one of the disadvantages of LIFO is “LIFO cost could exceed market value if costs were to decline.” how does this affect the financial statements? would it be merely a writedown to NRV or some other distortion? (i’m trying to make a case for why it makes sense to not use LIFO when IFRS is adopted in the US) http://findarticles.com/p/articles/mi_m0ITW/is_2_85/ai_n14897182/pg_3/