Materiality level for financial statements is the standard to judge the fairness of financial statements.

会计报表层的重要性水平是判断会计报表公允与否的标准；

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So, while these pro forma statements are viewed by analysts and investors to better reflect current company performance and ongoing earnings potential, they are not subject to the same level of scrutiny and regulation as are GAAP financial statements.

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Also, predicting this downturn required a higher level of suspicion and skepticism toward government numbers and corporate financial statements.

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One must be facile with numbers and financial statements and have the confidence to talk to CEOs, high-level executives, board members, analysts and so forth.

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