IFRS do not allow the use of LIFO because it

A) would have to be allowed for tax reporting in each country
B) would result in too many overstatements of income
C) is clearly inconsistent with any presumed physical flow of inventory
D) would have to be the only method permitted

LIFO

An accounting methodology where the most recently produced or acquired inventory items are recorded as sold first.

Physical Flow

The movement and management of materials and products from procurement through production and delivery to customers.

Inventory

The goods and materials that a business holds for the ultimate goal of resale, representing one of the most important assets for companies dealing with physical products.