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Inventory accounting: Taking the lie out of Lie-FO

机译：库存会计：摆脱Lie-FO的谎言

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We have come to realize that it's long past time to question using LIFO to allocate costs first to the cost of goods sold and then inventory. It has survived since it entered both the Federal Tax Code and GAAP in 1939, which means it's been around longer than most everyone reading these words. That longevity gives LIFO a spot on the Hall of Fame roster of POOP - Pitifully Old and Obsolete Principles. What makes things even worse is that it didn't gain GAAP status because it provides useful information. Instead, LIFO became acceptable simply because Congress bizarrely created it as a new tax policy to avoid taxing so-called paper profits, white simultaneously imposing the "conformity rule" that requires taxpayers to use it in their financial statements. Although electing LIFO allows managers to report a lower taxable income, Congress hoped their distaste for lower reported profits would stop them from adopting it. That deterrent didn't work as planned, but has had the negative consequence of coercing LIFO adopters into providing deficient statements for more than seven decades.
机译：我们已经意识到，使用LIFO首先将成本分配给已售货物成本，然后是存货成本已经很久了。自从1939年同时进入联邦税法和GAAP以来，它一直幸存下来，这意味着它的存续时间比大多数阅读这些单词的人都要长。这种长寿使LIFO在POOP的名人堂花名册中名列前茅-可怜的古老和过时的原则。更糟的是，它没有提供GAAP身份，因为它提供了有用的信息。取而代之的是，LIFO仅仅因为国会奇怪地将其创建为一种新的税收政策而避免了对所谓的纸质利润征税，而怀特同时强加了“符合性规则”，要求纳税人在财务报表中使用它，这才被人们接受。尽管选择LIFO可使经理报告较低的应税收入，但国会希望他们对报告的较低利润的厌恶会阻止他们采用该收入。这种威慑力并未按计划发挥作用，但是却产生了不利的后果，即迫使LIFO采纳者提供了超过七十年的缺陷陈述。

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