What is the "maximum" time frame for preparing adjusting entries under both ASPE and IFRS?
A) ASPE prepares adjusting entries monthly, IFRS prepares adjusting entries monthly.
B) IFRS prepares adjusting entries quarterly, ASPE prepares adjusting entries quarterly.
C) ASPE prepares adjusting entries annually, IFRS prepares adjusting entries quarterly.
D) IFRS prepares adjusting entries annually, ASPE prepares adjusting entries quarterly.

Question

Quizplus · Accepted Answer

Under ASPE, adjusting entries are typically prepared at the end of the accounting period, which is usually annually. Under IFRS, adjusting entries can be prepared either monthly or quarterly, but typically at the end of the accounting period. However, the maximum time frame for preparing adjusting entries under both ASPE and IFRS is the end of the accounting period, which is typically annually. Therefore, option C is the correct choice.

What Is the "Maximum" Time Frame for Preparing Adjusting Entries