Particulars IFRS US GAAP  Indian GAAP
       
Provisions- general Provisions relating to general present obligations from past events recorded If
outflow of resources is probable  and can be reliably estimated.

Provisions are discounted to present value where the effect of the time value of money is material

 Similar to IFRS, with rules for specific situations  such as environmental liabilities, loss contingencies, etc. Similar to IFRS, except that discounting is not permitted.
Provisions – restructuring Restructuring provision is recognised  if detailed formal plan announced  or implementation effectively begun. Recognition  of liability based solely on commitment to plan is prohibited. In order to recognise, restructuring plan has to meet the definition  of a liability, including certain criteria regarding  likelihood  that no changes will be made to plan or that plan will be withdrawn. Restructuring provisions is 
recognised when
recognition criteria for provisions are met.
Contingencies  Disclose unrecognised possible losses and probable  gains. Similar to IFRS Similar to IFRS, except that contingent gains are neither recognised nor disclosed