ifrs_webinar_june_22_2010_v7

8/7/2019 ifrs_webinar_june_22_2010_v7

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Pete GrahamSAP Business Suite Solution Management

John Steele, Sr. ManagerDeloitte Consulting LLP

Norm WhiteSAP Consulting

June 22, 2010

SAP EcoHub on IFRSLeveraging the New GL for Dual-Reportingand IFRS


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Legal Disclaimer

The information in this presentation is confidential and proprietary to SAP and may not be disclosed withoutthe permission of SAP. This presentation is not subject to your license agreement or any other service orsubscription agreement with SAP. SAP has no obligation to pursue any course of business outlined in thisdocument or any related presentation, or to develop or release any functionality mentioned therein. Thisdocument, or any related presentation and SAP's strategy and possible future developments, products and orplatforms directions and functionality are all subject to change and may be changed by SAP at any time forany reason without notice. The information on this document is not a commitment, promise or legal obligationto deliver any material, code or functionality. This document is provided without a warranty of any kind, either

express or implied, including but not limited to, the implied warranties of merchantability, fitness for a particularpurpose, or non-infringement. This document is for informational purposes and may not be incorporated into acontract. SAP assumes no responsibility for errors or omissions in this document, except if such damageswere caused by SAP intentionally or grossly negligent.

All forward-looking statements are subject to various risks and uncertainties that could cause actual results todiffer materially from expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates, and they should not be relied upon in making

purchasing decisions.

SAP 2010 / Page 2


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About DeloitteDeloitte refers to one or more of Deloitte Touche Tohmatsu, a Swiss Verein, and its network of member firms, each of which is alegally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of DeloitteTouche Tohmatsu and its member firms. Please see www.deloitte.com/us/about for a detailed description of the legal structure ofDeloitte LLP and its subsidiaries.

Copyright 2010 Deloitte Development LLC. All rights reserved.Member of Deloitte Touche Tohmatsu

This presentation contains general information only and Deloitte is not, by means of this presentation,rendering accounting, business, financial, investment, legal, tax, or other professional advice or services.This presentation is not a substitute for such professional advice or services, nor should it be used as abasis for any decision or action that may affect your business. Before making any decision or taking anyaction that may affect your business, you should consult a qualified professional advisor.

Deloitte, its affiliates, and related entities shall not be responsible for any loss sustained by any personwho relies on this presentation.

SAP 2010 / Page 3
http://www.deloitte.com/abouthttp://www.deloitte.com/us/abouthttp://www.deloitte.com/us/abouthttp://www.deloitte.com/about


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Agenda

Speaker Introductions

IFRS / Convergence Update

Solutions for IFRS / Convergence

SAP General Ledger (New GL) Update

Building the Business Case

Wrap-Up / Q&A

SAP 2010 / Page 4


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Copyright 2010 Deloitte Development LLC. All rights reserved.

The global move towards IFRS (listed companies)

Europe2005

Australia2005

Canada2009* 11

China2007

Brazil2010

India2011

Chile

2009

Japan

2010*/15?

South Africa2005

Adopted or will adopt

Developing plans to adopt

No plans or unknown

Mexico2012

United States2015 16?

* Early adopters

SAP 2010 / Page 5


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United States

Shift to IFRS is highly likely, though not imminent Company efforts have been slowly building sense the release of this workplan SECs Statement on Convergence and Global Accounting Standards issued in

February 2010 Strong commitment to a single set of high-quality global standards

IFRS is best positioned Support for convergence by end of 2011 Directed Staff to carry out a Work Plan

Evaluate the impact of IFRS, support a decision on an IFRS mandate in 2011 Consistent with timing outlined in proposed IFRS roadmap Timeline for conversion noted by the SEC is no earlier than 2015/2016 (thereby

reflecting a January 1, 2013/2014 transition date) Directs the staff to carry out a Work Plan that sets forth specific areas and factors for

consideration before potentially transitioning to IFRS Also directs the staff to provide public progress reports to the Commission beginning

in October 2010 and continuing until the work is complete

Regulatory updates on use of IFRS

SAP 2010 / Page 6


7/39Copyright 2010 Deloitte Development LLC. All rights reserved.

Global statutory environment

Foreign territories are permitting or requiring IFRS for statutory financialreporting

Creates a near-term compliance challenge Creating potential opportunities for Companies to streamline and standardize

statutory reporting policies and procedures

Lower compliance costs by taking advantage of shared service centers Countries requiring IFRS-based statutory financial reports (e.g. Australia, South Africa,

Hong Kong, Singapore, Philippines) Countries that have recently announced proposals to move to IFRS in the near future

(e.g. UK, Ireland, Brazil) Others countries provide companies with the option to use IFRS or are converging local

GAAP standards and IFRS standards

Regulatory updates on use of IFRS (cont.)

SAP 2010 / Page 7



Overview of current FASB/IASB convergence efforts

Overview of convergence efforts

IASB and FASB have again reaffirmed their Memorandum of Understanding (MOU) on convergingU.S. GAAP and IFRS Efforts were initially geared toward a June 30, 2011 timeline; however on June 2, 2010 the IASB

and FASB issued a joint statement indicating that the target completion dates for a few projectshave extended into the second half of 2011

Effective dates not expected before January 1, 2013, although early adoption likely to be allowed As U.S. GAAP converges, some differences may need to be addressed prior to the U.S.

mandating IFRS SEC statement reinforces support for the ongoing convergence activities of the FASB and IASB SEC statement emphasizes completion of current initiatives by end of 2011

Convergenceconsiderations

Convergence does not necessarily result in identical standards; focusis on converging general principles, not every detail

Ongoing convergence is limited to a defined group of projects Several of the most time consuming areas of IFRS conversion deal

with areas not subject to convergence Convergence will not result in a transition to IFRS by U.S. issuers in

and of itself

SAP 2010 / Page 8



Accounting Topic 2009 2010 2011

Memorandum of Understanding

Convergence Projects

Income Taxes Exposure Draft Final Standard

Leases Discussion Paper Exposure Draft Final Standard

Financial statement presentation Exposure Draft Final Standard

Provisions Exposure Draft (2)

Final Standard

Post-employment benefits (including pensions) Exposure Draft (2) Final Standard

Revenue recognition Exposure Draft Final Standard

Financial instruments w/ characteristics of equity Exposure Draft Final Standard

Financial Crisis Convergence

Projects

Consolidation Final Standard

Financial instruments derecognition Exposure Draft Final Standard Final Standard

Fair value measurement Exposure Draft Final Standard Financial instruments (classification andmeasurement)

Exposure Draft (All)

Final Standard (Assets)

Exposure Draft (Liab)

Final Standard (Liab)

Financial instruments impairment Exposure Draft Final Standard

Financial instruments hedge accounting Exposure Draft Final Standard

(1) Convergence status and estimated dates as of May 5, 2010 per International Accounting Standards Board (IASB) website | (2) ED has been issued

Overview of selected convergence projects(1)

SAP 2010 / Page 9



IFRS in the U.S. Revised SEC timeline*

regulatory timeline

* Note that the expected date of IFRS adoption is based on the February 24, 2010 SEC Statement in Support of Convergenceand Global Accounting Standards.

2011: SEC todecide

whether tomandate IFRS

January 1,2013:

Beginning ofthe first

comparativeIFRS year

December 31,2015: Largeaccelerated

filers could bemandated to

report financialresults using

IFRS

2010:Expectedrelease of

revised IFRSroadmap andSEC workplan

Dual reporting period (U.S. GAAP & IFRS)

U.S. GAAP financial statements (through third-quarter 2015)

transition date

2010 2011 2012 2013 2014 2015

IFRS financial statements

reporting date



At what organizational level should system changes bemade?Organizational level Description Considerations

Group Individual entities in eachcountry prepare localfinancial statements whichare then consolidated andconverted at the grouplevel to IFRS

Positive:Suitable when individual entities do not have to reportunder IFRS and only a few simple adjustments arerequiredNegative:There will be no ability to drill down into IFRScompliant numbers (i.e., entities below this level wouldnot produce IFRS financials)

Company Individual entities in eachcountry prepare localfinancial statements whichare converted to IFRSstandards beforeconsolidating at the grouplevel

Positive:Suitable when individual entities are required to reportunder IFRS and/or there are complex group structuresand/or a large number of consolidated entitiesGroundwork laid for consolidated adoptionCost savings/efficiencies in statutory reportingNegative:U.S. GAAP and IFRS are evolving backend cost

may be greaterSource Changes in source systems

enable IFRS accountingand reporting at the source

Suitable when :Daily financial statements are requiredComplex IFRS calculation occur at the sourceChanges at the source are required to capture newdata

SAP 2010 / Page 11



IFRSAssessment

Analyze impacts of IFRS on financials, systems, processesand organization broadly Determine high-effort and long lead-time items Support dialog within (and outside) the organization

Convergence

Assess impacts of converged standards

Potentially comment on exposure drafts Prepare for adoption of U.S. GAAP changes

StatutoryReporting

Understand statutory reporting landscape Plan for countries converging or converting in near term Begin to centrally manage global reporting requirements

Systemconsiderations

Identify key impacts of IFRS on systems projects Design decisions should give consideration to IFRS Determine whether or not to build in IFRS elements

What are companies currently doing to plan for IFRS?

and monitoring SEC progress on its Work Plan

SAP 2010 / Page 12



Current SEC reporting requirements mandate three years of audited US GAAP

financial statements for public issuers See Rule 3-02(a) of Regulation S-X [17 CFR 210.3-02(a)]

IFRS Roadmap continues this requirement by setting forth a requirement for threeyears of IFRS financial statements

Assumes that the audit requirement stays in place

Creates a requirement for Dual or Parallel accounting and financial reporting To illustrate, if IFRS is required per the Roadmap for the years ending on or after

December 15th, 2015, a calendar year company would report for the year endingDecember 31st, 2015 using IFRS for the years ending December 31st, 2013, 2014, and2015.

SEC Roadmap Requirement for Dual Reporting

SAP 2010 / Page 13



IFRS in the U.S. Dual Reporting timeline*

regulatory timeline

* Note that the expected date of IFRS adoption is based on the February 24, 2010 SEC Statement in Support of Convergenceand Global Accounting Standards.

2011: SEC todecide

whether tomandate IFRS

January 1,2013:

Beginning ofthe first

comparativeIFRS year

December 31,2015: Largeaccelerated

filers could bemandated to

report financialresults using

IFRS

2010:Expectedrelease of

revised IFRSroadmap andSEC workplan

Dual reporting period (U.S. GAAP & IFRS)

U.S. GAAP financial statements (through third-quarter 2015)

transition date

2010 2011 2012 2013 2014 2015

IFRS financial statements

reporting date

SAP 2010 / Page 14



Options for Parallel/Dual Reporting

There are two options Real Time and Retrospective

Real Time parallel SAP and other systems will have to support the ability to produceUS GAAP and IFRS statements simultaneously at the transaction level

This will require re-engineering SAP and feeder systems

Parallel valuation functionality or account mapping will be important to support the effort

Requires early adoption of IFRS (functionally going live at start of parallel)

Retrospective parallel SAP and other systems will not have to support IFRS at thetransaction level until live date (12/31/15)

Simplifies parallel reporting, but could create significant challenges offline inExcel/consolidation tools

SAP 2010 / Page 15


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Agenda


IFRS / Convergence Update




Wrap-Up / Q&A

SAP 2010 / Page 16


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SAP Solutions for IFRS

SAP offers the most complete IFRS solution, addressing all facetsIFRS is more than an accounting issue - it impacts people, processes, and technology

SAP provides a single technology stack with support for all major architecturesA smooth phased transition to IFRS must leverage technology as an enabler

SAP provides market leading, integrated ledger and consolidation applicationsImpacted systems include financial consolidation and reporting applications,general ledger, and sub-ledgers

Proven install base of customers already reporting according to IFRS1,500+ financial consolidation and reporting implementations4,000+ general ledger implementations (includes 100+ US GAAP to IFRS conversions)

Agile solutions and content offer quickest wins for customers adopting IFRS

Phased Transition to IFRSFinancial Consolidation and ReportingGeneral LedgerSub-ledgers

Technology

People

Process SAP 2010 / Page 17
http://images.google.com/imgres?imgurl=http://www.terrapinlogo.com/images/tick-tock%20clock.JPG&imgrefurl=http://www.terrapinlogo.com/newsletters/vol2_no2.htm&usg=__k1-rFbU7Kflx_AEP98RXselVVXI=&h=399&w=451&sz=23&hl=en&start=4&tbnid=NKQ8EQDuBYYM3M:&tbnh=112&tbnw=127&prev=/images?q=clock+ticking&gbv=2&hl=en


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SAP and IFRS Compliance Solutions andServices

Standard SAP applications, SAP services, and our partners canprovide the necessary support for your IFRS project

Local close/transaction SAP ERP layerSAP General Ledger ERP 6.0 Financials GL Parallel Account with multi-ledgersAsset Accounting Multi-Asset Valuation Areas

SAP Financial Closing cockpit (FCc)SAP Central Process Scheduling (CPS) by RedwoodUpgrade/migration to ERP 6.0 Financials GLOlder versions of ERP IFRS-specific configurations

Group Close/Reporting/Consolidation LayerSAP BusinessObjects Financial Consolidation (incl. IFRS starter kit)SAP BusinessObjects Planning and Consolidation (incl. IFRS starter kit)SAP BusinessObjects Financial Information ManagementSAP BusinessObjects XBRL Publishing by UBmatrixSAP BusinessObjects Process ControlSAP BusinessObjects Intercompany

SAP 2010 / Page 18


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Approaches to IFRS Transition in the SAP ERPFinancials Solution

Approach Classic General Ledger New General Ledger

Account-Based

Parallel Ledger

Current recommended configuration approaches for multi-GAAP valuation

SAP 2010 / Page 19


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Agenda


IFRS / Conversion Update




Wrap-Up / Q&A

SAP 2010 / Page 20


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Updates for EHP 5 New GL

For New GL planned innovations include: Profit Center Reorganization, SegmentReporting, Impairment of Assets (IAS 36), and additional Formatted Reporting forthe General Ledger

For Enhanced Multi-GAAP support, planned innovations include: Parallel Cost ofGoods Manufactured (COGM) , Parallel WIP and Results Analysis, AllocateFIFO/LIFO to different accounting principles

For ERP and POA: planned innovations include better interaction between PCM andCO-PA & New G/L and POA.

For FCc and CPS, planned innovations include improved monitoring

SAP 2010 / Page 21


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Concept of Ledgers Leading and Parallel

SAP 2010 / Page 22

SAP provides the leading ledger and a summary table with the standardsystem There is a new standard field segment in SAP ERP 6.0

There is exactly one leading ledger and is activated at the client level

Only the values of the leading ledger are posted to CO

The leading ledger gets many of its control parameters from thecompany code

The non-leading ledgers can be assigned alternative currencies and/or

fiscal year variants that differ from the leading ledger.


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Pros and Cons of Parallel Reporting Solutions-- Parallel Accounts

SAP 2010 / Page 23

Ease of use and relatively simplesetup

Retained earnings account andbalance carry forward separateretained earnings account foreach accounting principle ismaintained

Parallel postings in the specificaccount areas

High increase in the number ofgeneral ledger accounts addingcomplexity to the chart ofaccounts

Difficult to report on differentfiscal years

Postings may cross valuations for example, users maymistakenly post local GAAP to

U.S. GAAP general ledgeraccounts. (Note: A validation isoften created to ensure thatcross-valuation postings do notoccur


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Pros and Cons of Parallel Reporting Solutions-- Parallel Ledgers

SAP 2010 / Page 24

Fewer general ledger accounts

Separation of ledgers givesseparate transparency (e.g. forauditors)

Can maintain a separate ledgerfor each accounting principle

Different fiscal year variants canbe used for ledgers

Different posting control variantscan be used for ledgers

Data volume may increasesignificantly as parallel ledgersare updates simultaneously withall postings to the leadingledger.


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Migration Scenarios

SAP 2010 / Page 25

What is it

Migration Scenarios

Lessons Learned

Recommendation from SAP


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Migration Scenarios What is it

SAP 2010 / Page 26

The General Ledger in SAP ERP (new G/L) encompasses some of themost important and exciting new functionality to become available in theSAP ERP Financials application in recent years

It is the migration from classic to new G/L or the subsequentimplementation of further functionality

The new G/L implementation project starts with the definition of a newG/L concept

The SAP General Ledger Migration service is offers migration packages

ranging from the straight merging of financial ledgers to more complexmigration projects that take into account aspects such as documentsplitting and parallel accounting


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Migration Scenarios from Classic to New GLand Further Functionality

SAP 2010 / Page 27

Scenario 1: Merge of FI ledger

Scenario 2: Merge of FI, PCA and SL ledgersScenario 3: Scenario 2 + Document Splitting (for Profit Center, Segment &Business Area reporting)

Scenario 4: Scenario 2 + Change from account solution for ledger solution forparallel accounting

Scenario 5: Scenario 3 + Change from account solution for ledger solution forparallel accounting

Scenario 6: Subsequent implementation of document splittingNew general ledger has been activated without document splitting andnow it has to be implemented for one or more company codes

Scenario 7: Subsequent implementation of a further ledger

Extend an existing new G/L by a further non-leading ledger

Scenario 8: Subsequent change from account solution to ledger solution

Implementation of ledger solution in new G/L for parallel accounting andreplacement of existing account solution


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Migration Scenarios Lessons Learned

SAP 2010 / Page 28

Complete the upgrade to ERP first, then plan on G/L Migration

The Migration project also includes G/L configuration

Expect to spend extra time prior to migration in cleaning up the data to bemigrated

Migration does not fix existing configuration issues, it only moves datafrom one data table to another

Duration of migration depends on different factors, such as

Number of documents to be migratedMigration scenarioDatabase systemEtc


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Agenda






Wrap-Up / Q&A

SAP 2010 / Page 29


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Practical lessons learned during IFRS Assessments

Selectedsuccess factors Observations and insights

Disciplined projectmanagementshould be appliedto accountingpolicy selection

Companies need to select the right project sponsor one who has the breadth and depthof experience to understand the broad implications of the proposed accounting changes (e.g.,system, process, tax and organizational implications)

Downstream process and system analyses are frequently dependent on accounting policyselection; if project management discipline is not applied to the process of evaluatingaccounting policy options, the ultimate conversion project could stall

Consider U.S.

GAAP convergence

IFRS is driving significant changes to U.S. GAAP through the convergence agenda , in

some cases on a more accelerated timelineCommittedresources andestablished vision

Internal resources required are often not consistently available , to participate in keydecisions and achieve knowledge transfer

Companies tend to underestimate resource needs , total cost, and time requirements Failure to achieve durable consensus within senior executive group on program

objectives and priority

Clearly defined andcommunicatedsystemrequirements

Gaps typically exist between documentation of accounting conclusions and theinformation Finance Technology needs to evaluate, plan for and budget system needs

Limited experience with managing this type of communication is often found in manyorganizations

Granularimplementationplanning

Implementation roadmaps often are not sufficiently detailed from a process and a systemstandpoint to be actionable and to identify key resource requirements and interdependencies

this lack of detail can result in inefficiencies and rework

SAP 2010 / Page 30


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IFRS is not the only driver for transitioning to the SAP General Ledger.

Companies who have migrated have enjoyed additional benefits.

Building the Business Case for New GL

Functionality /Feature Application Observations and insights

Unified Structure Cross Functional (GL, CO,Profit Center Reporting)

Allows simplification of structure of financial reportinginfrastructure

e.g. eliminate CO reconciliation and COGS ledger Creates one version of the truth

Allows faster month end close Greater traceability and auditing of results

Extensibility Customer Specific Fields Extremely valuable for industry specific requirements

Segment Reporting Reporting required by SFAS131 and IAS14

Creates robust solution for Segment Reporting

Document Splitting

and Profit CenterReporting

Full Balance Sheet by Profit

Center or other dimension

Provides enhanced management reporting at profit center

or other management unit Significant enhancement over functionality in earlier

releases May eliminate FRICE-W / user exits in earlier releases

Parallel Ledgers Statutory Reporting (could beIFRS in certain countries)

The simplification and standardization of statutory reportingis a significant benefit seen by customers

Provide flexibility for local and group close

SAP 2010 / Page 31


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Closing thoughts on the Business Case for New GL IFRS has provided a catalyst for companies to examine their underlying financial system

infrastructure Many have found the New GL functionality compelling after a close examination

A New GL Migration could be a core component of a strategic roadmap Allows implementation of functionality that benefits the business (e.g. PCs) and the

core finance function (faster closing) Sets a firm foundation for IFRS (parallel ledgers)

Understanding IFRS and the New GL functionality should allow a business case to bebuilt.

Building the Business Case for New GL (Cont.)

Functionality /Feature Application Observations and insights

Additional StandardReporting

Provide additional reportingcapabilities to end users

Multi-dimensional and Drilldown analysis BW Remote reporting slide and dice for all dimensions Pre-defined reports delivered as standard SAP content

Foreign CurrencyValuation

Posting FC Valuation toadditional dimensions

Additional dimensionality in foreign currency reportingallows flexibility for customers

EHPs General usability and features Significant enhancements have been put in place in EHPs1-4

EHPs cannot be applied unless already on the New GL

SAP 2010 / Page 32


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Agenda






Wrap-Up / Q&A

SAP 2010 / Page 33


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Additional Resources

Check out SAP IFRS Resource CenterWhite papersWebcastsDemos

Join the Business Process Expert (BPX) Community for IFRS :IFRS on SAP knowledge from SAP community

Blogs and Forums to discuss issuesContribute to IFRS wiki on SAP Ideas, Best Practices, Tips and Tricks

Listen to the IFRS Webinars and Other Resources from SAP Ecohubhttp://ecohub.sdn.sap.com/irj/ecohub/ifrs

SAP 2010 / Page 34
http://bit.ly/d32kL3http://bit.ly/a4PUuohttps://wiki.sdn.sap.com/wiki/display/IFRS/IFRS+on+SAP+-+Best+Practiceshttp://ecohub.sdn.sap.com/irj/ecohub/ifrshttp://ecohub.sdn.sap.com/irj/ecohub/ifrshttps://wiki.sdn.sap.com/wiki/display/IFRS/IFRS+on+SAP+-+Best+Practiceshttp://bit.ly/a4PUuohttp://bit.ly/d32kL3


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IFRS on SAP Community:sdn.sap.com/irj/bpx/ifrs

Get your questionsanswered on theIFRS Forum

at https://www.sdn.sap.com/irj/scn/forum?foru

mID=400

Have an idea?

Write a blog

SAP 2010 / Page 35
https://www.sdn.sap.com/irj/bpx/ifrshttps://www.sdn.sap.com/irj/scn/forum?forumID=400https://www.sdn.sap.com/irj/scn/forum?forumID=400https://www.sdn.sap.com/irj/scn/forum?forumID=400https://www.sdn.sap.com/irj/scn/forum?forumID=400https://www.sdn.sap.com/irj/scn/forum?forumID=400https://www.sdn.sap.com/irj/scn/forum?forumID=400https://www.sdn.sap.com/irj/bpx/ifrs


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Thank you!

SAP 2010 / Page 36


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Contact information

Norm WhiteSenior ConsultantSAP Consulting

SAP

[email protected]

Pete GrahamDirector Solution Management

SAP Labs LLC

E [email protected]

SAP 2010 / Page 37

John E. Steele Jr.Senior Manager

Deloitte Consulting LLP

[email protected]


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Copyright 2010 SAP AGAll Rights Reserved

No part of this publication may be reproduced or transmitted in any form or for any purpose without the express permission of SAP AG. The information contained herein may be changed without prior notice.Some software products marketed by SAP AG and its distributors contain proprietary software components of other software vendors.SAP, R/3, xApps, xApp, SAP NetWeaver, Duet, SAP Business ByDesign, ByDesign, PartnerEdge and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP AG in Germanyand in several other countries all over the world. All other product and service names mentioned and associated logos display ed are the trademarks of their respective companies. Data contained in this document serves informational purposes only.National product specifications may vary.The information in this document is proprietary to SAP. No part of this document may be reproduced, copied, or transmitted in any form or for any purpose without the express prior written permission of SAP AG. This document is a preliminary versionand not subject to your license agreement or any other agreement with SAP. This document contains only intended strategies, developments, and functionalities of the SAP product and is not intended to be binding upon SAP to any particular course ofbusiness, product strategy, and/or development. Please note that this document is subject to change and may be changed by SAP at any time without notice. SAP assumes no responsibility for errors or omissions in this document. SAP does not warrantthe accuracy or completeness of the information, text, graphics, links, or other items contained within this material. This d ocument is provided without a warranty of any kind, either express or implied, including but not limited to the implied warranties ofmerchantability, fitness for a particular purpose, or non-infringement.SAP shall have no liability for damages of any kind including without limitation direct, special, indirect, or consequential damages that may result from the use of these materials. This limitation shall not apply in cases of intent or gross negligence.The statutory liability for personal injury and defective products is not affected. SAP has no control over the information that you may access through the use of hot links contained in these materials and does not endorse your use of third -party Webpages nor provide any warranty whatsoever relating to third-party Web pages.

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ifrs_webinar_june_22_2010_v7

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