Electronic coherent multidimensional spectroscopy (CMDS) allows detailed studies of ultrafast dynamics in systems with highly congested complicated spectral bands. 1,2,3 A wide variety of experimental implementations have been developed 4 emphasising different strengths of the methodology. Originally, the 2D electronic spectroscopy (2DES) was based on phase-sensitive detection of a coherent photon-echo type signal generated by three laser pulses. 5,6 During the last decade four-pulse generated incoherent action detection has become popular. The concept was originally developed for fluorescence detected 2DES (F-2DES). 7 Later numerous other incoherent action detection methods have been used, e.g., based on photoelectrons, 8 photocurrents 9,10 and photo ions. 11 Even though 2DES and F-2DES are analogous coherent techniques providing detailed information on ultrafast dynamics in two spectral dimensions, the methods have important differences and the measured spectra do not look the same. 12,13,14,15 While the "anatomy" of the 2DES has been studied in numerous articles 16,17,18 and is quite well understood, interpretation of the F-2DES spectra 19,20,21,22,23 has not reached similar maturity and is currently being debated in literature. In this Viewpoint we briefly summarize the various approaches to interpreting the F-2DES and present our view with the intension to resolve at least some of the existing controversial issues. We start from a brief summary of the two methods.In 2DES the third order macroscopic polarization induced by three short laser pulses generates various coherent light fields in different phase-matched directions. For phase-sensitive detection the coherent field of a certain phase-matched direction is mixed with a fourth, so called local oscillator pulse and spectrally dispersed in a spectrometer. The Fourier transform of the delay between the first two pulses provides the excitation frequency axis (usually horizontal) and the spectrum of the coherent photon echo and free induction decay type signal fields give the detection axis (usually vertical).In F-2DES four laser pulses bring the system to a fourth-order excited state population which is detected via the emitted fluorescence. For disentangling the detected signal into the components of interest, phase modulation of the pulses together with lock-in detection is used. 24,25 Alternatively, in phase cycling, a certain set of phase combinations of the pulses is applied thereby allowing to uniquely determine the signals of interest. 26 Conceptually, there are three important differences between 2DES and F-2DES: 1) Since F-2DES has one more excitation pulse, there is an additional signal generating Liouville pathway as can be seen in Figure 1. 2) After the fourth pulse, fluorescence is usually emitted over long time period during which various processes can occur that influence the fluorescence yield and can mix two-pulse modulations. 27 3) Since in F-2DES disentangling of the signals is achieved by phase modulation and corresponding Fourier filteri...