Importance of financial statement

It depends on the financial statement. Generally speaking, a Profit-and-Loss statement will show how much money a business (or individual) made versus how much money was expended. A Balance statement shows what assets a business (or individual) has versus what liabilities it has. While these aren't the only two financial statements a business (or individual) could have, these are the main ones. They are important in documenting how successful (in terms of profit) a business or individual is at the point of the statements were created.