Which of the Following Statements About the Use of the LIFO

Multiple Choice

Which of the following statements about the use of the LIFO method in Australia is true?

A) The LIFO method is not allowed to be used for either financial reporting or tax purposes.
B) The LIFO method may be used for both financial reporting and tax purposes.
C) The LIFO method may be used for financial reporting but not for tax purposes.
D) The LIFO method can only be used if approval is received from the Australian Taxation Office.