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No. of Recommendations: 6
As a previous professional participant in the preparation of financial statements, I hope this review will help people better appreciate the difficulties in preparing them and making them comparable between extremely diverse businesses. I notice unjust criticism of the financial statement information without an understanding of the underlying issues.

Balance sheet-identifies what's owned and owed as of a specific point in time

Income statement-identifies what's earned and expensed for a specific period of time

Cash flow statement-acts as policeman between balance sheet and income statement. Discloses changes in balance sheet not recognized through income statement

Footnotes-all the ugly details owners should know about

Enjoying the discussion.

Lee
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