Let $k$ be an algebraically closed field and let $X$ be a non-singular algebraic projective curve over $k$. Very often, when most books present the function field $k(X)$, they say that "it is the analogue of the field of meromorphic functions on a Riemann surface". I don't agree with this statement, and I'm going to explain the reason:
If $p\in X$, then the local ring $\mathcal O_{X,p}$ is a discrete valuation field (remember that $X$ is non-singular) with respect to a (normalized) valuation $\text{ord}_p$. Then $k(X)$ is the field of fractions of $\mathcal O_{X,p}$ and it is in natural way a discrete valuation field with respect to $\mathcal O_{X,p}$. At this point we can take the completion $\widehat {k(X)}$ and moreover we notice that $k\subseteq k(X)$ is a set of representatives for the residue field $\mathcal O_{X,p}/\mathfrak m_p$. Thanks to the theory of valuations we have the following equality:
$$\widehat {k(X)}\cong k((\pi))=\left\{\sum_{i\ge-k}a_i\pi^i\,: a_i\in k\right\}$$
where $\pi\in\mathcal O_{X,p}$ is a uniformizer parameter. Moreover we can choose $\pi=(t_1-p_1,\ldots,t_n-p_n)$ where $p=(p_1,\ldots,p_n)$ and $t_i:= I(X)+T_i\in \mathcal O_X(X)$.
Edit: Note that when $k$ is not algebraically closed we have the Laurent expansion only for the $k$-rational points.
By summarizing, for every element of $f\in \widehat {k(X)}$ we find the Laurent expansion of $f$ around $p$, so I would say that:
$\widehat {k(X)}$ is "the algebraic equivalent" of the field of meromorphic functions, and not $k(X)$.
Is my reasoning right? Why is this process of completion not always mentioned?