The financial numbers tell you about the PAST. And has very little bearing on the future!!! Have not seen companies declaring very bad losses in one year and then very good profits in the next?
reading the financial numbers requires that you trust the auditors. Thus for that reason, it is enough to have a look at the P&L, the BS and the CFS. The remainder of the report is just details of how the three have been arrived at....and since you trust the auditor, you can skip them!
If you want to know about the FUTURE of the company, then you must trust the Chairman and the CEO. If they sound up-beat then you can conclude that the company has a good future.
Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.