Time lags are uncommon and the way to properly account for them will depend on whether a company is following IFRS or ASPE.

Question

Quizplus · Accepted Answer

Time lags are common in financial reporting and accounting practices, and the way to properly account for them does indeed vary depending on whether a company is following International Financial Reporting Standards (IFRS) or Accounting Standards for Private Enterprises (ASPE), reflecting differences in recognition, measurement, and disclosure requirements under these frameworks.

Time Lags Are Uncommon and the Way to Properly Account