The company has appropriately highlighted seventeen different frameworks of PWC. Further, it is clearly visible that several topics and their descriptions have been offered in addition with graphs that can simplify the work of reflecting standards of the company and it also enhances transparency. Nevertheless, the company’s annual reports and other significant details can also be easily attained. Overall, these can be illustrated by the reporting system standard that also comprises of all information.
Based on the company’s annual reports, it can be described that the same is of adequate quality that can have a positive influence on its utilization on the part of stakeholders. Further, if the company intends to upgrade their transparency and its faith, then it can facilitate in leading a comparison procedure wherein it can distinguish and compare the actual budget and prepared budget. Moreover, this can assist an organization to verify on their flaws and the reasons for such variations. Further, it is advisable to operate another process of comparison in terms of the company’s outcomes throughout the years that can assist it in recognizing the disturbances in variations, thereby facilitating in eradicating them. Overall, the company’s objectives are listed in two different segments that comprise of both short-term and long-term objectives to attain them.
Pitfalls
Few major pitfalls that have been reflected with the assistance of this discussion are as follows:
It is notable that exaggerated disclosure can be destructive for the company as it offers ample knowledge about the workings and systems that can function as a boon to the rival organizations as they can influence the effectiveness of company’s graph. Further, the company’s structure, procedures implemented together with its plans and policies can decide the standard of all represented reports. In addition, if there is utilization of any kind of immoral means to produce inefficient statements, then it can influence the public’s decision-making process. Nonetheless, all the facts depicted in the company’s annual reports are not oriented towards long-term and frequently alter that can be extremely misguiding in nature.
Extensiveness and accessibility
The primary strategic goal of Michelin is to enhance its services’ value by putting all its customers at the topmost priority. Further, the company’s commitment and focus towards growth building on a long-term basis can allow it to remain competitive in the market. Moreover, the company is also committed towards helping to address societal issues by putting its respect values into prior practice. In addition, Michelin also intends to attain revenue growth from its effective operations whilst increasing its operational effectiveness. Lastly, establishing and promoting healthier communities is also focused by the company so that its goals can be attained.
Comprehensiveness
Michelin is entirely focused towards maximizing its attempts so that it can become a socially responsible organization in the entire industry. Thus, it has endeavoured to put all its customers at topmost place so that sustainability can be properly attained. Nevertheless, it can be observed from the company’s business goal that it not only intends to acquire a competitive position through financial goals in the market but it also focuses on non-financial aspects like framing healthier societies.
Conclusion
It can be stated from the previously mentioned evaluation that the performance information of Michelin is effective in nature as its diversified and coordinated team is underpinned by the culture of its high performance that assists it to address all commitments towards the stakeholders.
Accessibility and extensiveness
It can be seen from the business model of Michelin that it has focused on a robust business model that has allowed it to reflect accurate financial outcomes that is altogether associated with high cash flows and generate value for stakeholders. For such purpose, Michelin concentrates on HRM by taking steps to encourage its team in procuring best opportunities so that effective results can be provided to the societies, customers, and the shareholders. Thus, the company’s business model has an adequate balance as it caters to offer a powerful team balance, thereby resulting in facilitating better customer solutions. Moreover, a disciplinary measure has been followed by the company and therefore, it has been efficient in its approach.
Comprehensiveness
Michelin has been entirely committed towards making generational or extravagant investments in various sustainable business areas, as it can increase the feasibility of its future developments together with providing ample returns to its investors. Nonetheless, in relation to this, the company has endeavoured in putting all its customers in the topmost priority and even all its workforce has been motivated in a way that can make its affairs beneficial and friendly to the society and the stakeholders as well. Thus, the primary responsibility of Michelin lies in possessing a determined and strong team in addition with customer satisfaction.
Conclusion and strength
It can be observed from the previously mentioned discussion that the company’s business model has been customer oriented in nature, thereby facilitating in attainment of lifetime industry-leading profits so that competitive advantage can be easily achieved. Nevertheless, possessing a motivated and strong workforce can assist the company in establishing fresher growth opportunities that can cater to the requirements of the entire society and stakeholders on a whole.
Extensiveness and accessibility
In the present scenario, corporate governance is the requirement of the hour as it assists in offering an effective balance to the organization in relation to management and morality. Further, it assures that the organization is strictly determined to account for the stakeholders’ benefits on a whole. Moreover, the company’s governance policy has allowed it to depict a powerful commitment towards moral and sound approaches in corporate governance principles and in relation to the same, it continuously monitors such affairs so that enhanced standards can be easily obtained, thereby facilitating in achievement of integrity, transparency, and morality. Therefore, for all these reasons, Michelin has been attaining mass recognition in maintaining effective reporting and corporate governance approaches.
Comprehensiveness
Since Michelin has undertaken a proactive measure to maintain enhanced standards of corporate governance, it can easily cater to its long-term goals. Nevertheless, upgradation of effective matters associated to corporate governance each year also assists the team members to stay encouraged so that board diversity, risk issues, and requirements of stakeholders are properly addressed with the help of proactive strategies of communication. Overall, the continuous upgradation plays a key role in assisting the company establish a powerful position in the entire industry so that it can outperform all its competitors.
Conclusion and strength
It can be seen from the previously mentioned discussion that the company’s corporate governance approaches are designed in a proper way as it has clearly focused on enhanced transparency, maximized disclosures, and morality on a whole. Furthermore, these efficacies can assist the company in facilitating enhanced transparency and integrity amongst the entire group of stakeholders and the community on a whole. Therefore, based on the factor of governance, it can be seen that Michelin has been in a powerful position when it comes to the same.
Extensiveness and accessibility
It can be seen from the company’s annual report that it has provided proper information about various kinds of risks prevailing within its affairs. Further, all potential or material risks are also disclosed by the company in a paragraph wise that sheds light on the fact how effectively it has endeavoured in managing the risks. Moreover, for such purpose, a culture of efficient risk governance is also established within the company that allows it to recognize material risks with the help of proper systems. Nevertheless, control and risk mitigation are the requirement of the hour because it can play a key role in eradicating all risks that emerges in its path. Overall, it is also notable that the company has a powerful risk control management that allows it to sustain in the industry.
Comprehensiveness
The company’s material risks are being disclosed in a paragraph manner that assists in reflecting adequacy in offering significant details in relation to the same. Further, a multi-step measure has been adopted to sustain the risks to ensure that daily affairs are not influenced in a bad way. In addition, the company has ensured that such steps operate efficiently with the management as it assists in framing and undertaking proper internal controls. Moreover, through the internal control mechanisms, it can be stated that Michelin has ensured an effective risk management and hence, the policies are regarded as appropriate on a whole.
Conclusion and strength
The disclosure of risk management and its controls are appropriate in the case of Michelin as it considers itself liable for sustaining proper risk management leadership and maximized transparency. Moreover, significant disclosure of material risks can also allow the company’s workforce in addressing high integrity standards in decisions and business actions. Therefore, Michelin has effective policies when it comes to risk management approaches. Overall, the company has ensured that all its risks are avoided as soon as possible.
Extensiveness and accessibility
It must be noted that a strong remuneration policy plays a vital role in establishing an effective interconnection betwixt the shareholders and the company on a whole. Michelin has also disclosed about its remuneration policies and has highlighted the same through its annual report. Nevertheless, such policy has not been disclosed in a thorough manner and the company must ensure that its remuneration aligns with its strategic objectives. Further, the same must be adequately highlighted. Therefore, in the given situation, the disclosures on the part of the company cannot be regarded as an efficient one owing to prevalence of lacking points (Greene, 2018).
Comprehensiveness
The company’s annual report has not been efficient in highlighting its remuneration policies in details. Further, the major intention of the company’s remuneration policy is to offer employee incentives that align effectively to its objectives. Moreover, the same must be reflected in a thorough manner. Nevertheless, the company’s performance summary is also missing and there is no prevalence of graphical depiction of the same. Further, the transparency level is also missing in this context and thus, the company must raise its level in relation to the same. Overall, the company’s remuneration policy is considered as ineffective in nature.
Conclusion
Based on the company’s remuneration policy and its position in the presence in the annual report, it can be stated that the company has inappropriate stagnancy when it comes to disclosure of the same. Further, the disclosure level is very low in this context. Nevertheless, the company must exert appropriate emphasis in the same for a better outcome.
Based on the company’s annual report, it can be stated that it has disclosed significant details of its financial assets in addition with the nature of risks that these assets may be specific to. However, accounting for the requirements of the present scenario, it can be commented that these disclosures are not adequate in nature as information of financial assets are absent from the company’s annual report and only risks related with such assets are primarily discussed. Further, the company’s financial assets are of primary relevance and the same is always looked after the stakeholders. Overall, probably, the company’s financial assets are the significant attraction point because it assists in ascertaining the status or position of the entire organization.
Comprehensiveness
The disclosure of financial instruments is significant in nature because it can affect the decision-making capability of the users. However, it can be noted that Michelin has adequately concentrated towards several risks related to its financial assets and thus, it necessitates additional disclosure approaches so that it can cater to the requirements of end-users.
Conclusion and strength
It can be seen from the annual report of the company that the quality of disclosures offered by it is not sufficient and it necessitates further details so that end-users can be assisted in making better decisions. Nevertheless, by concentrating on the associated risks with the instruments is a significant strength but the information related to financial assets must accommodate in the annual report as well.
Extensiveness and accessibility
Michelin has provided material information of its physical assets including inventories, investments, PPE, etc in its annual report. In addition, the company’s accounting policies related to the assets are also properly discussed that has made it simpler for the end-users to understand the scope and nature of the financial assets within the entire company. Overall, it can be observed through the annual report of the company that all requirements in relation to the same has been adequately met and physical assets have been properly depicted in a concise way, thereby resulting in understanding and clarity (Subramanyam & Wild, 2014).
Comprehensiveness
It can be seen from the company’s annual report that material information related to its physical assets have been properly disclosed or offered that includes depreciation and valuation methods followed to ensure a reflection of true and fair view of the financial position. Further, both qualitative and quantitative information of the company’s physical assets can also be observed in the annual report that is a positive indicator. Therefore, the disclosure in relation to the same can be considered as effective in nature.
Conclusion and strength
In relation to the previously mentioned discussion, it can be commented that the company’s physical assets have been properly disclosed by it in both qualitative and quantitative terms. Moreover, this provision of detail accompanied by the relevant accounting standards associated with the assets can play a key role in assisting end-users in making proper decisions (Ross et,. al, 2014).
Extensiveness and accessibility
Michelin’s commitment of prioritizing its customers at first has allowed it to become one of the biggest tyre manufacturers of France. Further, the steps undertaken by the company in establishing value for its customers has also formed part of its annual report that has made it clear how experiences on the part of customers has enhanced throughout the years for the company. Overall, the progress over these years can be attributed to rapid developments attained by the company by ensuring that all the requirements of customers are duly satisfied. It also ensures that the customers are offered prior significance and the same has been disclosed in the annual report so that users can make relevant decisions.
Comprehensiveness
It can be seen from the functioning of Michelin that significant information of the primary initiatives that have been undertaken to address the continuous requirements of the customers. In addition, all information regarding the enhancement and decrement in customer connections have also been disclosed by the company, thereby making it clearer to understand how efficient the initiatives have been in addressing such requirements. Nevertheless, the primary reason behind the increased profit can be attributed to increment in the customers (Porter & Norton, 2014). Thus, the disclosures in relation to advancements on the part of customers are good in nature because the company has reflected such advancements and role played by it has been able to stabilize the same.
Conclusion and strength
It can be seen from the previously mentioned discussion that the disclosure quality in relation to customer connection has been adequately provided through the annual reports that makes it easier to understand how important a customer is for the entire organization. Moreover, the primary initiatives undertaken by the company is of a primary nature that has assisted it and attracting and retaining a broad range of customers (Petty et. al, 2012).
Extensiveness and accessibility
The company’s annual report concentrates on the fact that contributing towards people can assist it in becoming a global and international brand within a shorter period of time. Further, the strategy of culture and people has also been properly disclosed by Michelin as it has believed in the fact that the same can assist in attracting and retaining a huge base of customers.
Comprehensiveness
It can be witnessed from the previously mentioned discussion that the culture and people approach of the company has primarily increased and this can be proved by the fact that all its customers have increased over the years. Moreover, offering back to the people and society is what Michelin believes to be a significant part of its activities (Ndzi, 2015). Overall, the level of disclosure has been very apt in the scenario of people and culture when it comes to Michelin.
Conclusion and strength
Since the entire society attains benefits from the aggregate operations of the company, it is observable that Michelin has been effective in its measures to cater to the requirements of people and that has assisted it to maximize its overall profits throughout these years. This is the basic reason why it has been giving a strict competition to all other tyre manufacturers all over the country and other countries (Parrino et. al, 2012).
Extensiveness and accessibility
It can be seen from the annual report of Michelin that the company has undertaken various investment measures for enhancing the operations of its business. This is the reason why the company has been able to attain innovative abilities in relation to tyre manufacturing all over France and other countries. Nevertheless, the company has also offered effective details regarding how it has been driving regular continuous innovation tactics and measures for the effectiveness of its customers.
Comprehensiveness
The company has concentrated on its innovative affairs wherein wireless connections that has assisted it to gain a competitive advantage. In addition, technology and innovation affairs have been adequately depicted in the company’s annual report that makes it simpler to understand what innovative affairs have been undertaken to ensure that requirements of customers are properly fulfilled.
Conclusion and strength
It can be seen from the previously mentioned discussion that the company has been appropriate in its disclosure measures in relation to technology and innovation systems undertaken for the advantage of customers. Nevertheless, radial tyre technology are the latest technologies implemented by the company that has allowed it emerge effectively in the market.
Extensive and accessibility
It can be observed from the company’s annual report that ample information related to the intangibles and brand assets has been offered that comprises of depreciation, amortization, valuation, etc. Nevertheless, this can be very advantageous for the users in making effective decisions (Libby & Short, 2011).
Comprehensiveness
In the case of Michelin, the company has provided enormous information related to the brand and intangibles including amortization, depreciation, annual impairment, etc that can be of immense significance to the users in facilitation of financial decisions. Further, Michelin has also made attempts to mention a separate segment in its annual report wherein proper details regarding the intangibles are being disclosed. Furthermore, the useful lives of the company’s assets are also provided in the annual report so that proper financial decisions can be easily facilitated.
Conclusion and strength
Based on the given information, it can be observed that the company’s disclosure measure regarding the same has been adequate in nature as a separate aspect or portion has been offered wherein all material details regarding the intangibles are provided (Laux, 2014). In addition, the brand measures of the company have also been disclosed that is entirely ample in nature, thereby facilitating in proper decisions on a whole.
Extensiveness and accessibility
There is no proper information regarding the company’s supply chain in the annual report that can assist users in understanding how well it has remained competitive over others. Furthermore, in relation to other processes, the company has also facilitated in disclosing some information of its affairs and measures that has allowed it to prevent the impact of destruction to the facilities. Overall, this is the primary reason why Michelin possesses several complicated processes change measures and systems in place.
Comprehensiveness
The reporting framework of Michelin comprise of details associated to implementation of systems and processes that has paved a path for development of customer satisfaction and assist the overall management in decision-making. In addition, with the prior help pf business continuity strategies and emergency management, Michelin has been adequately capable of shaping its procedures in alignment to the current scenario. Further, supply chain information has not been adequate in nature on the part of the company’s disclosure.
Conclusion and strength
The information quality offered with the supply chain of the company is not proper in nature, thereby proving that users will face difficulties in effective decision-making. Besides, the details regarding various procedures has been properly depicted in the company’s annual report that can assist users in ascertaining the plans and policies of the company in the event of arrival of unwanted contingencies (Julia et. al,, 2010). This consists of procedures in the scenario of contractual compliance, legal claims, etc.
Extensiveness and accessibility
Michelin has properly disclosed enhanced information regarding its operational performance in an adequate way and has also admixed the same with an example that can allow all users in making effective decisions (Michelin shareholders, 2012). In addition, the programs and measures implemented by the company to drive operational effectiveness can also be witnessed in the annual report.
Comprehensiveness
In relation to the previously mentioned evaluation, the company’s disclosure has been apt in nature as it has provided significant information regarding its past performances and has also taken steps to compare the same with its present performance. Further, the company has also provided effective information to all its stakeholders as to how a motivated and encouraged workforce can allow maximization of aggregate operational performance (Horngren, 2013). Thus, this assists in attraction and retaining a maximum number of customers on a whole. Moreover, target-based measures can also be observed in the annual report that allows users to determine how efficiently the company has been addressing its objectives (Michelin shareholders, 2017).
Conclusion and strength
It can be seen from the previously mentioned discussion that the level of disclosure in relation to operational performance has been properly seen in the company’s annual report, thereby facilitating in proper decision-making on the part of users. Furthermore, the fact that the company has obtained profitable increments in tyre manufacturing plays a key role in proving that it has been effective in its attempts to enhance operational performance throughout these years.
Extensiveness and accessibility
It can be observed from the financial statements of Michelin that the company has adequately catered to all the requirements and necessary details so that the users can make effective decisions out of the same. Furthermore, the economic performance of the company has also been highlighted in a proper manner and therefore, such report can be regarded as descriptive in nature (Ross et. al, 2014). Besides, the company’s consolidated statements are well-designed in a way that allows fulfilment of generally accepted accounting principles (GAAP).
Comprehensiveness
The financial statement of Michelin has been depicted in a manner that assists in a smooth comparison and therefore, it becomes easier to compare the same with other companies. Moreover, the actual outcome can also be compared with another smooth comparison (Melville, 2013). Overall, the information forming part of the company’s annual report can assist in the calculation of financial ratios that can assist in proper forecasting and comparison. Overall, the notes to financial statements are also another piece of valuable detail for decision-making.
Conclusion
It can be commented from the previously mentioned analysis that the information disclosure of the company is strong in nature especially when it comes to economic performance.
Extensiveness and accessibility:
Safety and health has been a priority for Michelin and the same can be observed from its financial statements. Further, eradication and management of risks have also been prioritized by the company in a detailed way (Michelin, 2017). In addition, the corporate governance vision has also been reflected in the company’s annual reports so that sustainability matters can be given due importance (Sustainability reporting, 2012). Overall, the company has properly defined material information regarding safety and health in its annual report. This shows that extreme concern is towards risk factors and the ways by which these can be terminated. Overall, Michelin has adhered to a comprehensive approach so that it can look after its workforce through the process of sustainability. This is applicable to team members health revolving around support services, prevention of health risks, etc.
Comprehensiveness
The performance associated with the environment has been properly offered in the annual report of the company. Michelin has depicted its environmental performance in the following segments. Firstly, the performance associated to the environment is well described in the annual report under proper headings (Vaitilingam, 2014). Moreover, the matter of environmental performance is visible under the performance segment of the company’s annual reports. Secondly, such highlight spreads to health, safety, and environment in the company’s annual report. Overall, these are the matters which are highlighted by the company and the measures adopted in relation to the same is also adequately reflected. Nevertheless, the matters associated to the environment have also formed part of the stakeholders so that this can be beneficial for the users in decision-making (Hong & Kacperczyk, 2009).
Conclusion and strength
It can be seen from the previously mentioned evaluation that the company has been able to disclose all significant matters and facts in its annual report. Moreover, this can be of immense benefit to the stakeholders because the information can offer meaningful details, thereby assisting in the decision-making process.
Extensiveness and accessibility
The liability towards environment has been properly reflected by the company in its annual report. Furthermore, the matter of GHG emissions has also been discussed by the company for better understanding. In addition, control measures regarding the same have been also discussed in the annual reports (Sustainability reporting, 2012). Moreover, this sheds light betwixt the company’s mission and vision with that of its environmental measures. Michelin has clearly highlighted its role in protecting the environment and how it can serve as an ethical player in the industry (Marsh, 2009). Therefore, for such purposes, sustainable affairs has been undertaken by the company to offer enhanced information regarding climate change and environment on a whole.
Comprehensiveness
A company must cater to proper environmental policies so that its duty and role can be highlighted. The primary aspects that must be given due consideration are firstly that the role of environmental measures and how it can impact the company’s objectives. Secondly, compliance with the environmental standards that is significant to verify the actions that are associated to environmental requirements (Michelin, 2017).
Conclusion
Michelin’s reporting has been sound and has effective stability when it comes to environmental performance. Therefore, the same can be regarded as adequate and good in nature.
Michelin has offer all information in both qualitative and quantitative form wherein performance is also clearly reflected.
Comprehensiveness
The company’s segment information is shown in a thorough manner and a powerful segregation has been undertaken in relation to its performance and the items traded by it. In addition, the assets, profits, and expenses are also displayed in a proper manner by the company (Michelin, 2017).
Conclusion
It can be stated that the aggregate disclosure has been clear and concise in nature on the part of the company and the same can be considered as effective for decision-making processes.
References
Greene, R.J. (2018) The Good Kind Of Pay Discrimination. Compensation and benefits review. [online]. 49(1), p. 56-77. DOI: https://doi.org/10.1177/0886368718768628
Hong, H & Kacperczyk, M. (2009) The price of sin: the effects of social norms on markets. Journal of Financial Economics. [online].pp. 35-66
Horngren, C. (2013) Financial accounting. Frenchs Forest, N.S.W: Pearson Australia Group.
Julia, S.K & Elizabeth C. R. (2010) Conflict Between Doing Well And Doing Good? Capital Budgeting Case Study – Coors. Journal of Business Case Studies. [online]. 6, no.6, p. 123-130
Laux, B. (2014) Discussion of The role of revenue recognition in performance reporting. Accounting and Business Research. [online]. 44(4), 380-382. Available from: https://www.ccsenet.org/journal/index.php/ijbm/article/viewFile/4235/3672 [Accessed 24 May 2018]
Libby, R, P & Short, D. (2011) Financial accounting, New York: McGraw-Hill/Irwin.
Marsh, C. (2009) Mastering financial management. Harlow: Financial Times Prentice Hall.
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Michelin. (2017) Michelin Key financial indicators [online]. Available from: https://www.michelin.com/eng/finance/key-figures-indicators/consolidated-data [Accessed 25 May 2018]
Melville, A. (2013) International Financial Reporting – A Practical Guide. 4th edition. Pearson, Education Limited, UK
Michelin shareholders. (2017) Michelin annual report & Accounts 2017 [online]. Available from: https://www.michelin.com/eng/finance/individual-shareholders/publications [Accessed 25 May 2018
Merchant, K. A. (2012) Making Management Accounting Research More Useful. Pacific Accounting Review. [online]. 24(3), 1-34. Doi: https://dx.doi.org/10.1108/01140581211283904
Ndzi, E. (2015) Remuneration consultants: benchmarking and its effect on pay. International Journal of Law and Management. [online]. 57(6), p.637-648. DOI: https://doi.org/10.1108/IJLMA-02-2015-0009 { Accessed 25 May 2018]
Parrino, R, Kidwell, D. & Bates, T. (2012) Fundamentals of corporate finance. Hoboken,
Petty, J. W, Titman, S., Keown, A. J., Martin, J. D., Burrow, M. and Nguyen, H. (2012) Financial Management: Principles and Applications, 6th ed. Australia: Pearson Education Australia.
Porter, G. and Norton, C. (2014) Financial Accounting: The Impact on Decision Maker. Texas: Cengage Learning
Ross, S., Christensen, M., Drew, M., Bianchi, R., Westerfield, R. And Jordan, B.(2014)
Shah, P 2013, Financial Accounting, London: Oxford University Press
Subramanyam, K & Wild, J. (2014) Financial Statement Analysis. McGraw Hill
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