According to SFAC no. 1. Financial statements should provide information that is useful for investors' decision making. Paragraph 37 of SFAC no. 1 states that financial reporting should provide information to help users assess the amounts. Timing, and uncertainty of prospective cash flows. Paragraph 43 of SFAC no. 1 states that the primary focus of financial reporting is providing information about an enterprise's proformance based on measures of earnings and earnings components.

Debate:

Present arguments (at least 3) that the statement of cash flows, not the income statement, is the most important financial statement to prospective investors