According to a study recently published in the journal Current Biology, African elephants are, so far, the only non-human species able to understand what the gesture means when they are pointed to something.
Pointed in the direction of a container of hidden snacks, African elephants (surprisingly, it doesn't work with Asian elephants) will investigate for the food 68% of the time. In the same situation, a 12-month-old human will investigate for the food 73% of the time.
The Current Biology study appears to support the view that pointing comprehension may be innate in some group-living animals. This ability could be helpful to the members of the group when hunting or trying to avoid predators.