For countries with a tradition of reliance on laws and regulations (rather than standards) for the fixing of accounting and auditing requirements, specific issues arise. Rather than giving authority to a continuing process of standard-setting, new statutory measures are required whenever a new international standard is enacted, or an existing international standard is amended. Typically, such changes must be gazetted in the official language of the country. Such an approach can lead to delays in keeping the body of translated and gazetted IAS/IFRS up-to-date; this approach also entails significant costs and technical difficulties of carrying out translations. At the same.
