First of all, I'm no accountant and I've never taken a finance or accounting course in my life. Like many people, I felt overwhelmed and lost once I opened the financial statements. Google, Yahoo and Morningstar were my go to guys to get the information. Thankfully, I've overcome this and now immediately go to Edgar to find the information I require. This process has saved me from losing more than what I have already lost.
As the internet continues to evolve, so do the applications and services. This includes the SEC. Reading the financial statements from Edgar is a severe pain but companies can now voluntary submit filings in XBRL format.
Check out the interactive format here. Currently, only the blue chips have been submitting, but as time goes by, I hope the SEC will make it compulsory for every company.
Here is a screenshot of 3M's statements.
In the next few days or so be sure to visit my blog Old School Value as I go through more examples of what to look for in the financial statements to save yourself from potentially risky investments.
You can first read about my analysis of AeroGrow's Statement of Cash Flows here.
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