My biggest concern is the proposal to eliminate the LIFO method for inventory accounting.

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The LIFO method is one of the few things that keeps companies, which would like to run on zero working capital, from totally moving to just in time inventories.

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Without going into all the accounting intricacies, LIFO understates inventory value, overstates the cost of sales, and therefore lowers reported earnings.

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Secondly, on -- forgive me for doing the Bloomberg thing -- LIFO and FIFO -- this is about regularizing a situation so that, for example, oil and gas companies who deal in commodities that fluctuate in price.

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In terms of accounting policies, firms using the last-in, first-out (LIFO) inventory cost valuation are more closely matching costs and prices in an inflationary environment.

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Repeal the Last-In, First-Out (LIFO) method of inventory.

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On one level, one could read the Helman piece as just another complaint about proposed repeal of LIFO.

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The big tax break that President Obama wants to repeal is LIFO, which allows companies minimize tax by saying they sold new more expensive oil first.

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Mr. Van Hollen also draws a bead on the last-in, first-out accounting method known as Lifo.

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Romanticizing the young, energetic, passionate (read: cheap) teacher, he has made eliminating seniority preferences in layoffs (aka, last in, first out or LIFO) his pet cause (it has been stymied for the time being by the state legislature).

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