|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.|
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