Resources Global Professionals Supports SEC's Proposal for International Financial...

Resources Global Professionals Supports SEC's Proposal for International
Financial Reporting Standards (IFRS)
IFRS Roadmap Facilitates Global Business Activities for U.S. Companies

IRVINE, Calif., Aug. 27 /PRNewswire-FirstCall/ -- 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.
SOURCE Resources Global Professionals

Jeff Bellows of Resources Global Professionals, +1-617-897-0350,
jeff.bellows@resources-us.com