This protocol restates a US GAAP LIFO reporter toward an IFRS-style FIFO basis for comparability. Add the LIFO reserve to inventory, raise equity by the after-tax reserve, and book a deferred tax liability for the tax timing difference. Adjust COGS and net income using the change in the reserve after tax. FIFO usually shows higher inventory and margins in inflation but lower turnover, and LIFO’s tax cash savings are a real economic difference, while LIFO liquidation can inflate earnings when the reserve falls.