October 2023 PPI Release Highlights
The Bureau of Labor Statistics (BLS) released October Producer Price Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted basis): Farm products fell 3.7% in the last month and decreased 14.3% in the last twelve months Processed foods + feeds decreased 0.6% from September and rose 0.9% since October 2022 Textile […]
View full articleOctober 2023 CPI Release Highlights
The Bureau of Labor Statistics (BLS) released October 2023 Consumer Price Index (CPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): All items saw no change in the last month and increased 3.2% in the last twelve months Food at home increased 0.3% from September and increased 2.1% since October […]
View full articleLIFO Financial Reporting Disclosure Requirements & Alternatives
What Rules Exist Regarding LIFO Disclosures for Financial Reporting Purposes? The IRS tax law commonly referred to as the “LIFO conformity rule” is the authoritative guidance that prescribes the financial report and statement requirements for companies that use the LIFO method (assuming financial reports or statements are issued to external parties; these rules are not […]
View full articleExploring Interim LIFO Estimate Approaches
Why do companies perform interim LIFO estimates? The dollar-value LIFO method is a calculation designed to be performed annually or one time each reporting period (this is the method used by the vast majority of companies using LIFO). Furthermore, IRS Regs. prescribes for LIFO to be applied annually & never mentions performing interim LIFO estimates […]
View full articleWhy Companies Use Different Book & Tax LIFO Methods
What is the LIFO Conformity Rule? IRS Reg. §1.472-2(e)(1) requires for taxpayers using the LIFO method to also do so for financial reporting purposes beginning in the year that LIFO is adopted for tax purposes (LIFO can be adopted for financial reporting purposes prior to the adoption for tax purposes, but not vice versa). What […]
View full articleHow the IPIC Method Could Maximize Your LIFO Reserve
What is the IPIC Method? Dollar-value LIFO method users are allowed to use an internal or external inflation measurement source to calculate inflation. Here’s an overview of these two methods: Internal indexes Current period’s quantities are double extended against current & prior period unit costs (prior period unit costs are used if the link-chain method […]
View full articleSeptember 2023 CPI Release Highlights
The Bureau of Labor Statistics (BLS) released September 2023 Consumer Price Index (CPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): All items increased 0.2% in the last month and rose 3.7% in the last twelve months Food at home increased 0.1% from August and increased 2.4% since September 2022 […]
View full articleThe LIFOPro Difference
Our Clients Stay on LIFO Far Longer than Non-clients An internally developed study of publicly traded companies found that LIFOPro clients are far more likely to remain on LIFO than non-clients. More specifically, as of the 2011 year-end, there were 318 publicly traded companies on LIFO. Of the 318 companies were on LIFO as of […]
View full articleSeptember 2023 PPI Release Highlights
The Bureau of Labor Statistics (BLS) released September Producer Price Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted basis): Farm products rose 0.3% in the last month and decreased 10.8% in the last twelve months Processed foods + feeds increased 0.9% from August and rose 0.6% since September 2022 Textile […]
View full articleRecord Number of Companies Electing LIFO
What has Caused the Surge in First-time LIFO Elections? LIFOPro has seen a nearly 40% increase in first-time LIFO elections amongst new clients between 2021 – 2022. The primary cause of this record number of companies electing LIFO has been the highest inflation seen in 40 years over the last two years, which translated into […]
View full articleAugust 2023 PPI Release Highlights
The Bureau of Labor Statistics (BLS) released August Producer Price Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted basis): Farm products decreased 4.3% in the last month and decreased 11.8% in the last twelve months Processed foods + feeds increased 0.2% from July and fell 0.8% since August 2022 Textile […]
View full articleAugust 2023 CPI Release Highlights
The Bureau of Labor Statistics (BLS) released August 2023 Consumer Price Index (CPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): All items increased 0.4% in the last month and rose 3.7% in the last twelve months Food at home increased 0.2% from July and increased 4.3% since August 2022 […]
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