Die Finanzberichterstattung international börsennotierter Unternehmen im Licht der jüngsten Entwicklungen — Das Beispiel SAP

German companies that are listed in the United States have to fulfill different financial reporting obligations. The duties have grown as a consequence of the Enron and WorldCom scandals. The article shows those duties with respect (i) to national regulation of stock exchanges, corporate governance rules, and the Commercial Code, (ii) European regulations, and (iii) U.S. regulations, especially the Sarbanes-Oxley Act. The authors discuss all regulations in the context of SAP’s reporting strategy and critically compare the benefits and costs of recent developments within the regulatory framework.