If a person did not read the morning Shema in time, they may read it later. The question is whether they should recite the berachot or not. The Rosh, based on Rav Hai Gaon, says to read with berachot only up until the 4th hour. Rambam says even the whole day.
The Shulchan Aruch (58:6) paskens like the Rosh and Rav Hai Gaon.
However, the Pri Chadash (Orech Chaim 58:6) says that the halacha is like the Rambam (which is also a possible reading of the biur halacha)
The Chazon Ish (Yoreh Deah 150) discusses when and why it is permitted to argue against the Shulchan Aruch.
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Video of shiur 13
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Sources of Halacha 13
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Source of Halacha 13