Explore and Discuss the challenges of understanding and reporting taxes and cash flows in the context of this weeks learning on valuation. Build from your discussion posts and create a one to two-page document that draws upon information and analysis from this weeks readings. Show your understanding material.
The discussion posts are 
1. When evaluating financial statements, why do we care about the industry? Why is this part of the first steps of financial statement analysis?
2. Within the context of valuation methodology and disclosure, discuss the concepts of Relevance and Representational Faithfulness. In what circumstances might you have one, but not the other, or both? Could one have neither? Provide and discuss some examples of each scenario, as well as the risk and ramifications.