The U.S. IRS has released an international practice unit on Last In-First Out (LIFO) Records. The general overview of the practice unit includes the following:
A taxpayer’s current Last In-First Out (LIFO) inventory is a historic accumulation of quantity and price changes from the taxpayer’s initial year of the LIFO election. Therefore, the taxpayer must maintain supplemental and detailed LIFO inventory records that support the current value of the inventory and the clear reflection of inco…