Particulars IFRS US GAAP  Indian GAAP
Definition of joint venture Contractual arrangement whereby two or more parties undertake an economic  activity, which is subject to joint control. Exclusion if investment is held-for-sale. A corporation owned and operated by small group of businesses as a separate and specific  business or project  for the mutual benefit of the members of the group. Similar to IFRS.
Exclusion if it meets the definition of a subsidiary or exemptions similar to non-consolidation of subsidiaries
Presentation of jointly controlled entities Joint ventures) In consolidated financials: both proportional consolidation and equity method  is permitted. In consolidated financials: equity method  is required except  in specific circumstances.
In standalone financials: at cost or equity method is used.		 In Consolidated financials: proportional consolidation is used
In standalone financials: at cost less impairment.
Employee share (stock) trusts  Consolidated where substance of relationship indicates control (SIC-12 model). Entity’s own shares held by an employee share trust are accounted for as treasury shares.  Similar to IFRS except where specific guidance applies for Employee Stock·’ Ownership Plans (ESOPs) in SOP 93-6. Employee share trusts are not consolidated