Politicians, accountants, and businesspersons have debated the merits of Last-in, First-out (LIFO) inventory accounting for decades. With the inauguration of a new president and increasingly global business markets, this matter is again rising to the forefront of policy debates. It is especially relevant given the likely adoption of International Financial Reporting Standards (IFRS) in the United States. Under IFRS, LIFO would no longer be an option for financial accounting purposes. Though researchers and pundits have written to express strong opinions on this matter, there exists no comprehensive analysis of the effects that a repeal of LIFO would have on the nation. This paper seeks to conduct this analysis and determine the potential effects of LIFO repeal through a qualitative analysis of the merits and shortcomings of LIFO as well as through a quantitative analysis of the industries that would be most affected by LIFO repeal and the tax consequences they would face. This paper looks to make an assessment of the feasibility of LIFO repeal based on these analyses, and to conclude whether LIFO repeal would be beneficial for the nation.