Accounting standards differ greatly across countries. But the differences can present opportunities for those able and willing to make the effort to understand and adjust for them.

In a recent project, the accounting statements of over 100 companies in 12 developed and emerging countries were restated to approximate common accounting standards. Companies in Sweden and Germany showed the biggest gains from restatement. On average, these companies' net incomes increased by 60% and 44%, respectively, while shareholders' equity increased by 44% and 41%.