What information is important to the readers of financial statements?

The important will not be seen. It will be cloaked in sugar or figure
which could only hardcore accountants could fish out.

But you should see the way they dress up the balance sheet.  The other
day i saw a jem of reporting:

- Loss (they have huge startling figure against this) say     10 million
- Otherloss      (what is this 'other' for loss!)              8 million

They should have put 18 million, instead of loss in instalments!
No explanation was given - for that one has to go deep into their
report and that only a professional could do.

It really depends who the readers are.

It also depends on the type of instrument/security/entity whose
financial statement you want to review.

Here are some considerations for you for this complex question:
1. Start with the purpose of your analysis. What decision are you
trying to make?  Do you want to invest in the company?  Buy it? 
Merge?
2. Look at the company's trends using the standard ratios for
liquidity, debt, etc over multiple years.  If it is a new one, are
their assumptions credible in the pro forma statements.
3. Compare how this company is doing compared to its peers.
4. Check out the footnotes since the devil is in the details
especially for hot issues like Sarbanes Oxley, pensions, valuation of
options, pending law suits etc.
5. Think about the likely accuracy of the financial statements. Are
they from a company in a country that has relatively strong oversight
and a legal/regulatory system to enforce accurate statements?
6. Read between the lines of management's report or the executive
summary in teh annual report and if it is a US company, check out the
filings like the 10 K.
7. Look at what insiders are doing?  Are they selling or buying their
company's stock.

The implication that they are cooking the books is clear.  Just
however consider that if this chef were so skilled, he more than
likely would have been able to hide the 8 million a bit deeper.  This
little devil it would seem has fooled all but you.  Keep up the good
work Super Sluth.

I have a question about this "loss in installments." Was the "other"
loss at the bottom under comprehensive income or was it classified
under non-operating or a different section of operations? While
financial statements are not completely simple to a layperson, it
should not take much to investigate an $8M loss. One does not have to
be a professional to do so. It does take some time, but if you are
going to give your money to someone to manage (invest), then take the
time to investigate. An accusation mired in ignorance is completely
unjustified. Just because some people "cook the books" and you don't
understand how, does not give you license to puport them as criminals
(As I am sure you know, intentionally preparing misleading financial
statements is a crime).

Sorry, my response was toward jadayu-ga. Optimist449-ga has shown a
very good list of things for which to look.