Michelin to change accounting system to meet IFRS standards

Paris--Michelin has outlined its plans to meet European financial reporting rules, known as IFRS. In a statement, Michelin said, "In line with French market authority recommendations, Michelin wishes to provide the international financial community with all available information to enable it to make a fair assessment of the Group's situation in connection with this change in accounting standards and of the corresponding issues and opportunities."

The changes are mostly technical, but will mean that Michelin now reports sales from its tyre retailing business as part of its manufacturing operations.

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Announcement by Michelin (readers can download the press kit and presentation (both in PDF format) from this link)