|Particulars||IFRS||US GAAP||Indian GAAP|
|Determined by level of direct or indirect control, joint control and significant influence of one party over another or common control by another entity.
||Similar to IFRS||Similar to IFRS; however, The determination may be based on legal form rather than substance.
Hence, the scope of parties covered under the
|Related-party transactions – disclosures||Name of the parent entity is disclosed and, if different, the ultimate controlling
party, regardless to
whether transactions occur. For related-party transactions, nature of relationship (seven categories), amount of transactions, outstanding balances, terms and types of transactions are disclosed.
Some exemptions available for separate financial statements of subsidiaries.
|Similar to IFRS. Exemptions are narrower than under IFRS.||Similar to IFRS. However, certain explicit exemptions available for disclosures.
Exemption for certain SMEs having turnover or borrowings below certain threshold. No exemption for separate financial statements of subsidiaries
|Segment reporting scope and basis of formats||Public entities: primary and secondary (business and geographic) segments are reported based on risks
and returns and internal
|Public entities (SEC registrants): reported based on. Operating
segments, which are based
.on manner in which chief operating decision-maker evaluates financial information for purposes of allocating resources and assessing performance
|Similar to IFRS.
Exemption only for certain SMEs having turnover or borrowings below certain threshold.
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