Survey Reveals Many CFOs Unsure How IFRS Will Impact Their Organizations

MENLO PARK, Calif., July 30 /PRNewswire/ -- Although it is likely the United
States will adopt International Financial Reporting Standards (IFRS) in the
coming years, more than half (55 percent) of U.S. financial executives
interviewed recently said they are unsure how their companies might be
affected by this transition.

The survey was developed by Robert Half Management Resources, the world's
premier provider of senior-level accounting and finance professionals on a
project and interim basis. It was conducted by an independent research firm
and includes responses from 1,400 chief financial officers (CFOs) from a
stratified random sample of U.S. companies with 20 or more employees.

The movement toward IFRS, an international accounting framework, has resulted
from increasing globalization and the related need for a single set of
worldwide standards. While no final timeline has been set, the Securities and
Exchange Commission (SEC) has proposed a roadmap that would have initially
allowed some companies to begin using IFRS by the end of 2009.

CFOs were asked, "If the United States adopts international financial
reporting standards, how familiar are you with how your company will be
impacted?" Their responses:
Very familiar 8%
Somewhat familiar 31%
Somewhat unfamiliar 12%
Not familiar at all 43%
Don't know/no response 6%
----
100%

"Despite lingering uncertainty surrounding the implementation of IFRS, many in
the financial community expect the United States to eventually adopt these
international accounting rules," said Paul McDonald, executive director of
Robert Half Management Resources. "More than 100 countries are already using
IFRS, and proponents believe international standards will bring greater
consistency and comparability to corporate financial reporting. Companies that
begin preparing now will have an advantage in making a timely and successful
transition."

A new report by Robert Half Management Resources, International Financial
Reporting Standards for the United States: Making the Talent Transition,
suggests the following actions companies can take now to ensure they are
adequately prepared for the new reporting requirements and avoid playing catch
up later on:

Develop an action plan. Diagnose what might have to change. Companies that
might be affected by a transition to IFRS should consider, initially at a high
level, but later at a more granular level, the potential need for changes to
policies, processes and technology.

Initiate training. A major transition obstacle in the beginning is likely to
be a dearth of IFRS knowledge among U.S. financial professionals. Now is a
good time for businesses to gain an understanding of the impact of conversion
in terms of education and training, and create internal programs that can help
them identify and train IFRS specialists.

Seek internal expertise. Although training is essential, support from
professionals who already have firsthand IFRS experience can be highly
beneficial. Companies with international operations may be able to access the
expertise of employees who work in countries already using IFRS.

Assess staffing needs. Companies should evaluate the adequacy of existing
resources. Does the organization have the right people to manage the
transition? Some projects will be of limited duration, so a combination of
full-time and project resources may be needed.

Stay current on industry developments. In addition to paying close attention
to SEC guidance, businesses also will benefit from learning how other
companies are making the transition.

Robert Half Management Resources has more than 145 locations worldwide and
offers online job search services at www.roberthalfmr.com.

Please visit http://www.roberthalfmr.com/IFRSUS for a copy of International
Financial Reporting Standards for the United States: Making the Talent
Transition.

SOURCE Robert Half Management Resources

Mark Williams, +1-650-234-6134, mark.williams@rhi.com