Final answer:
LIFO is allowed under the International Financial Reporting Standards (IFRS).
Step-by-step explanation:
The statement is False: LIFO (Last-In, First-Out) is allowed under the International Financial Reporting Standards (IFRS).
Under IFRS, both LIFO and FIFO (First-In, First-Out) methods are acceptable for valuing inventory. However, LIFO is less commonly used under IFRS compared to FIFO.
For example, if a company uses the LIFO method to value its inventory, it assumes that the most recent purchases are the first to be sold, leaving the older inventory for later sales.