Dear Secretary Gates,
Perhaps you were unaware that a "first in, first out" (FIFO) policy is generally considered best practice that the "last in, first out" (LIFO) policy that you seem to be recommending is generally reserved for situations where it is expedient to defer or understate profits; hardly the case here. (Refer to Generally Accepted Accounting Principles for further guidance.) You should therefore consider retracting your statement at the earliest opportunity.
Thanks for listening and good luck in your next job.
Sincerely,
Yank in London
Perhaps you were unaware that a "first in, first out" (FIFO) policy is generally considered best practice that the "last in, first out" (LIFO) policy that you seem to be recommending is generally reserved for situations where it is expedient to defer or understate profits; hardly the case here. (Refer to Generally Accepted Accounting Principles for further guidance.) You should therefore consider retracting your statement at the earliest opportunity.
Thanks for listening and good luck in your next job.
Sincerely,
Yank in London
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