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Non-financial managers often face several challenges in understanding financial reports. Firstly, they may lack the necessary financial literacy to comprehend complex financial terms and concepts. Secondly, they may struggle to interpret the numbers and figures presented in the reports. Thirdly, they may find it difficult to understand the implications of these financial reports on their department or the overall business. Lastly, they may not understand the assumptions and estimations that underlie many financial reports, leading to potential misunderstandings or misinterpretations.
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Accounting and finance, like many other business disciplines, really are as much art as they are science. You might call this the CFO's or the controller's hidden secret, except that it isn't really a secret, it's a widely acknowledged truth that everyone in finance knows. And that is where the trouble begins for many executives and other business professionals who work in the finance sector. In other words, most people forget that nugget of intelligence, and make the mistake of believing that if a number shows up on a financial statement or in a financial report to management, it must be accurate and true.
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Financial statements do not always tell the entire story about a company. Accounting methods and financial reporting require an executive to decipher...
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