International Financial Reporting Standards, a widely used set of accounting principles, does not allow the use of the LIFO inventory costing method. Explain the reasons for disallowing this method and discuss the tax impacts a change from LIFO to FIFO would have on a business.

International Financial Reporting Standards, a widely used set of accounting principles, does not allow the use of the LIFO inventory costing method. Explain the reasons for disallowing this method and discuss the tax impacts a change from LIFO to FIFO would have on a business.