This paper presents an evaluation of the effects of variable frequency drives (VFDs) on induction machines efficiency. For this purpose, an experimental evaluation using international standards IEEE 112, IEC 60034-2-1 and IEC 60034-2-3 (draft version), was set up. These standards estimated the induction machine's efficiency based on a loss segregation approach to consider the stator, core, friction, rotor, stray-load, and additional losses contribution. Additionally, the machine's losses were studied using a time-stepping, 2D, Finite Element Method (FEM) analysis on the open-source software Gmsh-GetDP. This analysis used voltage waveforms suggested by IEC 60034-2-3 and a motor design with the same rated characteristics to those used in the experimental stage.