This thesis explores whether countries adhering to IFRS standards should consider adopting the Last-in, First-out (LIFO) inventory valuation method in place of First-in, First-out (FIFO). Drawing on extensive analysis, it assesses the potential advantages of LIFO, such as tax savings and enhanced cash flow, particularly for industries sensitive to inflation, like retail and oil and gas. While LIFO may better reflect economic conditions in inflationary periods, it also presents significant challenges in global comparability and regulatory compliance. By examining both the benefits and limitations of LIFO, the study offers strategic recommendations for potential IFRS amendments. Ultimately, it suggests that allowing LIFO under IFRS could enhance reporting flexibility for companies in economically volatile regions.