IRVINE, Calif., August 27, 2008 — Today, the Securities and Exchange Commission (the SEC) unveiled a "roadmap" that outlines new globally accepted financial reporting standards for all publicly traded companies and the timeframe companies have to adopt them. The new standards, known as International Financial Reporting Standards (IFRS), would replace Generally Accepted Accounting Principles (or "GAAP") that are used by U.S. companies today. Under the proposal, certain of the largest publicly traded companies will be able to early adopt IFRS in 2010. Subsequently, the SEC will evaluate mandating the use of IFRS for all U.S. publicly reporting companies and establish a time frame for adoption with the goal being 2014.
Colleen Cunningham, regional managing director of Resources Global Professionals, Inc., a multinational provider of professional services and a leader in helping companies understand IFRS, said, "As markets become more and more global, and all other major capital markets have embraced IFRS, it is clear that the SEC needed to require companies to begin the complex process of converting their books to IFRS. At Resources, we see the benefits of adoption of IFRS as multi-dimensional. IFRS will better position American companies to access capital in the global marketplace and provide for consistency in financial reporting for the benefit of investors, credit rating agencies and others around the globe."
BACKGROUND: So far, more than 100 countries worldwide require or permit the use of International Financial Reporting Standards. IFRS is mandatory for all companies listed in Europe, and by 2011 all Canadian public companies will be required to convert. The IFRS guidelines are a "principles-based" set of standards that establish broad rules rather than dictating specific accounting treatments like US GAAP. This will affect all publicly traded companies in the United States.
INTERVIEWS: Colleen Cunningham is available today to discuss how the conversion to IFRS impacts publicly traded companies in the U.S. Ms. Cunningham is known internationally as an expert on IFRS, and regularly conducts educational webinars, conferences and interviews on the subject. She was a member of the advisory committees for FASB and IASB from 2003 to 2007, served as CEO of Financial Executives International (FEI) for nearly four years, and as a former CFO, has more than 20 years of experience in accounting and financial reporting.
ABOUT RESOURCES GLOBAL PROFESSIONALS
Resources Global Professionals, the operating subsidiary of Resources Connection, Inc. (NASDAQ: RECN), is a multinational professional services firm that helps business leaders execute internal initiatives. Partnering with business leaders, we drive internal change across all parts of a global enterprise - finance and accounting, information management, internal audit, human capital, legal services and supply chain management.
Resources Global was founded in 1996 within a Big Four accounting firm. Today, we are a publicly traded company with over 4,300 professionals, from more than 80 practice offices, annually serving 2,400 clients around the world.
Headquartered in Irvine, California, Resources Global has served 84 of the Fortune 100 companies. The Company is listed on the NASDAQ Global Select Market, the exchange's highest tier by listing standards. More information about Resources Global is available at http://www.resourcesglobal.com.
Contact:
Jeff Bellows/617.897.0350
jeff.bellows@resources-us.com