​The more trustworthy the source, the more useful financial statements are

How To Refute The Following Statement To Be Evaluated:
Financial statements are useless because they are incomplete. Not all assets or liabilities are in included.

Response:
​The more trustworthy the source, the more useful financial statements are. What is axiomatic is the scrutiny that goes with Financial Reporting. And the heightened focus on ethics, character flaws, and potential subjectivity that comes with financial reporting. If a company is perceived to be ethical and trustworthy, then Financial Statements are a market efficient tool that can be “trusted”. This means that those who research and use financial statements just needs to be aware of the threat of manipulation.