In MapInfo we can easily compare two files on the basis of sql query where map info works on rows. You need to update only latitude and longitude and create points on the basis of lat/longs in both the two files.
Now run a sql query in MapInfo -
Where Fileone.obj intersect file2.obj and file1.floodattribute1 = file2.floodattribute2 = Output
will give you all the matching records just invert selection and you will get only change areas either on spatial or attribute level.
Can similar activity done in ArcGIS?