The maximum difference between the ends of the reporting periods of the entity and the associate or joint venture can be no more than:

Question

Quizplus · Accepted Answer

According to IFRS 10, when an entity prepares consolidated financial statements, the reporting periods of the subsidiary, associate or joint venture need to be the same as the entity's reporting period. However, there can be a difference between these reporting periods, provided that it does not exceed three months. This means that the maximum difference allowed between the ends of the reporting periods of the entity and the associate or joint venture is 3 months. Therefore, option B is the correct answer.

The Maximum Difference Between the Ends of the Reporting Periods