Personal reflection on CFA level 2 financial reporting and analysis Essay

Personal reflection on CFA level 2 financial reporting and analysis - Essay Example Another important lesson learnt is on how to improve the manner in which organizations are able to improve the quality of their financial reporting. This information was very useful to me. This is because it would help me in the identification of proper accounting procedures that can help in the prevention of fraud. Companies such as Enron were able to fall, mostly because they were not using proper accounting procedures that could reflect the true value of their transactions or assets. Other lessons that were of critical importance was on the analysis of multi-national operations, and on inter-corporate investments. Of particular concern to me, was on the analysis of multi-national operations. We are in the age of globalization, and hence there is a need of understanding the manner in which international trade is carried out (Lee & Lee, 2005). As an analyst for an international investment company, the knowledge derived from this class was very important to me, and this is because it gave me an understanding on how multi-national companies behave, and why there is a need of developing an international accounting system that can be used throughout the world. IFRS is an example of such an accounting system, and this was well covered in the class (Albrecht, Stice & Stice, 2011). It is important to explain that the most challenging concepts, while studying in this class, touched on inter-corporate investments. This was a very difficult concept to me, and this is because I failed to understand how a company could invest in the equity or debts of other companies. However, I managed to bridge this gap, by carrying out further research on this aspect of inter-corporate investment. The materials used were from financial journals, books, and various financial websites. In the end, I acquired knowledge on inter-corporate investments, and I knew the reasons companies