Michelin funds hit for staff benefits under IFRS

Newswire

PARIS, Jan 20 (Reuters) - French tyre maker Michelin said on Thursday it would take a a 1.2 billion euro ($1.6 billion) charge on its equity for employee benefits because of a switch to new accounting standards. Michelin said the application of a rule governing the treatment of gains and losses in benefits, such as pensions and healthcare, would require it to charge the sum, net of deferred tax, to equity on its balance sheet. The company said the new International Financial Reporting ...

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