The article is about a very important field in contemporary financial world, vis--vis, the skills' requirements to read financial statements of foreign companies and extracting information of interest from these financials.
Known as secondary statements, these are developed to provide statements in United States English, with the use of either US GAAP or international standards on Accounting. The purpose is to give users a similar sort of statement that they are used to deal with in United States.
The article moves on to identify the differences in financial statements' presentation layout and style that might appear in financial statements of a foreign company based on its particular location, usage of accounting standards, and norms in the country. A CPA or financial analyst must be equipped with relevant skills and necessary expertise to be able to deal with these differences in the financial statements presentations.
In the end, the article again stresses the importance of being able to decipher financial statements developed globally; and predicts a sharp increase in demand for those professionals who have expertise in international reporting domain.
Overall, the article presents important information about the areas that have to be looked into while reading the financial information. It also sheds light on the techniques to convert financial statements in to a form that is readable and understandable by foreign users of the statements. ...