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Why summary information in income statement is not new

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Reference no: EM13320260

Some financial statement users criticize the timeliness of annual financial statements.

Required:

a. Explain why summary information in the income statement is not new information when the annual report is issued.

b. Describe the types of information in the income statement that are new information to financial statement users when the annual report is issued.

Reference no: EM13320260

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