What are the pros and cons of having more than one financial Statement.

Pro:
Different financial statements provide different information to external users or the management to make sound business decisions.
External users: shareholders, bondholders, bankers and other types of creditors such as suppliers.

The balance sheets tells what debts will be due in the future and how many assets are there to satisfy them
The income statement tells the rvenues and expenses for a period.
The statement of cash flows tells where cash came from and how it was used during the period.