At the timeframe of interest, some countries adopted local standards that they claimed to be based on IFRS, such as Armenia, China, Egypt, and Russia. Others required IFRS in conjunction with the local standards, as was the case with Hungary, or for a specific industry, as did Ukraine and Czech Republic for banks. On the other hand, some countries – for example, Macedonia, Croatia, and Peru – required IFRS reporting, but did not have mechanisms in place to translate and incorporate new standards. As a result, the IFRS standards they adopted became quickly outdated.