Full migration of SAP's financial reporting from U.S. GAAP to IFRS
Since 2007, SAP prepared consolidated financial statements under both U.S. Generally Accepted Accounting Principles (U.S. GAAP) and International Financial Reporting Standards (IFRS). IFRS has been mandatory for SAP since 2007, but we elected to continue our U.S. GAAP reporting on a voluntary basis and to keep the focus of our communication on US GAAP and Non-GAAP numbers. Since 2007, the U.S. Securities and Exchange Commission (SEC) has allowed foreign filers to file IFRS financial statements without reconciliation to U.S. GAAP. The U.S. SEC has also proposed a roadmap to migrate U.S. filers to IFRS by 2014.
In January 2009, SAP announced that it will discontinue its U.S. GAAP reporting per the end of 2009 to going forward report IFRS financials only. The year 2009 will serve as a transition phase during which SAP will continue to report its financials according to both, IFRS and U.S. GAAP. All quarterly earnings press releases (Q1–Q4 2009) will provide both U.S. GAAP and IFRS financial information. All quarterly reports (Q1–Q3 2009) will be based on IFRS but additionally repeat the U.S: GAAP financials reported in the respective earnings release. Our communication in 2009 will also continue to additionally provide Non-GAAP numbers derived from U.S. GAAP numbers. The press release for Q4 2009 will be the last document providing U.S. GAAP and Non-GAAP financial information. SAP's annual report as well as the annual report on Form 20-F for fiscal year 2009 will be prepared on the basis of IFRS only.
Beginning in 2010, SAP will only report IFRS financials and our U.S. GAAP accounting will be discontinued. All financial information and communication (e.g. business outlook) will be based on IFRS numbers and Non-IFRS numbers.
At SAP, differences between U.S. GAAP and IFRS have historically not been significant (e.g. there are no differences in revenue recognition other than classification of discontinued operations) as evidenced by our 2008 and 2007 Full Year Reconciliations. Please refer to the Virtual Classroom Session for further details.
The following documents are available
Additional resources