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Has LIFO come to the end of its run? LIFO, which stands for Last In, First Out, lets businesses account for inventories as though the last item purchased was the first to be used or sold. The accounting method was already threatened by the U.S. move toward international financial reporting standards (IFRS), which do not allow its use. Now the Obama administration has proposed repealing LIFO to raise revenue. Previous attempts by Congress to eliminate LIFO have failed, notes Robert Kilinskis, a managing partner at Deloitte. But this time may be different, he says, in part because of the cost of economic stimulus and other administration proposals.

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