To complicate matters further there is US GAAP, UK GAAP, German GAAP, etc. The tl;dr of the earlier comment is that accounting reports don't usually reflect eco

To complicate matters further there is US GAAP, UK GAAP, German GAAP, etc. The tl;dr of the earlier comment is that accounting reports don't usually reflect economic realities of large corporations. There are several companies/methodologies that significantly adjust public filings to reflect economic realities: [1] https://www.credit-suisse.com/sites/holt/en.html https://www.credit-suisse.com/sites/holt/en.html [2] http://finance.wharton.upenn.edu/~acmack/Chapter_12_app.pdf http://finance.wharton.upenn.edu/~acmack/Chapter_12_app.pdf