The document outlines some of the key differences between International Financial Reporting Standards (IFRS) and Indian GAAP. Some of the major differences include: - IFRS allows for revaluation of certain assets while Indian GAAP generally uses historical cost. - IFRS requires two years of financial statements including balance sheets, income statements, cash flows, and changes in equity. Indian GAAP also requires two years but does not mandate cash flows. - IFRS does not prescribe financial statement formats while Indian GAAP specifies formats according to Company law. - IFRS requires certain items to be presented separately on statements while Indian GAAP has fewer separation requirements.