FASB Concepts Statement No. 1 states, The primary focus of financial reporting is information about an enterprises

Question:

FASB Concepts Statement No. 1 states, “The primary focus of financial reporting is information about an enterprise’s performance provided by measures of earnings and its components.” Why is it unwise for users of to focus too much attention on the income statement?

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...