NIFO is Next-In, First-Out.
MATERIAL WEAKNESS is a condition that could potentially result in the material misstatement of the financial statements.
BIG BATH is a business strategy in which a company manipulates its income statement to make poor results look even worse. Strategy being that the following year will show significant improvement. Big bath is sometimes employed by new CEOs to make their first years results more impressive by employing big bath accounting to prior year results.
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