### Us gaap and international accounting standards

Assignment Help Accounting Basics
##### Reference no: EM13767486

One of the primary differences between U.S. GAAP and international accounting standards is that the use of LIFO is permitted for U.S. companies. How does LIFO affect a company's financial results? In your opinion, should LIFO be a permitted inventory costing method? Why might companies that currently use LIFO oppose its elimination? Support your conclusions with research.

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Jerry bought his home 15 years ago for \$60,000. Three years ago Jerry married Debbie and she moved into the same house and has lived there since. If they sell Jerry's house