LIFO

LIFO

1. An abbreviation for "last in, first out," a data-processing method in which the last data entered is the first to be sent out after processing. He coded the whole thing with LIFO stacks when I explicitly told him to use FIFO stacks!
2. An abbreviation for "last in, first out," meaning that the employees who were hired most recently will the first to be laid off. I heard that the company is downsizing its staff after Christmas. I was only hired a year ago, so I'm worried it will be a LIFO situation.
Farlex Dictionary of Idioms.

LIFO

phr. last in, first out. (Computers. Acronym. Refers to the order of data put in and returned from the processor.) I can’t remember whether the stack is LIFO or FIFO.
McGraw-Hill's Dictionary of American Slang and Colloquial Expressions
See also:
  • data
  • data miner
  • miner
  • SMS
  • swift and sure
  • rubbish in, rubbish out
  • on the wires
  • draw an inference
  • take a long look at something
  • take a long, hard look at (something)
References in periodicals archive
Some taxpayers consider changing from the LIFO method before or after an S election, believing that the effort to maintain the LIFO calculation is not worth the benefit after the LIFO recapture amount is recognized as income.
LIFO inventory considerations when making a C-to-S conversion
taxpayer had violated the LIFO conformity rule by providing a bank with financial statements prepared under both U.S.
Avoiding missteps in the LIFO conformity rule: how to properly present U.S. GAAP-to-IFRS reconciliations
As IFRS doesn't allow LIFO, there's no need for any LIFO disclosures.
Inventory valuation under IFRS and GAAP: this article is based on a study supported by the IMA[R] research foundation
Although much has been made about LIFO not being permitted under IFRS, in fact, LIFO was permitted as an inventory method under IFRS until 2003.
Considering life after LIFO
To me, it seems the solution to both concerns for LIFO routing would be to set a threshold that monitors wait times and moves calls up in priority after they had waited for X minutes.
ACD routing best practices: LIFO vs. FIFO
If a company changes its accounting method from LIFO to something else, it must restate opening inventory in the year of the change as if it had used the new method in prior periods.
IFRS implications for income taxes
Grassley and Max Baucus, chair and ranking member of the Senate Finance Committee, urging the retention of the LIFO inventory accounting method.
TEI opposes LIFO repeal, urges retention of current practice for filing schedule E: also comments on Canadian Tax Reform and other topics, releases U.S. liaison meetings Minutes
``There are highly influential people in UK businesses who are being self-deceptive because they are unaware of their failings, or simply living a lie and avoiding situations in which they'll be challenged or tested because they know themselves so well,'' said LIFO UK managing director Bridget Biggar.
The Biz: Bosses criticised for over-valuing themselves
About half the company's locations valued its inventory using the first-in first-out (FIFO) accounting method, while the other half used last-in first-out valuation (LIFO).
RM Role in Accounting
The only outcome is that lifetime distributions (loans and withdrawals) are taxed on a LIFO basis rather than the FIFO basis that normally applies to life insurance contracts.
Delving Deeper
Even basic inventory methods, such as FIFO, LIFO and weighted average that you knew the instructor understood, needed to be included.
Writing for Success Some Tips for the Accountant
It's been almost 50 years since retailers won the right to use the LIFO (last in, first out) method of inventory valuation.
At your own peril: official guidance from the IRS would go a long way to help grocery retailers address the many obscure issues related to inventory valuation