The Prescio USAT or LIFO to FIFO application is a Microsoft Excel and VBA based application with input from Moody’s Risk Analytics.

The application is designed to convert financial statements prepared under GAAP using LIFO as the inventory valuation methodology, converting it to what the wine industry calls SpecID and can be generally referred to as FIFO. For accuracy, there is a minor difference since SpecID refers to costing for specific vintages and varieties, while FIFO is literally first-in and first-out. Since different wines age for different lengths of time, wineries may be releasing wines from a 2012 vintage while some from 2010 vintage is still in the barrel.

The application allows users to import financial statements from Moody’s Risk Analytic. It then allows users to input different variables and generate the FIFO or SpecID statements in Crystal Reports.