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Final Term Project:

Ford Motor Company vs. Toyota Motor Corporation in Comparison

October 1, 2023
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Ford Motor Company vs. Toyota Motor Corporation in Comparison

For the purpose of this report, I was given some required criteria, and I will mention

those in this opening section. I will use two companies operating in the same industry with

similar end products. I am conducting a financial analysis of the two companies headquartered in

separate countries. Along with the headquarters criterion, each company must have subsidiary

ventures in foreign countries from its headquarters. This criterion makes the comparison

straightforward and practical, as the companies have similar processes. In making this

comparison, the outcome should assist an average person with limited investing experience in

making an informed stock purchase. Additional details are that one of the companies must have

its headquarters in the U.S., where U.S. GAAP is used for financial reporting standards. The

second company must have its headquarters in a country that uses International Financial

Reporting Standards (IFRS) to prepare its financial statements and annual reports. Where this

type of comparison, even for a savvy investor, could suggest challenges, my goal is to keep it as

user-friendly as possible while still satisfying the requirements for my academic project. I will

compare Ford Motor Company, a U.S.-based company, and Toyota Motor Corporation, a Japan-

based corporation.

This report features four main objectives and will conclude with a summary and

recommendation for investment. The Objectives are:

I. Company Overviews.

II. Financial Statement Analysis.

III. Company Annual Reports.

IV. Annual Reports- Strengths and Weaknesses.

V. Summary and Recommendations of Investments and Reporting Standards.

I. An overview of each company and the countries where they operate. Information

should include (I-A.) demographic information, (I-B.) cultural factors, (I-C.)

professional factors, and (I-D.) accounting practices.

(I-A.) Demographics

Ford Motor Company

Ford Motor Company (Ford) has World Headquarters at #1 American Road, Dearborn,

Michigan 48126-2798, United States. The Ford Motor Company was officially incorporated in

1903, when founder Henry Ford launched his venture in a converted factory in Detroit,

Michigan. It was his third attempt at establishing an automotive business. At the time, the

company could only produce a few cars daily.

Ford began in 1908 with the introduction of the Model T. This model embodied what

Henry Ford wanted out of a car: efficiency, reliability, and a reasonable price. Due to high

demand for the vehicle, Ford Motor Company commissioned a new factory in Highland Park,

Michigan. Here, Henry Ford revolutionized the global automobile industry by introducing his

first assembly line mass-production model. This implementation gave Ford an edge over its

competitors and continues to serve production in many sectors (FMC, 2023).

Since the mid-90s, Ford continually lost significance in the U.S. market and steadily

increased its share in the European market. This change is due to high labor costs, increased

expenditure on healthcare, trade-labor unions, and economic growth in fuel-saving automobiles

in the U.S. (Kocia, 2018).

Ford’s automotive sector operates through four business segments: North America, South

America, Asia Pacific, Africa, and Europe. A graphical representation of these locations is

included.
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Ford has Worldwide Locations, as shown in Figure 1.

https://commons.wikimedia.org/wiki/File:Ford_Motor_Company_global_locations.png#file

The North American segment sells Ford and Lincoln vehicles, service parts, and

accessories. The South America and Asia Pacific /Africa segments include primarily the sale of

Ford brand vehicles and related service parts and accessories. The Europe segment sells Ford

brand vehicles and related service parts and accessories in Europe, Turkey, and Russia (Born to

Sell, n.d.).

There is one crucial fact about Ford and the company’s financial history that is frequently

omitted in research: during the U.S. Housing crisis in 2008, which hit the U.S. automobile

industry months before and lasted entirely through the complete debacle, companies and entire

industries filed for a “bailout” from the U.S. Government. As the banking and automobile

industries were at the media’s top headlines for the bailout program, few media outlets

mentioned that Ford was the only large U.S. automobile manufacturer not participating in the

bailouts. There were additional details surrounding this, but the fact remains and demonstrates

signs of a solid financial foundation and planning (Kiely, 2011).

Toyota Motor Corporation

Toyota Motor Corporation (Toyota) has headquarters located at #1 Toyota-Cho, Toyota

City, Aichi Prefecture 471-8571, Japan. Toyota Motor Corporation is a multinational company

founded in 1937 and headquartered in Toyota, Aichi, Japan. Toyota was the world’s largest

automobile manufacturer by production in 2010. The primary markets for Toyota are Japan and

North America, but recently, we have seen strong growth in Asian and South American markets.

A graphical representation of these locations is included.

Toyota has Worldwide locations, as shown in Figure 2.

Figure 2
Toyota Worldwide Locations

https://commons.wikimedia.org/wiki/File:World_locations_of_Toyota_factories.PNG

(I-B.) Cultural Factors

Ford Motor Company

Ford developed its most recent leadership and cultural operating model from Allan

Mulally, Chief Operating Officer (CEO), until 2014, when he devised the plan “Working
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Together.” Mulally continued to guide the company by introducing the “One Ford,” a plan to

deliver profitable growth for all stakeholders and the greater good. “One Ford” represents a

Ford-wide DNA that still drives how things are done on every continent. This DNA creates

profitability and is derived from an intuitive knowledge of Ford’s customers worldwide and a

keen awareness of every stakeholder.

The current CEO, Jim Farley, and Chief Financial Officer (CFO), John Lawler, have built

on the culture initiated by Mulally with the company’s Ford+ plan for growth and value creation,

which leans heavily on relationships with customers to deepen their loyalty. Ford uses popular

customer business campaigns (Ford Company, 2023).

Toyota Motor Corporation

Toyota aspires to realize the vision of “Mobility for All” while pursuing its mission to

produce “Happiness for All” through creating the value of the “Toyota Way” based on the spirit

of foundation. Toyota Way is the path to an ideal society, and every team member pioneers the

exact nature (Culture, 2023). Happiness for all is a renewed commitment to society,

sustainability, and employment equity. As Akio Toyoda, Toyota’s CEO, recently commented,

Toyota’s continued pledge to society expands from placing customers first to putting people first

and serving humanity (Toyota Europe, 2020).

(I-C.) Professional Factors

Ford Motor Company

Alan Mulally was the former President and CEO of The Ford Motor Company between

2006 and 2014. Before that and for over 37 years, Mulally held roles at Boeing, including

Executive Vice President of the Boeing Company, President and CEO of Boeing Commercial

Airplanes, and President of Boeing Defense and Space Systems. To say that Mulally has been at
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the helm of two of America’s most important and prominent brands is wildly understated

(Linkage, 2021).

During his tenure at Ford, Mulally led the organization’s transformation into one of the

world’s leading automobile companies. Ford also became the top automobile brand in the United

States (Pontefract, 2022). This information for this project is important because the many

features that Mulally put into place run through the veins of Ford today.

Before joining Ford in 2007, the current President and CEO, Jim Farley, was the group

vice president and general manager of Lexus, a Toyota Division, and the group vice president

responsible for all Toyota Division market planning, advertising, merchandising, sales

promotion, incentives, and internet activities. Farley previously worked in Toyota’s strategic

planning, product, and marketing in the United States and Europe and led the successful launch

of Toyota’s new Scion brand. In addition to his various roles at Ford, he is currently on the U.S.-

China Business Council and Harley-Davidson boards of directors. He is co-chair of the Future of

Mobility Commission. It was because the crossover from Lexus, Toyota’s Luxury Line, to Ford

fueled the selection of companies for this project.

Toyota Motor Corporation

In April of 2023, Koji Sato became President of Toyota Motor Corporation. Part of Koji

Sato’s three-pronged approach is to jump-start the automaker’s moribund E.V. strategy,

promising to ‘drastically change’ the company’s business (Pappas, 2023).

In addition, Sato Akio Toyoda (豊田 章男, Toyoda Akio, born May 3, 1956) is a

Japanese business executive who is the chairman of Toyota Motor Corporation. He was

previously the company’s president and chief executive officer (CEO). Toyoda is a great-

grandson of the industrialist, Sakichi Toyoda, and a grandson of both the founder of Toyota
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Motors, Kiichiro Toyoda, and the founder of the Takashimaya department stores corporation,

Shinshichi Iida. On April 1, 2023, Toyoda stepped down as Toyota president and became

chairman of the board (Wikipedia, 2021).

(I-D.) Accounting Practices

This section is limited to the accounting practices and reporting notes concerning Foreign

Currency representation. A comprehensive analysis of each company’s financial statements will

be included later in this report.

Ford Motor Company

Ford Motor Company, a U.S. Corporation, uses U.S. GAAP to prepare its Consolidated

Financial Statements. The Foreign Currency Translation policy is taken from the Notes to

Financial Statements on the United States Securities and Exchange Commission, Form 10-K, and

outlined below:

“Foreign Currency

We remeasure monetary assets and liabilities denominated in a currency that is different

from a reporting entity’s functional currency from the transactional currency to the legal

entity’s functional currency. The effect of this remeasurement process, and the results of

our foreign currency hedging activities are reported in Automotive Cost of Sales, Selling,

Administrative and Other Expenses, and Automotive Interest Income and Other Income,

net.

Generally, our foreign subsidiaries use the local currency as their functional currency.

We translate the assets and liabilities of our foreign subsidiaries from their respective

functional currencies to U.S. dollars using end-of-period exchange rates. Changes in the

carrying value of these assets and liabilities attributable to fluctuations in exchange rates
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are recognized in the account Foreign Currency Translation, a component of Other

Comprehensive Income/(Loss).

Upon sale or upon complete or substantially complete liquidation of an investment in a

foreign subsidiary, the amount of Accumulated Foreign Currency Translation related to

the entity is reclassified to Income and recognized as part of the gain or loss on the

investment.” (Ford Annual Reports, 2015, p. FS-13).

Toyota Motor Corporation

Toyota Motor Corporation replaced U.S. GAAP and embraced IFRS for its consolidated

financial statements starting in 2020. Toyota is affected by the rise and fall in foreign currency

exchange rates. Along with the movement of the Japanese yen, Toyota is subjected to changes in

the value of the U.S. dollar and other currencies (Toyota SEC, Form 20-F, 2018, p.7).

Translation risk is the threat that Toyota’s consolidated financial statements will be

exposed to from the changes in foreign currency rates. Although the translation threat is a

definite concern, it does not represent Toyota’s primary output from sales.

Toyota does not hedge against translation risk. Translation risk is the risk that the

currency structure of Toyota’s costs and liabilities will deviate from the currency structure of

sales proceeds and assets. Transaction risk relates primarily to sales proceeds from Toyota’s non-

domestic operations from vehicles produced in Japan (Curtis, 2017).

II. (II-A.) The complete analysis of the companies’ financial statements and disclosures.

(II-B.) Determination of similarities and differences in each company’s reports. (II-C.)

Discussion on how the differences might impact the decision made on whether to invest

or not. (II-A.) Analysis of the Company’s Financial Statements

The first observation with this comparison that takes a paramount position is the time frame

and dates used for comparison. This report will consider Ford’s and Toyota’s 2020 Consolidated

Financial Statements.

Ford and Toyota are two of the largest and well-known companies in the automotive

industry, with a significant global presence. A comparative analysis of their financial and non-

financial performance can provide valuable insights into the strengths and weaknesses of each

company and can inform investment decisions in the industry (Xinyao et al., 2023).

In 2014, Ford used IFRS for internal reporting purposes, even though Ford is still

required to use U.S. GAAP for SEC filing purposes. Ford states that this saves the company

resources by making information and processes more cohesive between the 138 countries where

they operate and continue to grow (Parker, 2016).

(II-B.) Determination of similarities and differences in each company’s reports

The two standards being discussed, U.S. GAAP and IFRS, have many similarities and

differences that can sway an investor’s view of purchase. One of the first differences to discuss is

how each company records and reports Research and Development (R&D) Costs. For Ford,

under U.S. GAAP, all R&D costs are expensed. On the other hand, for Toyota, IFRS also

expenses research costs. However, IFRS allows the capitalization of development costs.

To examine this difference further, we can look at Ford’s Notes to Financial Statements,

page 117. The statements disclose the research and development expenses reported in the Sales

Cost. Research and development costs are expensed when incurred, whether performed internally

or by a supplier. Advertising costs are disclosed in Selling, administrative, and other expenses as

incurred. R&D expenses for the year ended December 31, 2020, were $7.1 billion. Since this is

expensed on Ford’s statements and capitalized on Toyota’s, it would be reasonable to say that
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this is one of the adjusting amounts during a comparison. Adding this amount back to the Net

Income for Ford would clear this difference (Ford SEC, 2020).

A table showing differences between U.S. GAAP and IFRS is included to examine many

of the familiar adjustments needed for comparison. Figure 3 shows a view of the differences

between the two standards.

Figure 3

U.S. GAAP vs. IFRS Financial Statement Reporting and Presentation

https://media.wallstreetprep.com/uploads/2020/11/11133532/US-GAAP-vs.-IFRS-Cheat-Sheet-1.pdf
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(II-C.) Discussion on how the differences might impact the decision made on whether to

invest or not.

The overall climate of the automobile industry shows solid capital usage for research and

development (R&D) in the Electric Vehicle (E.V.) mass production market. Keeping this

information tangent will assist in considering the two companies based on their Net Profit alone.

Using the standards mentioned in the section above, Ford, using U.S. GAAP, must expense

100% of the R&D cost. There are a few exceptions to those costs which do not influence the

automobile industry and will remain unnamed. While using IFRS, Toyota can capitalize a

significant portion of its R&D cost. This method will show a higher Net Profit for Toyota than

for Ford. If an investor bases their decision to invest solely on Net Profit, then further

consideration would be necessary.

Financial analysis is crucial to evaluating a company’s financial and economic health,

performance, and longevity (Xinyao et al., 2023). This analysis should involve the assessment of

a company’s financial statements to determine its profitability, liquidity, and solvency. Various

financial ratios and techniques are used to analyze financial information, providing insights into

a company’s performance and financial position. A comparison of the financial performance of

Ford and Toyota using financial ratios renders the following details are shown in Figure 4.

Figure 4
2020 Financial Ratios

Co
mpiled with data from www.macrotrends.net
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The findings above state that Toyota had a higher Return on Assets than Ford, indicating

stronger profitability. In addition, Toyota had a higher current ratio than Ford, indicating

liquidity. Profitability ratios provide insights into a company’s ability to generate profits from its

operations. Liquidity ratios, like Current Ratio and Inventory Turnover, analyze a company’s

ability to meet short-term obligations. Solvency ratios provide information on a company’s long-

term debt-paying ability, shown with Debt to Equity. Figure 4 demonstrates that Toyota has a

better financial performance than Ford, with higher profitability, liquidity, and solvency ratios.

Toyota’s overall lead in these areas.

Non-Financial Analysis of Ford and Toyota

Apart from financial analysis, non-financial factors such as market share, brand

reputation, and customer satisfaction also play a significant role in the automotive industry. Ford

and Toyota have different market shares and brand reputations in the industry. Non-financial

analysis is essential to evaluating a company’s overall performance and competitiveness.

Financial metrics often do not provide a complete picture of a company’s performance.

The non-financial analysis highlights a company’s intangible assets, such as brand reputation,

employee satisfaction, and customer loyalty, which can significantly impact financial

performance and should be considered when determining an investment (Xinyao et al., 2023).

IV. Discuss the strengths and weaknesses of the companies’ annual report disclosures.

Focus on the relevance, reliability, and usefulness of the information to investors.

A comparative analysis of their financial and non-financial performance can provide

valuable insights into the strengths and weaknesses of each company and can inform investment

decisions in the industry (Xinyao et al., 2023).

Relevance requires that accounting information can affect decisions made by its users.

This information relates to timeliness, comparability, and understandability. Reliability refers to

complete information that is correct and has no errors. Verifiability and credibility are important

issues here. Unfortunately, both concepts are not always constant. At least for some reporting

items, the need to ensure the reliability of information may result in delayed publication, which

reduces relevance. For such things, users and standard-setting bodies need to stress either one or

the other: relevance or reliability (Henderson et al., 2015).

Considering developments in accounting standard practice, more firms seem to lean

towards relevance rather than reliability. The International Accounting Standards Board (IASB)

strives to provide decision-relevant information to investors and allows for timely recognition.

This focus includes fair value accounting, revaluation of assets, and revenue recognition based

on a percentage of completion. Considering this for the investor, IFRS may offer statements

consistent with all qualities.

V. Summary/recommendations of which company you would invest in and why you have

chosen this company. Plus, a summary/recommendation of the standards of reporting that

you change for GAAP and IFRS.

Financial analysis is essential for evaluating a company’s financial health and

performance. It involves the assessment of a company’s financial statements to determine its

profitability, liquidity, solvency, and efficiency. Various financial ratios and techniques are used

to analyze financial statements, providing insights into a company’s performance and financial

position.

From 2010 until 2019, Ford’s stock performance wavered between share prices at

$18.85/share and $9.00/share, signifying a recovery from the last two decade’s financial plan.
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The main reason comes from Ford’s strategy, a four-point business plan created by the former

CEO Allan Mulally. In 2020, affected by the pandemic and the semiconductor shortage, Ford’s

stock prices decreased, and Ford suspended dividend payments.

Since the beginning of 2021, Ford’s stock price has rendered an upward path, ending the

year with a final stock price of $20.77/share (December 31, 2021). This turning point comes

from Ford’s restructuring program, which aids its business in fulfilling the demand for electric

passengers and seeking leadership positions in the E.V. market, technology, and self-driving

segments. According to Investor’s Business Daily, Inc., Ford’s recent push in E.V. assisted the

upward movement of shares to a 140% gain by the end of 2021, surpassing its all-time domestic

competitor for the first time in the past five years (Schöndube-Pirchegger & Schöndube, 2022).

Ford continues to face intense competition in the global automotive industry. The

company has struggled with declining sales in recent years, which has affected its market share

and profitability. Ford has responded to these challenges by investing in research and

development to develop more fuel-efficient vehicles and electric cars, which will help the

company compete in the rapidly changing market. Additionally, the company has expanded its

distribution network to markets such as China and India to increase its global reach.

A financial and non-financial analysis of Ford and Toyota are meant to assist an investor

on which company would be a better investment or at least provide information by which an

investor can make a more informed decision. The financial analysis reveals that Toyota has

better financial health than Ford. However, Ford has shown advances in its financial

performance over the years, particularly in its profitability and customer loyalty. Both companies

face challenges in adapting to the rapidly changing automotive industry, particularly in the areas

of electric and self-driving vehicles.

Overall, a recommendation for a stock purchase must land with Ford. This decision leads

to looking beyond the financial ratios and concentrating on the company's foundation. Also,

during the last 30 years, the highs and lows of Toyota are evident. Toyota never completely

returned from the recalls and lawsuits associated with runaway accelerations, which tore through

its customer loyalty and brand reputation (ABC News, 2014).

If further financial details were needed, the transaction details surrounding ending

inventory valuations and R & D allocations are required. In the GAAP to IFRS graphic, Figure 3,

this study established that these areas strongly differ and should be compared on even values.

IFRS does not allow the use of Last-In-First-Out (LIFO) inventory valuation. In times of

increasing prices, labor, and overhead render a higher Net Profit. However, once processes are

refined, workers are trained, and the learning curve has flattened, LIFO can generate a lower Net

Profit. One must also consider the recognition of fixed assets and intangible assets at historical

(GAAP) vs. fair value (IFRS).

Recommendations for Ford and Toyota, U.S. GAAP, and IFRS will include the

following. Firstly, Ford and Toyota should diligently focus on research and development (R&D)

investments to create innovative and sustainable products that meet future customers' needs. Ford

and Toyota should continue to focus on sustainability and environmentally friendly practices, as

this is important to customers and can provide a competitive advantage in the industry. Both

companies should pay attention to their supply chain management and ensure that their suppliers

adhere to ethical and social responsibility standards that align with corporate missions. This

reasoning is vital to maintain brand reputation and reduce the risk of negative publicity due to

unethical practices in the supply chain of both. This recommendation is supported by the study

by Xinyao et al. (2023), which found that companies that are responsive to external changes have

a better chance of long-term success. Lastly, in a forward-looking manner, U.S. GAAP has
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agreed to convergence with IFRS, which offers, perhaps, a future of a more global accounting

standard. This study recommends that these changes remain supported by all industries and

should be brought to the forefront of addressing U.S. GAAP vs. IFRS convergence issues.
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