Are comparative financial statements required?

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Do you know if providing comparative financial statements is mandatory or if it is optional? Does it matter if the reporting framework is IFRS or GAAP?

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score 0 · Answer 1 · 2013-04-14T23:33:38+00:00

I assume that you are asking if for the sake of comparability, one need to go beyond the two year period (which a single set of accounts include) and extend the analysis over three to five years. I would say that yes, being able to compare and analyse a company over the past three to five years will give you a better understanding of the profitability and the financial position.