Is the IPIC method an acceptable LIFO methodology for GAAP?
When deciding on a appropriate LIFO methodology for GAAP purposes, a taxpayers auditor must be consulted – the auditor will have the final say in approving an acceptable GAAP method. Depending on the financial auditor’s position, IPIC may not be allowed for GAAP financial statements. In this situation, an additional GAAP calculation would be required utilizing an internally developed inflation index method.
