Press ReleasesJapan Ill Prepared For IFRS - Hays Survey
Study shows support, qualified experts and training all insufficient

Tokyo/Osaka,　24 August 2010 – Hays Specialist Recruitment Japan K.K. (“Hays Japan”) today announced the results of its International Financial Reporting Standards (IFRS) Transition Pulse Survey. The Hays survey revealed that executives are currently providing minimal support in the IFRS transition process and highlighted that many companies face a serious shortage of the skilled personnel required, while at the same time providing little training. Key findings of the Hays’ IFRS Transition Pulse Survey follow:

80% say management responsible, while 70% point to lack of management support

80% of respondents said that they look to management for the knowledge required to implement IFRS, with 50% also pointing to IT and 30% to sales. (Please refer to the graph #1)
70% at the same time indicated a lack of management support, with nearly all respondents indicating proactive support as necessary to successful implementation. (Please refer to the graph #2)

80% indicate shortage of IFRS specialists

80% of respondents highlighted a shortage of qualified IFRS specialists to implement the transition.
At the same time, an equal number said they are not considering new hires.
(Please refer to the graph #3)

50% + have no training in IFRS

As few as 40% of respondents have received training in IFRS in preparation for the transition.
Nevertheless, nearly all respondents pointed to the need for training to effectively handle the change.
(Please refer to the graph #4)

With implementation imminent, the Hays survey shows that many companies are seemingly moving towards the transition to IFRS without the specialist support necessary.

Hays Japan’s IFRS Transition Pulse Survey is a review of the finance, accounting and other professionals in charge of their organization’s transition to IFRS. The online study surveyed 200 IFRS-dedicated accounting/finance professionals in the Tokyo area, from 30 July - 3 August 2010.

For further information please contact:

Hiroko Kadoya
Tel: 03-3560-2528
Hays Specialist Recruitment Japan K.K.