What are Corporate Financial Statements good for and what do they not tell you?

For each corporation there are 4 main financial statements that should exist and they are: Balance Sheet, Statement of Cashflows, Statement of Income, Statement of Equity and the Notes for the Financial Statements, which have too many information that shouldn’t be missed. For other organizations, like non-profit organizations and governments this list might be different and their statements are much more complicated than for a middle-size company. These statements basically have all the financial information that describes the company, its current financial position, reflects the performance and all the changes in financial position of the company.