Under the entry "Bible" in The Encyclopedia of Mormonism, we read the following about how Latter-day Saint leaders have urged Church members into reading and studying the Bible:
With respect to the rejection of the formal sufficiency of the Bible (part-and-parcel of the false Protestant doctrine of Sola Scriptura), see my lengthy refutation of this concept at:
Not by Scripture Alone: A Latter-day Saint Refutation of Sola Scriptura
FIRST PRESIDENCY'S ENDORSEMENT OF BIBLE READING. Each of the Presidents of the Church has encouraged Latter-day Saints to read the scriptures and to apply scriptural teachings in their lives, as the scriptures also admonish (cf. 2 Tim. 3:16; 1 Ne. 19:23). As a demonstration of this emphasis, in 1983, a year proclaimed as the "Year of the Bible" in the United States, the members of the First Presidency of the Church issued a strong statement in support of Bible reading and application: "We commend to all people everywhere the daily reading, pondering and heeding of the divine truths of the Holy Bible." They also declared the Church's attitude toward the Bible by saying that "the Church of Jesus Christ of Latter-day Saints accepts the Holy Bible as essential to faith and doctrine" and that the Church is committed to Bible reading and scholarship as demonstrated by the publishing of an enhanced edition of the King James Version. "Moreover," they continued, "the Holy Bible is the textbook for adult, youth and children's classes throughout the Church each year."
In the same statement, the First Presidency highlighted the role and value of the Bible in the lives of individuals. They observed that when "read reverently and prayerfully, the Holy Bible becomes a priceless volume, converting the soul to righteousness. Principal among its virtues is the declaration that Jesus is the Christ, the Son of God, through whom eternal salvation may come to all." They continued with the promise that "as we read the scripture, we avail ourselves of the better part of this world's literature" and they encouraged all to "go to the fountain of truth, searching the scriptures, reading them in our homes, and teaching our families what the Lord has said through the inspired and inspiring passages of the Holy Bible" ("Statement of the First Presidency," p. 3).
The Latter-day Saint use of the Bible differs from the Judeo-Christian norm because it is not the sole LDS source of authority (see Scriptures: Authority of Scripture). The Bible is interpreted and understood by Latter-day Saints through four important means: (1) other LDS scriptures, which enrich and give perspective to an understanding of biblical teachings; (2) statements of modern prophets and apostles on the meaning of some biblical passages; (3) the Joseph Smith Translation of the Bible; and (4) personal revelation through the gift of the Holy Ghost enhancing the comprehension of the scriptures. Consequently, Latter-day Saints are not left without information about the meaning of many difficult passages that have divided the entire Christian world for two millennia.
The LDS perspective on the Bible is summarized well in the statement of the seventh Church president, Heber J. Grant, who said, "All my life I have been finding additional evidences that the Bible is the Book of books, and that the Book of Mormon is the greatest witness for the truth of the Bible that has ever been published" (IE 39 [Nov. 1936]:660).
Not by Scripture Alone: A Latter-day Saint Refutation of Sola Scriptura