Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby

Exercise 12

Techgear is an electronics company in the United States. It uses the LIFO inventory method. You plan to compare its ratios to Eurotext, but you are concerned because Eurotext uses IFRS. What accounting policy difference is certain to exist between the two-companies Of the ratios in Exhibit 13.5, name five that will be affected by this difference.