Proskauer’s 2017 IPO Study found that almost 75% of emerging growth companies (generally, a company with annual revenues under $1 billion) included two instead of three years of audited financial statements in 2016 (a 92% increase since 2013) and 60% included only two years of selected financial statements in 2016 (a 67% increase since 2013). Read more on the study’s findings.