Both GAAP and IFRS require that firms provide balance sheets and income statements from at least 2 years in annual financial reports. Why would the comparative financial statements be required? Identify and explain at least 3 benefits for users of the comparative financial statements compared to single year financial statements.

Direction:

• writing standards and APA style guidelines.
• Be sure to support your statements with logic and argument, citing all sources referenced
• Write 4 paragraph essays (Introduction, body and conclusion)

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