Provision recognition differs: ICDS requires 'reasonably certain', Indian GAAP and Ind AS use 'probable' or 'virtually certain'.

Provision recognition standards require a present obligation from a past event, an outflow that is reasonably certain, and a reliable estimate. ICDS X disallows discounting and recognises contingent assets and reimbursements when inflow or recovery is reasonably certain, whereas AS 29 and Ind AS 37 apply probability/virtual certainty thresholds and permit discounting when the time value of money is material. Scope exclusions mirror across the frameworks for financial instruments, executory contracts (except onerous), insurance contracts and matters covered by other standards.

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