Please read the article titled, “The LIFO Conundrum: Convergence of US GAAP with IFRS and Its Implications on US Company Competitiveness.”
In the article, the author describes one implication for the FASB / IASB harmonization of accounting standards: that the IASB does not permit the use of the LIFO method for accounting for inventories.
Please draft a persuasive letter to the editors of the Wall Street Journal, in which you suggest the best (in your opinion) resolution to this problem. Consider the implications for the quality of financial reporting, the economic impacts, and any other perspective you may have. Please keep your response short, because the Wall Street Journal will not print any letter over 100 words. And remember that the quality of your exposition is a crucial factor in the persuasiveness of your argument.