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.