The time at which initial adoption of dollar-value LIFO takes place is called the past period.

Dollar-Value LIFO

An inventory valuation method that uses the last-in, first-out (LIFO) cost flow assumption but measures those costs in dollar values, rather than in physical units, to account for inflation or deflation.

Initial Adoption

The first-time application of a new accounting principle, standard, or policy by a company in its financial reporting.