Case: To you, it seems to create a lot of extra work to have to provide financial statements for several past years instead of for just one year. You wonder who made up this requirement and do companies really have to provide several years of data.
Where is the authoritative guidance saying that comparative financial statements are to be presented?
Hint: It is not in the Codification. The codification only includes a generic statement about comparative financial statements. Please include this generic statement in your narrative. Try searching for "CFR Title 17 consolidated balance sheet" to find your answer. Be sure you state where CFRs get their power in your narrative.