There are many ways to measure and report performance ... no one way is the “right” way ... but some are better than others. The key concepts of reporting in accountancy are very efficient. The principles of accounting make corporate financial reports informative without being extremely long and full of disorganized detail.
Powerful ... not voluminous. Corporate financial reporting is very efficient ... making it possible for a huge organization like, for example, General Electric, to report in a very few pages the activities and results of perhaps 300,000 people. This is done using a Balance Sheet, a Profit and Loss Account and a Statement of Cash Flow.