LIFO
An inventory valuation method where the most recently purchased items are recorded as sold first. During inflation, LIFO typically results in higher cost of goods sold and lower taxable income. It’s allowed under U.S. GAAP but not under IFRS.
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Liquidity Ratio
A liquidity ratio evaluates a company’s ability to meet short-term obligations using its current assets. Common examples include the current…
Letter of Engagement
A letter of engagement outlines the scope, terms, and responsibilities of an accounting or auditing engagement between a firm and…
Lease Accounting
Lease accounting records the financial impact of lease agreements. Under modern standards (like IFRS 16), lessees must recognise leased assets…
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