To assist users of financial reports in making over-time comparisons, both U.S.GAAP and IFRS require firms to include results for multiple reporting periods in each report.

Question

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Both U.S.GAAP and IFRS require companies to include comparative financial information for multiple reporting periods in their financial reports to enable users to make over-time comparisons. This information can be presented in the form of comparative income statements, balance sheets, and statements of cash flows.

To Assist Users of Financial Reports in Making Over-Time Comparisons