| Particulars | IFRS | US GAAP | Indian GAAP |
| Historical Cost | Generally uses historical cost, but intangible assets, property plant and equipment (PPE) and investment property may be revalued to fair value. Derivatives, biological assets and certain securities are revalued to fair value. | No revaluations except for certain types of financial instruments. | Uses historical cost, but property, plant and equipment may be revalued to fair value. Certain derivatives are carried at fair value. No comprehensive guidance on derivatives and biological assets |
| Fair presentation override | Entities may,-in rare cases, override the standards where essential to give a fair presentation | Similar to IFRS; rarely used in practice. | Similar to IFRS. |
| First time adoption of accounting frameworks | Full retrospective application of all IFRSs effective at the reporting date for an entity’s first IFRS financial statements, with some optional exemptions and limited mandatory exceptions. | First-time adoption of US GAAP requires retrospective application. | Similar to USGAAP |
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