In the current economy, reliance on the three traditional financial statements (income statement, balance sheet, and statement of cash flow) has increased.
A. Howell, an expert on the changing role of finance and accounting, suggests that the big three financial statements are about as useful as an 80-year-old Los Angeles road map.

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In 1978, the book value for U.S. companies was 95 percent of market value. However, market values and book values have diverged significantly. Within 20 years, the S&P industrials were, on average, trading at 2.2 times book value. Robert

In the Current Economy, Reliance on the Three Traditional Financial