| Particulars | IFRS | US GAAP | Indian GAAP |
| Cash flow statements – exemptions | No Exemptions | Limited exemptions for certain investment entities. | Exemption for certain “Small and Medium Sized Enterprise”(SMEs) having turnover or borrowings below certain threshold. |
| Changes in accounting policy | Comparatives are restated, unless specifically exempted; where the effect of period(s) not presented is adjusted against opening | With the adoption of FAS 154, similar to IFRS. Prior to FAS 154, the effect of change, net of tax was , included in current-year income statement. Pro-forma comparatives were disclosed. Retrospective adjustment was required only for specific items. |
The effect of change is included in current – year income statements. The impact of change is disclosed |
| Correction of errors | Comparatives are restated and, if the error occurred before the earliest prior period presented, the – opening balances of assets, liabilities and equity for the earliest prior period presented are restated. | Similar to IFRS. | Restatement is not required. The effect of correction is included in current- year income statement with separate disclosure |
| Changes in accounting estimates | Reported in income statement in the current period and future, if applicable. | Similar to IFRS. | Similar to IFRS. |
S&D – Financial statements – Part 4
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