|Particulars||IFRS||US GAAP||Indian GAAP|
|Revenue Recognition||Based on several criteria, · which require the recognition of revenue when risks and rewards and control have been transferred and the revenue can be measured reliably.||Similar to IFRS in principle, based on four key criteria. Extensive detailed guidance exists for specific types of transactions.||Similar to IFRS; conceptually, although several differences in detail|
|Construction contracts||Accounted for using percentage of completion method. Completed contract method is prohibited||Similar to IFRS; however, completed contract method is permitted in rare circumstances.||Similar to IFRS.|
|Multiple-element contracts||No detailed guidance for multiple- element transactions exists.||Arrangement with multiple deliverables are divided into separate units of accounting if deliverables in arrangement meet specified criteria outlined in EITF00-21. Specific guidance exists for software vendors with multiple- element revenue arrangements||Similar to IFRS.|
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