This answer depends on your use case. For a new business or initiative with no assets, no debt, and no cash accounting policy, a simple P&L (or income) statement may suffice. However, for most businesses, it’s beneficial to forecast all three financial statements to get a more comprehensive picture of sources and uses of cash, as well as the assets and liabilities of your enterprise. Most investors will want to see more than a simple income statement—they will want to see assets, liabilities, sources and uses of cash, and an analysis of returns. This is especially true for businesses that have physical assets or tax sensitivities.