S.

President Obama's Big Mistake: Suggesting an end to business tax break worth $72 billion

Our invited speaker had my attention, and got even more of it as he summed up why the FIFO to LIFO change was so impactful: