Two files named final and final-updated do not tell you which paragraphs changed. Word’s Compare feature can create a third document showing differences even when the edits were not tracked as they happened.

This procedure is for desktop Word for Windows, including Microsoft 365, Word 2024 and Word 2021. Keep both source files unchanged. Identify the earlier baseline and the later candidate using their contents and known history, rather than trusting a filename alone.

Choose the direction and output deliberately

Open Review, Compare and select the comparison of two versions. Set the earlier file as Original and the later one as Revised. Review the comparison options for text, formatting and comments so the result answers your question.

Keep the results in a new document. Microsoft warns that choosing to show changes in an original or revised source instead can modify that file. Save the comparison under a third, descriptive name.

If Word reports that either source already contains tracked changes, stop and decide which state you intend to compare. Microsoft’s documented comparison can accept existing tracked changes for the comparison result. That may not represent the unresolved review state you wanted to examine.

Read differences in context

Start with a known change to confirm that Original and Revised are in the correct order. Then review changed figures, dates, names, headings and paragraphs in context. A difference marker shows an edit; it does not tell you whether the edit is correct.

Keep a short decision list for changes that need clarification. Avoid accepting all differences merely to make the comparison visually tidy before someone has reviewed their meaning.

If several reviewers returned marked-up copies and the goal is to gather their revisions, Microsoft directs users to Combine rather than this two-version comparison. Choose the operation based on the intended review, and retain the sources until the agreed final text has been checked.

References: Microsoft: comparing two document versions.