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  "notes": "Includes two tables (Table 3 and Table 4) illustrating the impact of accounting choices on valuation metrics.",
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      "text": "Accounting differences are not a trivial issue",
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      "text": "Restate accounting data to a common format; Focus on key statistics that are less affected by accounting differences",
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      "text": "There are many different factors that cause differences in profit measurement; a recent study comparing US GAAP with international accounting standards identified over 250 such differences.",
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      "text": "Since both companies have identical cash earnings they have the same value and should trade at the same share price (same number of shares assumed). This implies an earnings multiple of 25x for Company B.",
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