【正文】 e lease, but does not necessarily mean that this treatment to ply with the substance over form principle. The analysis not only to understand the accounting policies used by the enterprises, but also clear how to use these accounting principles and methods. If the level of information to understand the occlusion will result in the analyst can not determine whether the accounting policies used by the pany at the right period to properly reflect the transactions and events. The third layer: the transparency of professional judgment. The use of accounting policies often need a number of the economic impact of management transactions, time, and the uncertainty of estimates and judgments of this layer on the management of professional judgment and the transparency of the accounting estimates, which reflects the accounting recognition and measurement of another aspects. The analyst must understand the basic assumptions of the management in the preparation of financial reports, and procedures for critical accounting estimates. Such as understanding the pany’s lease accounting information, and understand how to choose the discount rate in puting the present value of minimum lease payments and residual value. All important professional judgments and accounting estimates of the information, and using the basic assumptions and accounting procedures, accounting policies used to help the analyst to judge the pany is a radical type, conservative or moderate type. The fourth layer: the real economic transparency. The second and third tiers of transparency helps the analyst to determine the fourth level of transparency, that reflect the transparency of the substance of the enterprise economy. Through the professional judgment of the management to select accounting policies, accounting estimates, the final number of financial statements ability to appropriately reflect the pany’s current operating results correctly reflect the current and future cash flows of the pany, whether to count the ine and assets less about the debt management to manipulate accounting policy, earnings management? Comprehensive reflection of these issues directly related to the enterprise economy in real terms is appropriate. If the second and third tiers of the transparency of disclosure of accounting methods transparent enough, the analyzer can be used alone to evaluate the quality of the information of every business and accounting matters, to determine the financial report reflected the extent to which the economic substance of the pany. Analysts can pare with other enterprises in the same industry of the enterprise’s accounting policies, if necessary, can also make appropriate adjustments. In these two activities, if they candepth understanding of the pany’s accounting policies and accounting estimates, it will help the analysis of accounting information on the pany’s overall professional judgment and an appropriate adjustment. The fifth layer: prediction transparency. Analysts recognized the pany’s accounting information to properly reflect the economic substance will be further predicted that the