Particulars IFRS US GAAP  Indian GAAP
Depreciation Allocated on a systematic basis to each accounting period over the useful life of the asset. Similar to IFRS. Similar to IFRS, except where the useful life is shorter as envisaged under the Companies Act or the relevant statute, the depreciation is computed by applying a higher rate
Interest expenses Recognised  on an accrual basis using the effective interest method. Similar to IFRS. Recognised on an accrual basis; practice varies with respect to recognition of discounts and premiums.
Employee benefits: pension costs- defined benefit plans Projected unit credit method is used to determine benefit obligation and record plan assets at fair value. Actuarial gains and losses can be deferred. Similar to IFRS but with several areas of differences in the detailed application. With the. adoption of to AS  15 (revised), similar to IFRS, although several differences in detail. Eg, actuarial gains and losses are recognised upfront in the income statement.