Both U.S.GAAP and IFRS require firms to report balance sheet accounts for the prior year in addition to the current year.

Name: Both U.S.GAAP and IFRS require firms to report balance sheet accounts for the prior year in addition to the current year.
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Both U.S.GAAP and IFRS require firms to report balance sheet accounts for the prior year as comparative information in addition to the current year. This is to help users of financial statements evaluate the company's financial position over time.

Both USGAAP and IFRS Require Firms to Report Balance Sheet Accounts